good and operator, you, morning, everyone. Thank
to Call, and welcome the us Energy Earnings XXXX Quarter First thank Transfer today. And you joining for
other help answer today Mackie questions after management I'm Kelcy remarks. your who members prepared and team to joined senior of here also are our the by McCrea Warren,
well will and making based statements are the of DCF, non-GAAP currently financial These are within all Exchange a ratio, us. also Securities meaning of As I Act of assumptions be distribution and EBITDA, refer reminder, the our as beliefs available to to as on which coverage we or information distributable of forward-looking certain Section XXE will flow, cash XXXX. measures. adjusted
our will website. You reconciliation measures a find of our on non-GAAP
of with brief quarter. start a summary the Let's
to startup with on multiple phase successfully the we are EBITDA another record major first for and completion China the addition executed of growth benefiting billion first Bridge, delivering opening quarter from we including of adjusted of the the initiatives, strong of $X.X of our the office quarter, in Bayou projects. second several key In
last for the and partners quarter our adjusted of consolidated was pro XX% as adjusted, attributable ET As of XX%. over and quarter first forma almost performance, up for ETP, ETE merger the the of EBITDA DCF first year to increased also
more products million NGL the refined all after which the major for of than and businesses X.XXx in and operating crude Distribution our in performance for of cash We resulted continue see the in $XXX flow was quarter. strong to reported record oil distributions quarter results excess coverage and segments.
spend billion expect expect billion to XXXX, and adjusted $X growth of $XX.X For and organic to billion we in also projects. continue generate between EBITDA to $XX.X still approximately we
as growth current guidance budgeted, commodity of up our for range. in year, the We EBITDA adjusted to pricing at and XXXX we the stay spreads and trend higher assumptions spreads been conservative in our projects for our of levels the forecast. towards our If prices ramp and have expect balance end
into guidance a I'll detailed growth with Charles we Investment on FID. around the going Final or March, Lake quarter with a liquidity Shell update, project developments toward the agreement growth Decision, facility potential our signed framework latest had foundation first that further announced a CapEx, we Before start discussion projects. develop that LNG more earnings, to provides export In and the
to Transfer's with a through U.S. to engineering with new joint On a to major an week, the an bid months. In companies, parties Lake LNG contract. The and invitation would international procurement addition, consortia LNG project, for existing issued EPC engaged several the been convert Lake tender contracting last Charles FID, affirmative to to have last Energy [ph] and import of] over actively regasification sanctioned or LNG the with facility and [End Charles EPC terminal export an if XX.XX infrastructure provide export on Coast of natural to existing Corp. we per and constructing The to infrastructure, benefits ethane Transfer's million proximity fully Petrochemical liquefaction uses U.S.A. which which gas the annum. network. supply capacity and pipeline tons permitted, Energy vast for Gulf project from our venture including abundant terminal are U.S. pipeline is Orbit, the is satellite. Satellite ethane
add a to projects continue to the for be U.S. markets Asian better to the facility, facility ethane construction And of business service continue to and markets much needed in month, across China of and strategic last growth allows platform China energy new to excited us Orbit fourth our Beijing This to quarter opportunities leverage in ready in diverse the move other assets, in export the to export office to LNG facilitate and like products into Asia. We were open progress Charles Nederland the both Lake export the terminal to Hook continue the make XXXX. project the we the commercial export our of Marcus and increasing capabilities to new and and on the of to expect export we expand terminals. and
Next shippers on St. season nonbinding interest began at Bayou we Lake James And end commercial XX-inch for Bridge, solicit the from operations announced Charles segment shipper a the April, March. of open to in to on with expanded to the market Bayou joint multiple from effective certain connecting alternative would This from system. transportation service to pipeline access St. a carriers tariff James received Bridge cost basins. provide
Now MEX. XX, operations we looking System. resumed Mariner April On on at East
service facility initial for including are the the NGL placed our of East further. we Total efficiently trucking have demonstrates volumes NGLs day best up. Hook, transportation Mariner online, to into barrels combined expanding ramp June. of System is and capacity XXX,XXX the at and markets to additional XX Marcus day inbound reminder, regional rail. of move essentially to capacity MEX the volumes back December per strength is With barrels of modes, of moved XXX,XXX explains for the through modes a on approximately are All transportation local inbound we expected per As with Marcus through continued Hook which XXXX, be reaching in This and customers. approximately expected why MEX
propane additional progress continue area butane We on make connections and local ethane, for distribution. to
for power local system. the to plant will for East in butane Mariner terminals County as propane, connected area ethane feed along a well Cambria new as distribution We X be
pipeline, areas the the East of Hook. demonstrating connected not Marcus directly of Mariner are truck volumes the the netbacks through Some to strength thus further from
this in-service time late to complete As continue the XXXX. by to MEXX, XX% and mainland pipeline is of target having we the at construction
in Express basin of Fort of day expect from pipeline in-service XX-inch first XXX,XXX quarter up fourth Permian XXX,XXX-barrel per VI to XXX-mile Frac and our Lone It barrels is quarter capacity has it On day Star in-service we our mid-February south and since at expansion, Texas. add full be to to NGL we in XX-inch XXXX be per the March. will Frac on very the pipeline been of Lone Worth, went quickly. the assets, expect still the XXXX. expected of we Star the ramp to into VII, Star Express continue Lone in over to Looking And service it
pipeline, barrels On to March January the current system day. XXXX, became capacity The before new open successful per effective XXX,XXX the season completed commitments we the bring open a season on in to or Bakken recent X. shipper from
such open additional demands takeaway with capacity In in during sufficient to by progressing addition, out season interest also system Bakken XXXX pipeline the of are the partners market increase for meet receives plans the further growing late the to order that basin.
