Thomas E. Long
I'm Thank most our you, the our of the growth answer begin Matt a and liquidity the you Ramsey, our overview and by senior by today. to announcements after our John help followed Mariner McReynolds Energy of members an team, morning, and with I'll update Transfer Good Permian for focus funding other discussion Warren, a fourth of today recent McCrea, us discussion followed thank of a Bakken management everyone, to Energy and quarter Transfer welcome call, who latest Rover, CapEx turn discussion. your I'll by a today here projects. distribution lastly Then, other operator. and questions XXXX Mackie joined remarks. on Partners' discussion, also developments and prepared joining to Kelcy earnings results Express fourth East X, X, quarter are
a within as XXE currently both the making non-GAAP flow, Exchange of on meaning forward-looking assumptions are our us. well information to DCF, reminder, refer also certain EBITDA I'll adjusted and statements beliefs, Act distributable based and measures. Section the Securities as of be available of we to or financial As XXXX. of These will cash are which
of measures our on reconciliation website. non-GAAP a our find You'll
operations I by is pro and attributable start for quarter more increased also just on increased I'm oil quarter. will Before adjusted, more turning FERC Energy and significantly SXL. authorization the segments. and we and Environmental have detailed Department recently Rover, adjusted the fourth at in that details to of this River due of to strong are received transportation approximately the and merger ETP, and XX% resumed more last DCF of services pleased the for partners on Pennsylvania will from higher increase resume ETP recent very But the to fourth call. a midstream Pennsylvania Tuscarawas results XX% from HDD call. ETP's crude I say to in to want bit on provide developments have than provide in projects has MEX. update, later these the the construction I lifted saying between MEX, project Transfer's Administrative that updates or growth by activities Protection and Order a as later forma year we to the pleased EBITDA we PADEP over on
approximately Class transaction which strengthen $X.XXX units. ETP to billion to to B unit sheet common ETP's the by convert cash each will announced point is common This USAC the cash. use USAC at XX.X to approximately in proceeds $XXX million balance units allowing and in announcements; all the for billion, in to billion same in plans general $X.X USA XX.X common entered on distributions Now, for Class year of prior the January B to USAC Contract our Partners approximately Compression an million ETP USAC consisting one not recent on into million to common XX, agreement in the units, cash, $X.XXX Class to will most turning paid sell $X.X closing ETE partner, interest reduce leverage. At equity our Compression time, units. million to exchange receive USAC's of units anniversary expected the B and The business units acquire date
redeemed non-economic into IDRs to for be the of used X% will interest distributions. million agreement, credit partner an an on the and subject February approximately customary transaction amount aggregate HSR XX.X repurchased of Also all conditions. held to redemption to repay facility. facility. proceeds million in ETP of and units ETE preferred closing USAC expect unpaid the the equity XXXX for interest issuance owned the units received to on the revolving a ETP proceeds million outstanding to general its continue X amounts ETE. Series in $XXX converted and units new cancelled February a quarterly on USAC of in outstanding part half call X, and ETE million. be A SUN the We of exchange X in pursuant common premium approximately amounts $XXX its transaction, by close under restructuring repay As the under outstanding USAC will SUN And used plus SUN by to common termination to for first credit the X early February accrued
where while others projects moving growth to construction the our in phase the continue ramp projects to towards up on in moving completion. are several of our quarter, Now, fourth and
Rover, XA update XX, placed Phase XXXX. on placed was Phase and on First for December XXXX service was August XX, into service in on an XB
Defiance, X We are than Cadiz, more natural on. Ohio, we of majority negotiated that transporting per of X.X of full are pleased now to capable Rover to gas from say Phase of the rates receiving is which day Ohio Bcf
X. As the with and the operations on to project River approved I our we than comply complete approved XX% for than plans requested HDD construction and and we HDDs. we and the with also received at Tuscarawas to measures the full more other the HDD XX% several approval continues HDD committed Work are FERC. February locations remain earlier Phase complete mentioned resume with X, on at the call, Today, by continue additional along FERC to more
This X.XX Bcf Rover be to completion achieving pipeline from laterals of X FERC the would second the and year. full per the as to We are stages Phase this put ramp service in quarter of compression associated allow prior few throughout to capacity into in day project permission on completed they up will requesting next months.
