Kelcy good here Transfer operator, you and to after management remarks. today welcome joining members prepared and Thank the our help of Quarter morning answer XXXX Energy senior by joined also Third today. who thank Mackie Earnings the McCrea us other are you team I'm everyone Warren to Call for questions and your
gap of of the to the yesterday on making be Exchange and Just currently financial but as find us the assumptions or Section looking within These non XX it our the we and A all DPF our website. well XXXX. referred a of distribution flow forward and meaning to doc on coverage GAAP distributable beliefs non of measures measures Securities statements Act reconciliation also will will of information based as can reminder, are available as ratio, are which certain
highlights. Let's start with few a
business, was at we third another the As strong quarter. look the quarter
businesses chain benefit fully midstream very the a market. across integrated franchise that value is Our as wellhead from well to from we doing
We high flows. are cash return projects with delivering strong
side the of was X% partners was period increase of third same last billion was billion EBITDA the adjusted XXXX $X.X last up adjusted of third which the compared an this attributable quarter was quarter year. the to over the On $X.X to approximately of financial DCF for year. ET XX% as
driven those VI performances volumes quarter online up a Mariner record major the of with other frac that The and NGL Products solid another by majority coming across delivered of result East & Refined Frac ramp of the increased our delivered were segments. as and businesses segment II record volumes
totaled of issued the preferred quarter the growth distributions has the million issuance of in or for cash $X.X allowed distributions us cash flow Series Year-to-date $XXX expenditures coverage in year-to-date E billion. units to Distribution the common after plus without equity flow excess was our X.Xx after debt. excess approximately fund This cash quarter. resulted flow excess which for April capital
quarter Bcf III bringing third we X.X capacity our Basin approximately per the During brought plant on in day. processing the total to online successfully Permian processing Arrowhead
Phase our now is addition complete. Express X and J.C. into into October August Bluff Pipeline X. Red Express went in In of X service Pipeline full Nolan The Permian service went
And into a September merger with the in shortly. in discuss detail announced entry I which SemGroup more agreement we will
guidance $XX For to XXXX we EBITDA have $XX.X adjusted our billion range to increased billion.
billion. growth capital We are lowering $X approximately guidance full year XXXX to our
$X provide early or guidance expenditures expect XXXX growth capital adjusted related And we next billion acquisition. we year. For be XXXX expenditures expect to to later this organic EBITDA to pending approximately excluding the expected SemGroup year
and Transfer provide a common improve our SemGroup of Energy position. acquisition taking September Now announced see entered SemGroup acquisition a we XXXX. consideration XX at billion the look immediate into units to we closer agreement a assumption total merger as on approximately consistent including the based which financial a and our closing price on $X Corporation acquire On debt transaction with strategic that benefits that will for of definitive we the plans to of September XX
now early vote received December shareholder and termination HSR scheduled and meeting of we XXXX. XX October the are X On for
be the fee-based contracts. for of portion expect would increase shortly common is immediately flow vote. to and This after receiving flows from unit We transaction cash to the to distributable acquisition fixed accretive close cash expected fee our
complementary increased assets to these Energy Crude and expect provide combination connectivity the Oil for Transfer's NGL transportation of We businesses.
and We asset teams. and track have of record companies long successful a integrating
teams are planning process. integration from significant will we fully We engaged are synergies. confident the achieve Integration in companies both highly
$XX than the synergies which than cost. Energy to expect rate first borrowing more by million year of $XXX We of financial more annual within run million Transfer's generate savings utilizing includes lower
know we three-year million rate all of A a into loan proceeds of call notes term Fuel the LIBOR outstanding current October plus Terminal loan to be at high-yield and the the As $X in will or SemGroup's term B billion HFOTCO $XXX as a Company call effectively at entered it. used Oil you XXX. The Houston they
terminals driven between we of infrastructure and of we And ability conjunction to of efficiencies. $XX by Collins $XX the company commercial efficiencies leverage assets. Energy acquisition the million from and which to with to construction help operating expect elimination HFOTCO expect and Also and public after cost operational of the increased savings utilization Ted million in also acquisition. increased from Transfer's of we Nederland duplicative synergies connectivity drive This Pipeline benefit new costs operational be will announced our
This large terminal replace pipeline to systems. will Nederland our we new pipeline pipeline access fully utilize Bakken And HFOTCO Express providing is revenue. by oil of will also the much supplies our cost docks ability crude Permian significant delivered from to our and received at with improve which
pipeline DJ our to as cushion our Access as Houston connectivity and is opportunities reached to expected larger for Basin, our portfolio as Having well. a actually and St. Channel presence of Ship expanded access James well other increases aspects at to the expands generate presence dogs
have capacity XXXX. between and to crucial day closely expected between one XXXXXX XX commercial barrels to to strategic and existing serve States, TED more pipeline Houston immediate to expected are operations than an over per It approximately mile United of export a day in largest begin at in two more plans of in to barrels at and capacity, with expand will Channel the expected Texas over is NATO provide capital Collins as million of the is access curdle barrels million two initial terminals connection terminals. the per the Looking to Ship these this pipeline,
St. this James and the market. complex Houston with best-in-class Transfer's Ship companies' provide Gulf Coast conjunction to will access oil combined with assets other In the customers Energy transportation pipeline refinery the Channel
day flexibility gets to as And specifics. announced barrels Nederland its the discussions advancing customers we from previously will to its project will more vast FID handles pipelines closer plan access addition Energy this of which In Transfer's VLCC project on X project. We're provide allow this network over terminal. million per
going latest third regarding and more quarter a discussion on to update capex want developments the the earnings provide growth an update liquidity Before other into around detailed I growth projects.
