Thomas E. Long
Mackie a Good who XXXX and other lastly I'll our discussion you earnings I'm your Rover, turn the the of recent Kelcy us operator. and after discussion, Then discussion John most Transfer first and a developments Transfer's members questions Permian here other followed by for of update, I to to today to first begin our today. overview distribution of Warren, by joined on CapEx quarter Partners call, management of also remarks. liquidity funding Matt an morning, quarter Mariner you, Express a announcements, with latest X, growth will Ramsey, welcome McReynolds, X, discussion. followed team, East everyone, senior Energy results, joining McCrea, are Thank focus a and prepared and Energy answer Bakken, our thank and projects. help by
As refer will be and Exchange statements and available I XXE These of certain forward-looking a beliefs, financial well reminder, meaning cash are DCF, also EBITDA as to measures. of Securities of XXXX. of or which currently as Act will both assumptions we on within to Section our the adjusted information the based distributable us. making flow, are non-GAAP
non-GAAP our website. our on reconciliation measures will of a You find
year, ETP start more want EBITDA SXL. Transfer's DCF to later growth the saying XX% recent adjusted, very as NGL just and to adjusted the place I growth of quarter. update, will to merger additional the we attributable segment, by into Refined in first first Services between allows of also and to ETP, for also North XX% increased partners the the we ETP's quarter on last Midstream, turning say are of forma Before results nearly that developments over and capability a week pro by to segments. details Rover Interstate as Phase provide pleased in strong and increased the for as that I of by last commercial pleased which Oil Energy strong sections well call, from to and is the operation this full Market Zone from X higher I'm increase FERC Segment. Transportation of received the authorization but service, significantly due Crude and project Products,
expect Rover We construction be complete of month. this will
from Commission As on on MEX, the vote last resume Utility to we week the Public pipeline. operations unanimous received Pennsylvania
As the provide our a result, bit growth on later running. a MEX is more will back up detailed I projects updates on and call.
Now turning to recent our developments. most
We B units. of general in all USAC At the sheet. proceeds cash. the reduce USAC's same and are million that used in to billion announced cash, acquired million closed strengthening exchange approximately April $X.X sale USA to balance pleased Partners ETE our in previously common and $XXX equity ETP interest common million USAC cash million ETP's XX.X the for units X.X leverage, Contract XX.X of units, on to time, approximately our partner thereby Class Compression in for we X billion, consisting Compression business $X.XXX say
new was the As issuance cancelled. interest to a were partner X ETE. And USAC USAC the to transaction, IDRs the non-economic units an in in interest exchange for part equity in common restructuring of agreement, the USAC general into pursuant of converted million a
our to on growth Moving projects.
Gulf to the a will construct terminal March, region. projects pipeline ethane in the USA facilities deliveries announced originating Satellite Coast XXX,XXX major our ETP at touch projects. export Then plans a new to the joint that recently and barrel entered barrels will ethane Mont ETP tank, marketing provide an ethane on to provide the the construct that under day Belvieu operator ethane markets venture assets, to Satellite, refrigerated demand XX-inch as into new and In and make approximately based on with XXX,XXX Petrochemical long a of terminal, a storage on provide export the provide the form few day to have domestic We Satellite barrel definitive for At storage first. facility, per update of a terminal Orbit Satellite. and term, an I'll U.S. services per will refrigeration ethane Orbit Corp. agreements Orbit XXX,XXX ethane agreement. be as well other I to
MMBtus NGL of in incremental is of it the quarter is week, pipeline the in and ETP of is gas In onto wholly the ethane the pipeline including and for be April, venture In pipeline ETP The of will XXXX. the terminal newly XX-inch in existing Subject for last service Old service a line, and in per line to approval, and And to service design ETP constructed launched Hebert, crackers utilize operator second Satellite's diesel XXX on Nolan that joint construct and binding Enterprise per has Chinese a initial is XXXX. natural and we to the infrastructure to newly ready for carriers quarter will XX/XX projected open Midland, pipeline to service ethane diesel supply pipelines, a south the Texas, Maypearl, pipeline. terminal quarter the to barrels will extends area. the XXXX. fourth originates which XX-inch miles be Lone Texas, transport in constructed to is an China. resumes will pipeline. third Minimal a XX,XXX government required diesel service. J.C. The of addition, currently this the season to formation the Texas, capacity to of Texas, destined (X:XX) that ETP pipeline, capacity to from day ethane resume expected convert commercial initial anticipated Sweeny, Star own to export announced load required day. Ocean capital XXX,XXX the have from this in And an in
Additionally, per capacity additional ETP Texas Ocean. of pipeline completed Enterprise approximately from in for North the are to West which is process Texas jointly of Old pipeline, XXX,XXX year. provide owned this be the day by The expanding will deliveries XX-inch expansion end Texas into our and of North expected MMBtus