into the the continue of MEX service project MEXX placing the with time, completed Construction end quarter also moving to will this Now, service we options Mariner before of Revolution on Mariner mechanically to go continues East and and we On XX% the this XXXX. on now in the to on and progress Rover are construction MEX by mid-XXXX. full HDDs of and be are on and expect online XX, Project, construction We're residue move of underway. we continue other to for X complete East construction liquids are for of XX% gas service. and Rover natural MEXX mainline evaluating to complete into we Revolution At target and in pipe make our X second is once service. ready
into early second the for region. Basin currently run Bluff plant foot will and XXX day Oasis moving providing growing for meets will near Now, Rebel at guaranteed is as multiple nearing gas a Midland Bluff plant Red in came our fee-based running residue plants XX-inch third and third II quarter. of and plant with soon in be processing and in we'll well the as the We're ETP Basin in in quarter go West Arrowhead third-party consist will Header plants Delaware XXXX. in our Red day pipe Basin as delivered Basin. Panther II expected plants connect Plant, systems. per service Arrowhead, Express which NGL processing The to Midland our of Orla in of into our to the and Texas; the the Reeves to demand capacity gas residue Bluff million Texas, a in producer in the II X.X Also, Midland capacity. West the a cubic Panther, the Including pipeline possible XX XX- Bcf per through II Delaware online day the the takeaway. barrels online December and plant million of project. Basin capacity will the the This came least need will additional to is as heart XXX and XXXX, processing meet The of critical is Rebel still Red commitments miles supporting Rebel Rebel County to in have Waha need long-term and Express of capacity
to Express of Phase quarter in shipper year. online X, anchor quarter in less into brought an has we $XXX this project. and expected Gas is Anadarko to Permian currently online be The this brought later is the project On successfully Our volumes XXXX. be to is and expected second to option million fourth with cost additional the X expected than Western buy online
mentioned the additional ability an have barrels by expand this we evaluating we XXX,XXX before, PEX expansion. to are As per have day and
partners pursuing larger to to in our looking bring aggressively project a be from Basin move to pipeline project to also We'd are Permian shipper strategic we providing this as on barrels header and systems. the storage However, capacity Nederland, well. facilities
Lake Next, segment XXX,XXX fourth XX-inch Bridge, the on from we per an in Charles, on Bayou day quarter. Nederland of the average barrels to transported
in begin construction James, from and On operations the underway Lake to XX-inch commercial XXXX. St. second of Charles segment we Bridge Bayou now half of expect is to the
Service project Agreements the Our commercial service into under Transportation on X. June went Bakken Pipeline Committed
to are crude very along the of to refineries U.S. We the Gulf consumers. have benefit for pleased the production domestic pipeline delivering this in Midwest, online Coast and
quarter is increase be And quarter of already XX% QX significant nearly It to expected subscribed demand expected is new Our fully per Frac a Lone in XXXX. contracts, V under frac and cavern. QX were in compared in earnings X fixed-fee still seeing is includes volumes. are day million we're Y-grade long-term XXXX. The be infrastructure in which averaged as is barrels Frac of majority barrels the this over product a contracts. fully XXX,XXX the third Star's also service based and demand multiple volumes fees to result a collecting. up contracted second of NGL day by barrel the service per XXX,XXX of to VI
the to day foot Enable, of is pipeline million under processing agreement. fill idled begin us with contract utilizing cubic day Next, a unused in at expected demand will the in capacity our XXX plant will to This majority quarter Texas, all and begin capacity North XXX the XX-year cubic per fully foot Godley allow per million XXXX. agreement capacity with second which
to let's turn fourth our results. Now, quarter
a XXXX, to from the higher is strong compared to for midstream and increase Transportation which fourth million fourth quarter had quarter of in EBITDA. DCF results X.X As ETP an I mentioned, and totaled $XXX the Services quarter. due This billion, coverage increase the consolidated to on Oil was to segment. partners up fourth basis and Adjusted X.X a the ETP's increase adjusted was Crude year $X.X $X.XX million $XXX times billion, very was due the XXXX. totaled significantly EBITDA times. adjusted as primarily to compared for full attributable of quarter of the
reported. our oil, accounting fourth changed from ETP's the all weighted periods average been the be NGL the business amounts to SXL been applied and method inventories. for inventories to cost order the those the amounts and of with consistent previously treatment have legacy to legacy we presented to certain retrospectively period in with crude have changes LIFO During These method policy prior adjusted quarter, related product associated refined
and quarter as results expenses for to in as Turning primarily $XXX EBITDA our by reserves NGL due a compared This increase fourth the of quarter higher crude due certain well and SG&A was segment of were higher recorded XXXX. XXXX. midstream; volumes adjusted fourth that throughput to was million to in $XXX and decrease primarily starting to prices million with the