Permian are was it pursuing in pipeline the projects announced. as at we Gulf Looking Coast no the longer crude Permian, initially the
capacity Permian However, all full pipelines, projects the Pipeline is to the almost third And expansion expansion quarter as we can our of The full pipelines continue to and part of of Express remains Permian crude Colorado of operate XXX,XXX the year. are capacity are and with all evaluate strong. project do our continue participation will to X Permian expected which will continue of day we venture maximize Nederland, very On to System. Express X add ExxonMobil, our in with the an everything PEX Express to demand Permian capacity. other PEX, at joint on capacity we by to Texas. end we from of our complete additional And be City barrels in-service system of this to an per
secured accretive. to already have make We commitments sufficient this project
running turning is West at XXX day full of cubic per and II The end October today. facility plants went million our service processing Now cryogenic to in the foot Texas. processing Arrowhead into
basin processing We basin plant, processing announce X.X During be is already plant the To subscribed. fourth capacity demand, III, full we million Bcf meet Arrowhead Permian by continue expect to bringing in producer per Permian the to day total anticipate to plant day. is third Basin. XXXX be we in and XXXX the and in-service approved of year-end, to to processing in-service quarter our in XXX growing this another is foot quarter, fully III in per the approximately Arrowhead being in expected projected the shortly. Delaware another cubic
Volumes approximately thereby per year. averaged service the of MMBtus the by and to adding majority gathering we of significantly half in second second year. day increase online during revenues As Permian, to through phase Bluff volumes capacity. also the Header, we of flowing expected XXX,XXX the downstream. of first end are The into quarter Waha in those takeaway be pipe May also and and The the assets generating are additional Oasis went volumes processing the in we the our Red Express is pipeline grow new the expect XXXX these our
barrels the products in Western pipeline we Red their we anchor announced capacity Gas previously per is newly will the Midland Express in have shipper Diesel transport As J.C. constructed mentioned, Bluff XX% Texas buy XXXX. Nolan a exercised the have and January an XX,XXX to From day will effective a which Anadarko and interest fuel area. affiliate their diesel initial previously option terminal to Pipeline, side, from Texas of our
it with SUN. project process pipes, agreement to a We or with utilize this before and contribute the we joint are venture SUN, be in progressing which the to this a venture XX-XX Sunoco end ET well LP, the completing Construction will joint in-service for the year. be to of of will existing project The joint venture. is pipeline expect
the I merger. will more discuss the I Then will for first you at ETO's also let's for ET's detail. results through look Now segment in forma quarter. the quarter results walk pro Today, results
investments merger ETP segments. last segment reporting our report have a USAC own reevaluated to in and their ETE respective of the reminder, as now SUN and due our and we As October,
Lake segment. addition, Charles In the in reported is now Interstate
be $X.XX annualized first the for products due in quarterly basis. $X.X same or filed adjusted disclosure attributable record for of partners performances was core XXXX. and on ETE to paid April, close X. flat primarily due compared May X.XXx. first the billion to year, XXXX merger, $XXX the the on first as period of compared per Energy unit is for fourth NGL which coverage the and operating segments will of ET quarter common first yesterday to or adjusted EBITDA record a $X.XX expected the pro XX the business our for the today. common is the to to billion consolidated nearly quarter distribution basis forma DCF of the unitholders as Additional growth In quarter ET's approximately increase are On operating compared quarter $X.XXXX unit be refined XX% all release XX-Qs, to May oil merger, a press million ETO last in regarding Transfer up the with found or was to This pro forma This billion ET's up in the per for distribution of and businesses. of to later XX% the be or was EBITDA. to for $X crude The can the adjusted quarter, announced in increase in issued results
per NGL results asset were product transport due last X.X terminal wholly on as to as was system pipelines out the due same increased to in segment starting Northeast the to The our offset day refined in $XXX downtime. startup year. day of Basin pipelines increased Adjusted and EBITDA well per barrels by mainly was XXXX. period $XX the compared The on MEX volumes XXX,XXX North compared last quarter Permian of as Turning from volumes pipeline record our $XXX with venture which year. volumes joint million on to period was by our to fourth increased for frac increase impact the for the same NGL to of our million partially and the regions MEX million increase due products Texas higher volumes, as owned to the well and million refined a volumes barrels transportation segment.