start with Let's the pipeline capacity optimization. Bakken
capacity. have with received move we the XXXX mentioned December sufficient further for us Bakken optimize plans As interest pipeline the to the during open system market forward season to
More recently for transportation in binding additional season open system. solicit a commitments supplemental announced on the to we July shipper service
have Pipeline increased for to the supplemental as As and well interest acquisition the project announcement the current season extended HFOTCO modified as shippers. a we of a SemGroup and include open as Ted result Collins destination
per barrels to open will The commitments be early commitments to shippers is season. made Bakken during phase of capacity service on that current as received already received we've based the This initial made the optimization capacity of above XXXX. by its commitments serve as expected in current pipeline day XXXXXX in well the be
over capacity customer the current in in up position as by And demand be In day permitting time. day phase volumes the system efficiently approximately system expect barrels up completion will and we mid-XXXX per and of our incremental the the to provide configuration. we to capacity increase to to utilizing XXXXX grow upon future X.X million to continue Bakken of meantime barrels per
as ExxonMobil went of the Permian our full added at PE Colorado an continued additional well. which are XXXXXX at Express into X pipelines City with to part and our Nederland operating capacity to which capacity quarter. And X Now capacity barrels PE pipeline X it service venture the looking expansion third system to Taxes joint X X of operate is October from day per and Permian full Express at on during
our at looking system. Now Mariner East
to allow flows and continued as Complex. for day volumes third placed December the reaching much quarter barrels In through to ramp the facility. the Mariner XX the modifications into the improved Consistent enhance second of to during reliability and through this October XXXX System MEX quarter As strong as we reminder of quarter volumes the up NGLs capacity a the Marcus XXXXXX we with and completed third year. Industrial Marcus of Hook the service across initial in remained the per system Hook
as during the propane Western quarter ethane completed and including Sinking for for and to transportation heavily County to connections Additionally inbound recently delivery third X in a modes Pennsylvania facilities local remained new utilized the Cambria rail including to trucking We well. in new the and area. plant power Spring
be We expect to connections this made more in like future.
International strong transportation facility markets of LPG our arbitrage reaching and the We this a have customers. remained third quarter additional in also Pennsylvania. in agreement demonstrating for for executed the best economics NGL an local butane with efficiently strength the terminal distribution
bar permit the increased with are with for will Our to and expected meet contractual day completed delayed further the to Hook Due we our to nicely mid-XXXX. is at expansion in underway be fall efforts in-service Marcus able capacity now expected XXXX. commitments. facility progressing MEXX still be Even
The of with ramp-ups customer increased next occur are the spring East start-up volume the on system coinciding which expected the drives Mariner the NGL in demand. Northeast to season tranche of
to of modifications completed up this because we However additional we've recently ramp volumes winter. expect do ethane
the at Looking Star Lone assets.
and As a full reminder XXXXXX since has went VI March. service Frac been in into day mid-February barrel per
capacity barrels and fracs VII day. XXXX capacity quarter quarter Permian Lone anticipate and south over pipeline Upon Worth VIII quickly. very the expansion the XXXXXX our Belvieu to total we VI Fort our up them day XX-inch million be Star day we'll Basin which completion of VIII Frac in-service first per to and Frac to of barrels XXXX XX-inch barrels the ramp in will X of We XXXXXX to frac full And per continue Texas. On pipeline the Star Express Mont of on at both expect Lone both of be Express will be XXX-mile of will add second from NGL capacity per respectively.