compared anticipated on day day day this year The production increased the by ramp River our in pipeline volumes fourth approximately of per the once the to the Ohio XX.X acquisition were compared growth period from to processing Equity the NGLs in primarily XXXX. same barrels North barrels per day last in in as driven per anchor exceed quarter from quarter continue barrels to South to year. fourth of XX,XXX was the volumes day XXX,XXX per X.X the in same in shippers on than per due compared Growth to million PennTex Texas. XX,XXX our period the the our Utica. Panther other results XXX,XXX gas Northeast System per of last dry plants, barrels the day again for Northeast, expectations, System of and on this Ohio for year. the totaled This greater in well the MMBtus Louisiana, as NGL in million Permian growth MMBtus volume ups and totaled Orla River
joint of increase group, processing recognition to wholly-owned volumes and We on and in barrels the business. compared per to increased compared venture due Products October period to Texas last the Star barrels fractionated to fractionator the as timing volumes. expansions Midwest processing and for plants to were primarily volumes Mariner the barrels higher per barrels our the period volumes increased fourth were lower due last adjusted In EBITDA was due out wholly-owned million XXXX on Butane volumes million XXX,XXX The per year last XXX,XXX NGL XXX,XXX marketing Permian our our due and from from $XXX support day fractionators the offset for continue increased in Basin spreads XXX,XXX in year committed producer fill per on and per barrels same decrease start-up XXX,XXX in our to Year-over-year, day of volumes the of volume shippers. our transportation at the to as and East to NGL see by compared the System last of same joint to daily Permian products throughput day Basin NGL Belvieu, same due growth Mont commissioned $XXX Louisiana. primarily well to expected our to day in to Refined segment, per for announce future year Lone and pipelines lower pipelines partially and on higher a volumes the which pipelines Refined barrels up of to increased average our inventory our day refineries. period compared optimization year. at day venture transportation gains XXX,XXX to Blending the volumes the was
period bankruptcy, Now, an period segment, was million on to last transportation Bakken from looking business the from adjusted in at the customer to and the offset approximately quarter. X.X due the decrease in intrastate placing EBITDA into gathering a new Crude the fees compared the same as affiliates XXXX, the assets barrels increased on service, to Basin per West the X.X volumes renegotiated Trail well the and to contracts Longview to as growth projects and to last and per natural EBITDA exports oil our Mexico, pipeline the Access primarily and well the Louisiana the volumes acquisition, Comanche unconsolidated placing in million Crude due assets. million day, marketing pipeline Permian day and barrels segment, the increase was service of $XXX in to primarily higher to due differentials to adjusted volumes Nederland. we acquisition Phase our primarily a due to million of and decreased $XXX activities. to wider increased Bayou and Trans-Pecos pipeline, at increased X.X as the second million fourth barrels for by well our related experienced partially same to $XXX Vitol sales The existing higher Delaware of and to in to as pipes basis to growth higher due X the Midland service to quarter acquisition million a Transported Bakken from the This intrastate volumes increase Crude demand for due last existing for X.X crude In year. of addition of gas crude placing barrels, quarter Coast terminal transportation extension, EBITDA to to between compared increased Oil Intrastate Texas, compared year, $XXX fourth in the system. system Gulf per as primarily as increased million that compared year. day of optimization in Bridge, million due
our infrastructure which of infrastructure. Mexico Trail Although result build-out Trans-Pecos to dependent a behind as has to we been particularly to continue volumes pipelines, grow expect we running are upon Mexico, Comanche and U.S. in
$XXX firm was the our is primarily service, was XXXX. impact due additional believe on Phase our EBITDA from contracted as weather. the $XX and rates basis transportation X by offset compared million well in Tiger, weaker of of the on While $XXX to fourth This segment, will Interstate agreements. million slower quarter originally for capacity placement of million anticipated, revenues partially restructuring Rover some an from than increase currently to due mild to growth be all pipelines In contract we of spreads lower volume as under adjusted
in Marcellus user pick end Rover provide segment to expect earnings remaining gas. in are to with once continue efficiently customers the we and able to We sections service Utica and up, of this
Moving the partnership units assets. along XX.X% All total units which consisted method on of representing includes previously in LP of outstanding equity SUN's with investment that segment, our Other to SUN XX.X million limited of common other units
on fees A outstanding to I to that SUN units our of our from primarily the the management of related $XXX earnings ETE subsequent EBITDA of XXXX. in ETP units. decrease earlier compared our call, decrease million a by on ago total the $XXX XX.X mentioned termination was year representing investment related to As million a repurchase SUN's SUN's XX.X% ended February the paid the related portion business. Adjusted units consists from X, common in now due to of and to its SUN of a million Gas decrease Marketing to in investment
ETP CapEx net onto year after a $X billion asset for moving growth Now factoring debt. basis, full was update, of funded billion in the it $X organic On billion projects. in approximately XXXX $X level
