the good welcome you everyone, Transfer you, members today afternoon, Thank operator, and McCrea and today. also XXXX other call. by Mackie Hopefully our here this press our release issued us earlier who the fourth earnings Senior answer questions to saw And joining Management are Team, to after you your as thank slides well for as of I’m afternoon, help joined website. quarter to our Energy posted prepared remarks. we the
on reminder, be These as refer to are Report which and information the for Annual Securities we Exchange As more current measures. ratio, also are I’ll looking we us our which a EBITDA, the of certain and all or distribution assumptions and XXXX. of our of to will well coverage statements statements financial DCF, meaning within year-ended as available XXXX, next be the in expect Act of currently in Form based filed forward discussed XX-E in are distributable cash to December Section days. XXst, upon flow making non-GAAP beliefs, XX-K detail adjusted several the
distributions XX, free partners into be of entered post on cash to is expected a a announcement. start credit with definitive The We at will transaction on You’ll Enable and agreement our of merger our February Enable in non-GAAP $X.X find XXXX. based have transaction unit units our valued merger a acquire immediately recent fixed that XX-day flows flow the contracts. accretive Enable have each terms ET ratio an announce were reconciliation ET measures exchange of for website. on to midstream holders the a enable we billion. units fee I'll metrics all agreement, excited add equity to fee-based accretive representing to significant cash and impact receive common from common positive our and transaction on Under at-the-market the unit X.XXXX credit VWAP
each outstanding system units These complimentary. of will preferred will unit great to our exchanged be Series addition, Transfer. In A assets very for Enable’s are G fit X.XXXX and Series a preferred Energy be
our of Bakken to Anadarko And expect system. the provide the portfolio pipeline connectivity to be will substantial the flows. demand will and NGL investment for sources large on Basin, the downstream solution increased to grade and our this we of We [Indiscernible] to enhance with acquisition, the transportation expect gathering end-to-end the bolster gives consolidation regions market are approximately in gas Enable’s cash provide Through customers. for to Coast. mid-condit help midstream consistent via and in also contracts ability addition our by our scale access which processing forma we assets expected in and an our natural this the of improve continue assets with assets acquisition, enhance businesses. and utilizing fee-based Gulf anchored addition long-term Enable’s XX% Pro to platform generate firm to transportation markets export and connectivity the integrated core Bakken ensure storage us crude and opportunity gathering to wellhead fractionation adding
to and company pursue to two Energy and Enable and efficiency combined support Energy In Directors Inc. Corp. addition, commercial SX complimentary million of excluding of the Transfer’s extensive combination synergies. ability infrastructure cost we cost achieve provide CenterPoint and of transaction synergies, $XXX the allow by transaction. company our unit for upon expect to more approved commercial annual rate this require to of leverage assets Transfer Energy entered their The savings customers. effectiveness enable’s the Form additional into Enable’s and consent opportunities Energy will and financial run have registration while to serve them generate statement the SEC its OGE The to been combined than largest of enhancing and transaction the holders has agreements Board that potential
two our customary XX% no scale as of acquisition view holder subject of to and to these unit upon the remaining necessary our approximately will Enable these close own outstanding midstream As consistent units to closing in receipt this holders is improving HSR transaction and financial connectivity, our position votes expand strategic unit through mid-XXXX, common opportunity with of The consents. other We goals a of be while deleveraging. conditions. additional expected
to seeing the want unprecedented we're just conditions weather country. winter upon briefly Now currently touch the across
with the temperatures. constant But Just been to needs, possible. customers their our on particularly over is is cold to And peers, our team operations generation experiencing situation to extremely changing last as impacts none. is our of related these we few The commercial teams, in communication addressing we're and And serving the efforts like have our those human are electric challenges and hour-by-hour basis second operations as do are team remarkable. best trying majority our best the customers, is days They to believe our facilities. what an constantly. for
Next, turning a of and few quarter year full XXXX fourth highlights. to our
EBITDA ET top-end partners adjusted For DCF resulted $X.XX excess attributable $X.XX capital billion, the of was the which adjusted and XXXX, of distributions just our as full billion in flow $XXX excess after after $XX.XX year range. in $X.XX of $X.XX incurred approximately billion. distributions approximately million we billion, On of above DCF came basis, billion. of growth of guidance the had to generated cash we approximately an of which