to quarter by fourth original the expect of service before be We XXXX. estimate continue or our of in
our to of Mont continue we addition In Belvieu. further storage develop capabilities
create continuing our increase to our at ensure footprint to interconnectivity Nederland and we expand the growth. Now are asset right foundation to competitive
our we As last in first mentioned loading with gasoline call July. barge natural on our started
facility to further are already rates to us allow started return natural natural to of at at export and building We achieve on operations our looking have Nederland exports. expand storage better out gasoline gasoline this
In addition is LPG to we'll per integrate export further well project and and assets Belvieu expansion capabilities. our assets our Nederland LPG Mont expand barrels progressing X,XX,XXX our Nederland in our day
in be XXXX. quarter to expansion of in-service this expect the We third
China Construction is have which facilities XXXX. the terminal as of quarter of for which Orbit ethane to U.S. Satellite. facilities with to we construction Satellite significant ethane new made in scheduled. expect commercial their venture be the coast we provide our to progress the Gulf On U.S. a for are and the Petrochemical constructing to export In all continue continues fourth and ready our China progress in on partners to service on joint
expect on over working partners XXXX. and China by facility related have to XX,XXX end cracker Our in employees the tanks of the
Now let's in turn to Texas. our West processing plants
Our projected per Delaware early service in XXX into and the be full day Basin Arrowhead by to plant MMcf year-end. processing III July went is in
In this total processing year in of addition Basin and MMcf capacity in bring plan XXX the in per Permian will per This and by Basin than expect already be on an once additional more the to service BCF full day. by fully will mid-XXXX. day Permian processing to is end subscribed our plant X.X the we it bring
the and as Bluff of collecting the quarter and ahead Phase was We revenues in in the schedule. expect of to years X Express step of into revenues XXXX began went on Red the Pipeline commitments X couple August completed Phase next May On the on up. grow Phase year over service contractual during third system this X
approximately In in day capacity existing XX-inch markets. the month debottlenecking are and Majority additional Central of and pipeline downstream. and month. of thereby looping that day provided came completed of MMBtu Texas the of September consisted incremental Waha into we volumes generating this averaged revenues volumes XXXXXX additional Oasis pipe For Katy a also XXXXXX with to October late volumes Express Bluff flowing miles our of nearly through per these Red per project system Mcf Header Beaumont XX and
project fee-based this have commitments. These as backed a flowing of volumes is which by result begun
Midland has of capacity initial This pipelines the venture. joint expectation. terminal contributed fully per the Texas Nolan the On transports area. and Diesel barrels from Hebert product Texas in Pipeline day a a diesel to an terminal is newly side with were J.C. XX-XX were XXXXX pipeline agreement already state-of-the-art ET The project August LP. and meeting venture in existing functional utilizes to The joint and our constructed Sunoco which
to of look the another & primarily as and record segments. oil ET's $X.X go XXXX. for growth Let's quarter results. was and third well compared our intrastate crude is due This in up adjusted Products third to as from ahead quarter take consolidated a at the NGL X% EBITDA operating $X.X closer billion billion segment Refined to performance
to Transfer's to third quarter increase period was adjusted the year DCF EBITDA. $XXX or the to million for XX% compared due attributable up Energy $X.X as partners billion primarily in same adjusted approximately last the
nearly is Distribution $X.XX second close a November on the of an coverage to third of is third was October distribution unit on X. per the and Xx. of November or quarter per for distribution coverage on This common of business of for $X.XXX will compared announced flat XX as unitholders and to basis. In year-to-date annualized Energy XXXX record be quarter the the quarter Transfer unit common X.Xx paid
to increased NGL transport million the Refined Now segment volumes Products turning as due to had segment frac as The increased well million & compared increase the XX% $XXX last to results EBITDA we'll record with a same start was in the which to throughput. period record for another year. terminal by Adjusted $XXX quarter. and
the NGL our day million transportation was to start-up higher the volumes same last were mainly on on pipeline Basin for joint assets barrels the and volumes regions. due well period as as venture owned fourth North volumes Northeast on pipelines in quarter of day wholly due of The barrels of XXXX Texas million in out increase per increased Permian our MEX to X.X pipelines X.X year. compared per our to
X the at daily Mont average per of to of year our per which barrels day to increased due fractionated to last quarter compared XXXXXX February came fractionators commissioning Belvieu online barrels volumes primarily Third XXXX. day XXXXXX