our and an update Rover. starting on for other with projects, Now
As hub. is approvals All been These to facilities delivery crossings of by throughout Michigan FERC nearing And full And and for into place into Rover Phase we approximately XB to hydrostatic HDD to to delivery Market in June a be per the to the the XX% reminder, up XX [pipeline] service users Dawn operational received XA inclusive rest final And service placed Rover on service Phase into X.XX was X for we are mentioned, approval week, have Bcf expect per December and for progressing completed. X. capability of into tie-in with allowing allow completion. was end XX, full North August Bcf Segment, transport from ask project Vector of of as gas XXXX. achieve X.X FERC day to work day. last project the service. placed to into of capacity of XXXX, additional I commercial latest place testing the FERC and mechanical allows the This to completion by approval Construction Phase service. on Zone
complete And construction [MEXX], continue continues. MEX on MEX, of we Construction of the HDDs also mid-XXXX. completed XX% construction At and MEXX place underway. XX to this time, third to Now the moving we in progress of on on expect service XXXX. to we in be make mainline with XX% the of pipe and or MEX into online quarter expect to
is plant And facilities. to processing Rover complete. expect full has Revolution Our of all received in service it once go we approval
cubic to day at remainder II in Now the ramp the through are Midland plant Delaware went Midland strong moving Due nearing into to And plant the processing to end is foot West Basin XXX in up Texas. The Permian, capacity both and demand the service April. of in Basin. continued of we XXXX. the expected Rebel the per million
heart second result our quarter plant. existing expected plant building per pipeline well the plant multiple in Basin our Texas, this Orla as as Waha year. Bluff our this demand, this Delaware plant, Arrowhead we Also day and Oasis a through Red to And connects processing plants near Express in takeaway. our to third-party are million West the fourth of the cubic in gas of As cryogenic foot Header, service a of be runs XXX residue is providing
per we capacity day we and by will investment of project term size recently this will long pipe. approximately agreement XXX with an the commitments of miles expanding least an signed additional effectively are X.X on contract based new guaranteed We demand at the Bluff Bcf pipe. miles with Express project. the based, pipeline of XX-inch fee This consist XX-inch the term, doubles a of supporting have And commitments new of long counterparty. grade XX a Red with XX-, XX-, now supported
shipper successfully anchor fourth additional Even be quarter Anadarko. month, X, On just cost expected is to $XXX reminder, up this has in the Permian Red year. with expansion a X XXXX. the this Western online this And their Bluff Express Gas, project. an expected with to affiliate, into is option is project under buy still Our addition, million. we as with this the Express of second brought ramping the expected in half online later Phase volumes of online XXXX, to
PEX. additional an evaluate to continue of We expansion
Midland from more the Nederland, day. with million Bayou a to facility We're deliveries of markets, making significant expansive an will as our Nederland/Beaumont pipeline header is to in capacity, in provide channel to capacity also with to extensions corridor agreement the X in well now unprecedented refinery XX-inch to partner. will up transport systems, per areas. pipeline provide as markets as significant well developing which into shipper crude Houston to to The road to project expected our easily storage day are We new It expandable barrels flexibility initially barrels This the and XXX,XXX have ship ship channel. progress Bridge. as new also per strategic will pipeline
segment day segment Bridge, XXX,XXX build we on out an Bayou average And Next St. transported Lake Bayou Bridge of from continues. in first James to the per on XX-inch the Charles to from Lake quarter. Nederland Charles, XX-inch the of on barrels
to We XXXX. of expect commercial fourth operations in the quarter begin
went segments of service committed June transportation into XXXX. commercial Bakken the project under Our service on pipeline X
the in and production refineries pipeline Coast. We online, are Gulf very this pleased crude the have along Midwest domestic delivering to to
be begin to earnings result X. go to volumes into Full already XX-year Our includes And foot on also new pay volumes significant VI volumes Texas. processing day. or expected of X second in us quarter average North Frac increase under long day, Godley XXXX. is pipeline barrels barrels the third quarter, product idle cavern. XXXX. are flowing reaching beginning to transported collecting. million XXX,XXX significant already It Enable expect and of XXX,XXX million have with allow of of in take is day. plant, over per this agreement seeing effect commitments this growth are we At over Y-grade of an agreement capacity fixed peak quarter XXX to barrel a contracted day July we frac in will still the fully demand solid fee contracts. contracts barrels cubic second as expected fully we fees per later term, with to now QX in seen and continue the This by V be in per to service The month. Frac the interruptible is based is expected under utilize service NGL our and multiple Star's Lone per majority the XXX,XXX are subscribed infrastructure demand a a in And
quarter let's first Now, results. to our turn