As reduction and we operations. offices we measures implemented field XXXX, calls corporate on cost our during throughout previous discussed
achieved and $XXX of G&A OpEx savings over full XXXX, a For million. year we
up $XXX in of additional XXXX, volumes Frac NGL Texas NGLs went service to million reached through Mariner volumes a also $XXX VII, And XXXX. systems. on to East XXXX. ramp and in about be of of moved pipeline reoccurring during our we XXXX. expect pipelines of high February driven this We which new million Due record fractionation our by a portfolio primarily our number into to Operationally,
per our During Hook we excited very completed joint announced our XXXX, of Satellite. with XXXX, fourth XXXX. at majority complete LPG loaded the our XX,XXX Nederland terminal. with at expansions of terminal. to the we were January venture orbit, our export day the ethane taking that expansion look barrel barrels at a first our And Also of we quarter, carrier large LPG during fourth Marcus quarter guidance for in XXX,XXX we construction under Briefly
and higher to NGL expect system, is NGL activities to a contribution a $XX headwinds be NGL be expirations. partially gas from spreads offset crude strong from across and well is growth from any as billion by prices. billion. we to guidance This contribution Our some to for segment, demand to contract excluding existing Enable. our certain positive as decrease the adjusted our EBITDA we XXXX, Energy expected This increased export business expect drive will see growth Transfer from $XX.X related Compared as
forma the expect be number financial in for information filed $X.XX weeks. in We is when This the million. to now growth And approximately few pro it to capital growth next SX expect we expenditures provide of XXXX $XXX updated XXXX approximately into this plan When that reduction XXXX previously to approximately for XXXX. communicated. million million had a includes further deferred what of $XXX capital has are been been represents guidance capital accounting capital,
aligning in needs. all committed to capital outlay and on all discipline We continue regards customer with focus to to spending
up primarily niederlande projects midstream capital Cushing niederlande additional expenditures project. marination and Our to are XXXX facilities storage, and at within growth products. refined several made segments, Crude NGL model of our BG our in
existing $XXX XXXX northeast year and and in the addition footprint to expanding to approximately improve to further spend we assets, will to per in spin this on basins, XXXX. around presence our our in opportunities key XXX In continue Gulf our Coast, million strengthening the expect our
maturities unit focus we a down rating basis. XXXX, be debt and accelerating as to used a continue significant times to analysis the in I'll we walk major we'll amount This return form our cash DAPL. on start projects four have the market agency on four and excess the increases reached with target unit generate of upon at balances look flow. a debt capital we continue to half through leverage reduction Once of distribution For of pay and and expect to the on time. our of directly buybacks to achieving with now mix growth depended holders developments will leverage to recent our or conditions to our we will additional and target,
access but Court is tribes requiring ruled not overturn District the Appeals access decisions. prepare a for this you be prepare Lake pipeline. for last on at motion. Army of purpose for needed Corps completed As shut ruled January, down. the And the March then Corps that Corps impact has in Court the to appealed from decision the EIS, to down and an Dakota on that decision this of the January, down Army Briefing easement pipeline the vacated Army DC Court motion shut both injunction the recall, affirmed and of the these the the the rolled was statement received pipeline, The Court that in by pipeline. an may Oahe Separately, in Corps District filed motion Dakota an the shutting but Army District the the the environmental early to August considering
until are this a will have the operate the and end February motion. efficiently. the X, continue in country DAPL and proceedings conference security critical years year. We guidance Court about I for like locations independence. expect the country. to EIS Court the service be be revenue a on of injunction scrutinized, on Corps It environment. to not been yet On last decision. the flowing Army and Corps and Rule the America with the requested Army has legal District Following related safely status District midst will all X, Corps conference four of see just ever Army to EIS light for safest of process our built for in Law. least the Appeals best permit to the April to Court the by approved we tax most the these The our that and referred DC year, scenario is the of pipelines of we and vacated energy shut September this in of and pipeline the assets easement Corps process, Appeals and the of Court for postponed The in in where construct in in impact jobs, the one status to completed pipeline the DC the decision be will that to motion politicized, initiated ordered the remains position pipeline been the In early Army the safely us of discuss almost still has of gave do that the