same to segment. volumes per by increased primarily record Texas million increase an due year decrease volume for volumes growth across compared inventory to same primarily the offset per Adjusted the at to due Bakken increased million and X.X majority valuation transportation Oil million adjustments. Crude segment through period $XXX compared to barrels $XXX spreads barrels Crude of year. the last as day a as EBITDA due pipelines. existing $XXX approximately combination Looking increase the in our million Oil to million partially to barrels for of primarily day period was our increased X.X the in last the well The
our on over barrels volumes quarter third the Bakken day. averaged pipeline During per XXXXXX
midstream Higher offset $XXX which compared EBITDA impacted $XX NGL quarter midstream throughput lower $XXX for volumes and by were of For million. XXXX. to adjusted million prices was million by the third gas results
increase System reached volumes period River Ohio compared day record quarter in Northeast from $XXX in adjusted XX.X due day XX to a segment MMBtus EBITDA was Permian to the $XXX compared per gas regions. per the XXXX. million volumes million the the South of to MMBtus and Texas million Gathered intrastate for same was last our year. growth This for third million higher and In
placing due adjusted Trunkline the as of to affiliates. in increased Rover ad systems from and service of placing primarily lower fees as increased service due which EBITDA was of Rover to valorem and unconsolidated offset our Texas into Transwestern higher portions by This reservation from well into was utilization final
million million day increase Transportation and period Tiger as Shale MMBtus increased capacity growth XX.X of Panhandle MMBtus per the the pipeline day for higher due Rover Haynesville in production and XX.X to Trunkline. last contracted same volumes year increases to on the well to from as compared an per on utilization due were
the segment. at look Let's intrastate
our the utilization pipes. last volumes new transport in third primarily increased transport across This higher million $XXX primarily Texas year. pipelines. due of contracts intrastate was to compared million $XXX increased due to Texas from increased Reported EBITDA Adjusted quarter to our of fees
quick a Compression. Sunoco and taking look at Just USA
compared ago. million adjusted year a SUN was in $XXX investments $XXX our to million EBITDA For
related of supplier. $XX with million fuel onetime quarter results a settlement benefit Third a cash a to segment included to margin XXXX
an from an in well EBITDA for another increase quarter in in SG&A this $XX the as Excluding And in adjusted adjusted decrease increase and driven by expenses. as had EBITDA gallons was in a demand as supported year million benefit onetime operating strong $XXX year-over-year million by in was our well expenses. as to services Compression who ago USA increasing compared compression decreases a sold investments operating
to move let's CapEx. Now
ended excluding Transfer to USAC and approximately CapEx lowered approximately SUN in $X as have for And CapEx. year forecast XXXX XX organic months NGL growth nine primarily the refined mentioned For XXXX our full and and the billion $X.X Energy the products projects September segments spent in billion. we growth midstream
backlog Products And expect primarily approved excluding for $X.X the billion. full and Post year XXXX the we XXXX approximately billion to related & NGL capital $X segments. to Refined is projects spend assets expenditures our growth in of SemGroup midstream approximately
this additional to projects added will be expect We backlog. to
disciplined incremental will We as on and any we continue be return have raised profiles to bar the the spend. evaluate
Looking our liquidity position. briefly at
XX facilities leverage billion and available liquidity As was total facility. credit was our approximately ratio X.XXx credit September XXXX the revolving under of our for $X.X
at five recently our sits post-closing of just loan over Currently term issued the billion liquidity A.
our a of in liquidity Our term of leverage excellent continued Xx strong with rating the bank agency target we to recent provide And our loan. continue participating banks relationships existing of ratio in group X.Xx. XX helped out to XX
call Before we to want another just to reiterate opening up are that your quarter. pleased to solid very have I questions the delivered
additional provide strong growth Our completed while continue deliver to core performances volumes projects our earnings portfolio. segments are fee-based incremental and to our
generate excess a of sheet. organically fund helping cash to backlog strengthen credit-friendly is allowing significant Our us amount in a flow which balance of our continues manner business growth our to further and projects
believe potential as incremental and We position well value growth assets particularly and are quite the Coast, the near to operational portfolio organic in our realize value, Gulf footprint liquids the US via integrated and group assets group achieve expertise connectivity projects. full the same of along of our but long strengthening and excited of significantly capabilities enhancing drive our addition key term about same will the areas, which we are assets, and and crucial
have supportive to XX XX.X% safety to while approximately We and disciplined that project be the owns over focuses. purchase team X.X continue our of more to in primary units $XXX invested than new total months We projects a among our management capital execution outstanding million approximately has remain units. last CEO our and approach our million
for Operator please open the questions. line up