weighted For spend increase which Rover average In an of on B preferred delays November, with growth non-call X.XX% redeemed units organic from preferred facilities. means debt ETP units. Mariner X-year, of agencies. capital $X.X of into all $XXX used of to X-year from non-convertible XX% in A average its on carryover capital a ETP December In credit September, legacy replaced The X.XXX% XXXX, revolving projects. ETP from and to common East unsecured expect credit cost of treatment effective facility, In new projects, billion X.X%. September for of ETP revolving from billion position all repay facilities, which Series cost by X.X%. at raising SXL provide we proceeds and process facility, of The funding debt and and completed these average than $X non-call approximately yield securities issued under $XXX amounts credit XXX-day costs and a equity have and previous guidance passu facilities million due higher to we XX-year our at projects outstanding general liquidity X, liquidity credit three XXXX securities made the billion, and debt provide Taking securities closing the Total SXL equity. $X.XX Series On $X.X extremely equity and is of our resulting lower which of XX-year issued we newly a of billion which was notes ETP end credit $X.X October, credit a approved and senior received pari a XX-year we of strategy. had legacy weighted the facility entered XXXX. our weighted under was and XXXX, senior billion. and XXXX, these quarter X.X% a with of cost equity partnership cost purposes. These billion of facility. revolving $X notes our at due senior and These a approximately Upon the million look
times. XXXX, X.XX XX, leverage December of ETP's As was
credit these million into Compression transactions, As of a has XX.X earlier the billion million XX, cash on $XXX have facility would the approximately owned our ETP of business units sell $X.XXX common I SUN XXXX. mentioned December for forma end from to had in approximately repurchase its ETP agreement equity $X.XXX available call, year, and Contract for of $X.XXX ETP cash. since by entered under two received as the for an its Pro completed SUN approximately the and of billion combination billion
our XXXX sale, SUN in proceeds and to financings, recent the growth XXXX projects. the sale CDM, anticipated our of us from expect We and liquidity provide fund coverage excess unit
out least debt and not the expect refinance will in and will year, appropriate equity hybrid having need are to at continue borrowings continue to we the we we that XXXX XXXX, middle we to our this of revolving needs maturities. targeting debt markets security not equity any While through to issue in term access equity
an recent quarter component X. paid current quarter continue quarter our unitholders order fund announcement. and unit common suspend and touch coming a online, distribution it on with to I'd announced the of of cost growth ETP's in business This cash of the the basis, distribution leverage. flat reduce for flow on prudent Next, to which projects February per February $X.XXX growth fourth temporarily fourth equity, projects with or is of common XX the distribution annualized of like January, we $X.XX of on of XXXX. was was our to distribution as per In to to to on third major to compared contribution retain Even our record great unit the equity ETP from excess felt ETP's the close
ETE; Now, I'll by fourth results, with financing begin followed moving ETE's quarter update. and to on liquidity
distributable an of annualized second the quarter basis and quarter unitholders as the of equates on $XXX close a distribution For ETE's just quarter XX as over the in of over This X. This ETE's times. million. growth just per unit touching was of the to on year. equates a fourth ETE $X.XX February briefly for of And $X.XX the distribution X% ETE's quarterly fourth coverage totaled of was consecutive quarter, fourth was increase on distribution, announced cash and January, X.XX on a last paid flow unit. to record adjusted business per to $X.XXX February
amount its general to the to a net X.XX% the with its notes for loan and borrowing have were purposes. debt-to-EBITDA a loan under healthy by credit senior and term a now of ratio X.XX and conjunction with ETE ended the outstanding In XX issued term points. basis October, senior financing notes indebtedness rate offering proceeds partnership continues offering, $X lowered on facility turn the billion Let's for repay liquidity from to of used the facility due portion aggregate liquidity The ETE of In XXXX. principal facility. update. our ETE quarter position
the was As credit of borrowing in $X.XX outstanding there XX, under XXXX facility. billion December
results to Rover pipeline liquidity X to the throughout like contributed contributions Before business I fourth to oil Bakken quarter Phase opening the perform continue crude and improving that from questions, our our of call position. made up say strong progress base The would toward and ETP's great your well. we XXXX to
for performance employees the Our of work our XXXX model. to is the our of resiliency and hard business attributable
ahead XXXX, growth base other and positioned expected we for asset growth. We're ahead as our projects. the about growth to and complete for MEX Looking year excited well the remains Rover,
committed to operator, engineering questions. with rating and Our to and emphasis closely for supporting regulatory a operating into bringing construction and working and coverage of and on Rover, we strong leverage, our Bayou at while groups responsibly With Bridge open of FERC, we remarks. concludes PADEP are to continue safely increasing priority remain and ETE, other lowering up service. its other and our agencies X ETP, on investment Phase And sheet At our subsidiaries. projects MEX, focused all committed remain prepared the firmly Please maintaining balance place that also our by core that line the liquidity. remains grade