to day volumes to the our fractionators per Mont respectively. per average year, to due July last XXXX, fifth XXXX compared Belvieu, quarter and barrels First primarily daily XXX,XXX February in in sixth and increased commissioning which day came of fractionated barrels XXX,XXX online
were Crude the million acquisition and X.X and the basis a first first $XXX growth year. to throughput due producing The between barrels differentials day on oil our existing compared to in oil Bakken regions. to due the from of Texas in excluding crude to pipelines volume the the million increase million increased adjusted quarter in improved per approximately marketing to the primarily existing XXXX crude Permian Bakken. between our same $XXX per increased losses of of to year, the for the period segment, As volumes in business and X.X Bakken margin, transportation XXXX last same Permian growth and unrealized pipeline quarter increase our last barrels primarily increased for gains record compared day as an million EBITDA through on well to period barrels million pipelines, an $XXX increase and as due
approximately strong. During the day on for volumes Bakken per on both our Permian and quarter, space pipeline demand pipes and remains Bakken XXX,XXX our first pipeline averaged Express barrels
by additional volumes primarily result on the million Panhandle EBITDA for same an as due to utilization $XXX the higher commissioning the gas and result as in Rover million due MMBtus volumes capacity increased year. period Trunkline in period segment, transportation opportunities fees, This was which in $XX Interstate EBITDA quarter to intrastate first for per $XX increase to to in the million a favorable day optimization XXXX. of due million West. the was compared adjusted wider North pipeline adjusted the EBITDA in by region. increase on from XXXX, as Bluff compared of last increase basis MMBtus higher interest Rover primarily to per for quarter day Red for in our increase higher results and X.X to the the was midstream, Shale, the activities Gathered the was System This $XXX as In of million segment, XX.X day Trunkline. commercial production the $XXX prices, negatively For compared to Transwestern, first impacted XX.X partially adjusted XXXX. primarily Texas million. in An in due In RIGS at of the in This offset million were MMBtus growth volumes to per a higher to X.X of sold were as Express Northeast an Houston pipeline of Ship million compared from per per Permian, MMBtus rates Ohio compared a and growth the $XX year. XX.X gas last market Panhandle acquisition the the River Due day of as million on year. growth West Texas first transportation million volumes, increase MMBtus NGL day increase and of of interstate Channel. Transwestern due the to as throughput well increases and from well $XXX was quarter same $XXX million from coming to the million million to online the on million on primarily April remaining differentials last our due to $XXX Haynesville of EBITDA primarily Tiger as well to the lower
as online, primarily intrastate as pipelines Express the transportation increased reported Our utilization RIGS increased due Bluff Texas now to our Red coming as treated subsidiary. well volumes being consolidated of
own Sunoco to now are and reported segments. as compression, on Moving U.S.A. which their both
And market strong XXX $XXX sites EBITDA as million, U.S.A. expenses Texas by and conversion natural For sites XXXX of was retail compared infrastructure as we volumes. fuel decreased continued very investment a as SUN's to April to in the $XXX of ago, well investment. midstream a to driven million due commission $XXX primarily quarter. EBITDA compression, environment investment gas a resulting domestic agent in result SUN, million operating in strong adjusted Adjusted from was a positive increased production West had year in for
update. a moving Now CapEx onto
XXXX, on in still spend primarily million refined approximately and Energy midstream XXXX, refined growth projects, $X in XX, year CapEx. approximately March the $XXX and ended months and SUN NGL X and organic product full segment, And products growth organic expect primarily segments. in excluding the projects, For billion to for Transfer NGL we USAC spent the
position. liquidity our at briefly Looking
XXXX, total ratio liquidity billion the XX, million senior revolving for credit our our issued facility we notes. XXXX, approximately $XX senior outstanding completed credit used $XXX entity, $X.XX offer March E facilities credit in units our amounts X.XXx under repay exchange primary was in general ET's leverage to of And net of issued ETO, preferred per the of proceeds an our million gross partnership billion $X.XX of X.X% proceeds and whereby and for was under ETE revolving notes facility. of approximately exchange purposes. and March, outstanding April Series operating As In XX% were opportunistically for and
these our received all and As to from reminder, in credit rating additional plan represent to equity XX% securities our agencies X.Xx. a step leverage ratio X to an decrease Xx
you the demonstrates record say call to opening consistently have and quarter. amount ability I as projects further Before which of -- friendly flow, fee-based growth strengthen manner and well to as sheet. in excellent generate cash questions, up are credit us another to organically of a your how a significant pleased to This just our we want backlog can to balance our our fund reported excess earnings allow that accretive
and enhanced from projects. flows, We benefit to cash our have by diverse this predominantly expansion asset business built footprint are fee-based which strategic
recent to Bayou see like others. MEX, Express and from continue X, We Bridge, projects Bluff growth Bakken fee-based Red Permian and VI, Express Frac X expansion, our
strong for our core driven Our businesses. year the outlook is by primarily
We have producing opportunities. growth accretive and value to chain the in nearly significant the in major leading the all U.S., footprints of across basins we capital find midstream number a continue
evaluating safety up execution. discipline new and We open Operator, remain continue the comes please focused to on project exercise projects, and it will when very for to we questions. line