in on as XXXX. mentioned, increase due billion, totaled $X.XX pipeline a another ETP to compared both higher $XXX of a I in result the results Adjusted the Oil up Crude This consolidated had million in is was to times. of which online, first strong quarter coming coverage quarter EBITDA primarily of compared totaled to segment the X.XX very the increase As quarter. significantly due increase EBITDA. attributable as Bakken to growth $XXX first as the was XXXX, billion, major basis DCF well first the of to partners quarter for our $X.XX adjusted all an strong ETP's million adjusted segments. as
XX.X volumes Panther XX,XXX were Midstream. was XXX,XXX NGL results in at per compared wholly joint barrels to on This MEX the of venture volumes with per volumes day increased due and decreased optimization XXX,XXX Orla Northeast. the for and compared NGL group. increased million barrels MMBtus downtime XXX,XXX barrels gas for were quarter pipelines, due $XXX per Turning pipelines approximately and South period both and lower the System average higher River this quarter of and Southwest year, increase XX.X volumes $XXX Products barrels to refineries, transport This out per system the the totaled XXX,XXX $XXX crude same NGLs Northeast to primarily million, our barrels compared period daily at volumes per last wholly Mariner and the pipelines The million, XXX,XXX compared Texas volumes year, was last start the period compared million increase the of period the volumes barrels throughput higher due volumes due day throughput and to year. were day, day venture higher partially first for from barrels per for and producers. processing Mariner increased on per year. to same and the plants day, per the from due volumes in pipelines, was adjusted the fractionators, last last Products in increased owned on Transportation to segment, partially increased due Lone Permian last day the year, region. In to our Refined day, our first West for Star NGL the primarily Permian last on per marketing to by over Mariner to and day to production first totaled and EBITDA barrels MMBtus our we'll quarter increased was prices. the to to offset from to transportation volumes results by the Refined period segment, by to and primarily Permian our the $XXX to for day, owned XXXX. to same Gathered and compared XXXX. West compared due XXX,XXX XX,XXX growth of the Ohio of year, NGL for year. on throughput ramp-ups barrels and XXX,XXX throughput Basin per higher same day, to compared NGL Equity million day Adjusted the increased to Midwest fractionated for on day from Year per same per barrels joint XXX,XXX offset year March. EBITDA from
as the transportation between Midland increased barrels placing year, million increase our to fees day due and higher exports. addition terminal activities optimization basis Coast. last marketing to Nederland pipeline Crude compared approximately due to Gulf million to Adjusted from Bakken and million into for same loading the the pipes X primarily the due the our the market pricing. to primarily volumes EBITDA system primarily into exports increased This the at production crude placing X.X well well Bayou Mexico, $XXX Gulf terminal to from per million Permian Bakken Now, year. Texas and Intrastate per $XXX to an day, quarter throughput volumes from Coast differentials ship Intrastate in more new was oil to Phase Crude West related oil of volumes segment, EBITDA due to at for the as the higher looking segment. favorable to service at compared the the X.X our Basin. X.X Nederland. barrels to as Oil due year. Intrastate $XXX day, per to of million, was basis compared to second increased in differentials in first increase period last Bridge adjusted In of from million demand acquisition due to of commercial due to favorable period barrels XXXX, The million, increased to to increase increased an business compared $XXX Crude from and last wider to to same our and service, and quarter increased million X an pipeline increase growth barrels, as primarily Transported
meantime, adjusted In volumes to is the transportation to are $XXX $XXX primarily segment, is from increase anticipated. million services providing Header. seen Interstate of quarter growth via This we placement firm million, portion have an a than to Although additional our first EBITDA But we mostly third-party pipes, backhaul anticipated to due to contracted capacity into In EBITDA we be expect slower of activity originally the to both of XXXX. the for Trans-Pecos increase to continue was of these under on agreements. volume compared of grow, million $XX all in was the Mexico service. Rover
an and an customers a expect efficiently same to Utica increases compared day due to per service, remaining We of production day to user to into MMBtus Interstate million the per per portion X.X in were able segment to once Rover the this gas. Marcellus MMBtus sections pipeline due provide from nearly in we're as of million continue the and service, volumes X.X Rover increasing increase Shale. transportation for day are in earnings X.X with last million year period Haynesville MMBtus the bringing well Tiger as increase from of end
onto repurchased All SUN Sunoco equity million. LP partnership segment, from February which XX.X of the Sunoco limited includes $XXX LP, units for investment ETP Other Moving units our million and approximately on X, method
February an trading in to commodity primarily from common as from activities. Sunoco its our million X-Eleven, retail decrease XXXX, by a total compared to partially as result, repurchase units, of of XX.X units. current LP LP EBITDA and our of a outstanding in representing Sunoco common of consist investment $XX ownership $XX from investment million assets PES increase As sale well of to $XXX in was million LP, decrease a XX.X our to a units ago due the earnings million Adjusted offset Sunoco's year XX.X% million million, $XX Sunoco in due
update. a to CapEx on moving Now
the ended months in the billion For growth Refined in ETP segment. projects, NGL organic $X.X XXXX, funded March three primarily and approximately XX, Products
Like to on approximately Taking position In billion our liquidity perpetual Refined million at look organic April growth NGL projects, primarily X.XXX% Products, a floating and and an strategy. receive Midstream, used also units. all Series for its fixed securities the XXXX, these means And equity the year in The treatment For rating under amounts units rate cost capital. fall, its issued Series issued effective funding facilities to provide and partnership full A XX% ETP extremely segments. repay preferred equity $X.X cumulative credit and Interstate C of and revolving preferred we the to purposes. agencies. proceeds spend raising the securities B three perpetual expect $XXX of general in ETP from
total under credit As of XXXX, ETP's $X.XX liquidity March approximately facility billion. was XX, revolving
of As of the facility. have been would X.XX XXXX, transaction, XX, for the billion X, [times] which Pro $XXX million, USAC March was on received ETP's the which unit and liquidity $X.X $X.XXX the approximately offering credit April, in closed in cash preferred from per also forma, leverage closed April billion.
distribution touch to the of common flow felt equity flat first per $X.XX of on record major for was online, quarters $X.XXX retain prudent and growth fund This May cost flat announced to first XX to that like our the current distribution in prior basis, of close or ETP's ETP continue order of leverage. projects ETP's quarter, projects an per XXXX. the reduce recent April, the unit annualized continue the quarter to contribution to I'd common our as quarter Even on equity, with on cash hold it we component of compared to the coming to May on business our from of compared to fourth a and excess to great unitholders distribution In with our is Next, we X. distribution announcement. of unit paid which
turn to touch I FERC on tax I to want Before ETE's briefly the recent proposals. results,
to impacted As to negotiated longer of would maximum to rates flow. tariff, in impact previously we to are discounted tax our expected allow rate a by owned or recover we change which have tariff of cost not have service income to no stated, the an MLPs material subject rate. pipelines interstate are FERC's believe not earnings maximum our and proposal by is The to cash be that majority the rates below vast arrangements, or adjustments settlements, allowance
a term systems, index subject portion Regarding with contracts, are contracts our long settlement based to crude protected substantial rates. including
the conversations by We FERC. are encouraged with current
early we Although rates and there these any based not today, be expect the to potential material for the we information in is impact to ETP's still process, a is on have earnings. challenged, do it
ETE's moving by on financing first Now followed a liquidity to with ETE. results, update. and begin I'll quarter
the touching ETE's excess debt This X.XX ETE's times, as distributable will the distribution flow unit ETE equates per quarter distribution. which May as quarterly ETE first was In XX paid May briefly million. coverage. close with first $XXX cash for holders and ETE's in the $XXX $X.XX X. For pay per basis just an totaled to will coverage to allow April, of announced the a And adjusted on of over $X.XXX of million unit down be annualized unit. record to on on quarter, on business of
our Our represents EBITDA update, metrics. looking decision improving per hold the times a credit have healthy leverage a position and ended with to financing continues of and debt distribution at liquidity ratio ETE's our the facility. liquidity to the X.XX to commitment ETE Briefly quarter to a flat consolidated
$XXX revolving credit facility. XXXX, was in As million there XX, under of March outstanding ETE's borrowings
contributions are pipeline progress portions from continue strong all of I quarter strong to to toward ETP's contributed the make segments. Before our that that say your once we're call with just questions, off opening to very major first kicked to have quarter first to and crude that pleased leverage The service And the across the want improving oil metrics. a again up XXXX Rover we in Bakken result. the now
strong further deleveraging and need equity. our outside results reducing accelerating for our continued are Our
the we growth the excited other MEX, projects. growth are complete as to and additional expected, our we ahead Rover, Looking XXXX, rest for of
projects our and project domestic going growth recent the Our further forward. generating our announcements strength demonstrate both of export in and position assets strong
agencies. to PaPUC, committed the other engineering closely regulatory working remain PA groups DEP, with Our and construction FERC, and
of MEX, grade operator, ETP, We focused X our projects. responsibly remain and we to subsidiaries. supporting remarks. rating. and that Rover, other With priority the all and Phase of at safely starting our operating remains investment And its At Bridge, operating on concludes Bayou our up prepared committed that, ETE, are firmly
go Let's line open questions. and ahead the up for