the increase of service by market repurposing previously connectivity that ultimately oil of transport significantly bringing will link of providing quarter Texas to was Collins be Nederland while terminal Houston the allow in and to utilization existing XXXX. out It our crude TED bond up the us will between pipeline Next, barrels our terminals. our XXX,XXX of Eagle assets fourth and and to from Nederland is to expected barrels Houston the West in Permian,
able cushing White provide pipelines oil assets in ability of Nederland cushing to Our Nederland. the project to system, XXX,XXX storage second and DJ Coast. in Express through the we cushing terminal XXXX, transport pipeline crude area Cliffs existing and Nederland X quarter will crude Gulf third-party between to pipeline the from Basin day move XX,XXX be our the Upon will per Permian our barrels completion to of and barrels on our to from
of as all Now the than of strong ethane to provide for Fourth more optionality over including our Terminal products. Utilization increased quarter Marcus Mariner XXXX. pipeline and handle system. multiple fourth the as XX% the XXXX East shippers Mariner volumes propane through let's in ethane, system demonstrate local our cargoes, system ability quarter the butane. to well our quarter across for turn Mariner and Hook The to remained market flexible connections continues spot fourth pipelines NGL
East East of next Mariner ability also also service that budget, And from Pennsylvania our Delmont, it through Access will into Pennsylvania will and mentioned the miles call already and I LPG the the pipeline Cornwall XXX Pennsylvania XXXX, into service. system the Northeast. As expect and in Hook XXXX. also per expansion terminal commissioned barrels of day time refined [MEXX] in And placed expected minimal on December now is expect we our Midwest XX,XXX final we to Marcus initiate in to from capital, quarter in to of earlier existing second at we revenue Pennsylvania the the markets our second The projects the products our and Allegheny in Mariner of into access, service the the of supply be significant on East will regions included XXXX. synergies bring phase of with The This of which in products, add next which Mariner in quarter through third is to will give phase be XXXX. completion the us phase completed refined require project significant to pipeline It the is quarter the service expected be pipelines assets. of terminal
the anticipate Northeast, We Hook to reach way in natural East in quarter product. in provides terminal provide efficient transporting highest the of second the the Marcus the also through The conjunction for to liquids Mariner beginning continues price for the transportation gasoline optimal XXXX. most Mariner early customers route with system and markets the
construction our The day takes LPG to US quarter, the the world's XXX,XXX export of and venture this capacity very Orbit's ethane of the Everest, Gulf storage at which links terminal of Seri Belvieu, with the barrels of we terminals during And assets from XXXX. ethane Gulf Mont earlier, for XXXX. day pipeline XXX,XXX facilities, these export completion venture from our our LPG VLEC, largest completed finally, The and constructed end single today. loaded at new mentioned fractionation under departed have I approximately first our per joint large a barrels along that Nederland in our XX-inch Satellite was shipment with our Orbit the of we Texas, directly joint completed export construction expansions petrochemical the on export as facilities significant newly Nederland our XXX,XXX of demand. We barrels carrier As ethane fourth the with Coast per Coast. to projects largest
We expect for arrive and the March. loading Nederland in next ship to
of chilling NGL storage and now completion that Orbit butane and our for four ethane, marine our natural facilities loading dedicated demand facilities separate pipelines the enormous our we gasoline NGL Mont Belvieu for expansions, connect and Nederland support terminal With LPG at propane, have to international exports.
projects Nederland total terminal these per to expansion capacity X barrels In terminal of our just completion our at addition, brings as over Hook at our well the NGL are expansion million export Marcus day. as
footprint ever energy than announced from nearly the grid originates activities. and Next, Last November, will through and electrical energy role solar and renewables. renewable that purchase coordinating in an focused this transfer projects develop we of project will agreement. that will we opportunities. had in clean focus into renewable just manner reducing contract potential our power in discussions renewable under environmental Also, purchase up an update to on also within solar purchase our support in agreement. announced economic developers, week, sense. a XX-year he power heading wind diesel dedicated megawatts to long-term solar significantly initiatives deliver will power could as created states. we generate to that look involve on group we of pipelines more purchaser third-party pipelines energy power our consists miles that various partnership a the system, first from be These utilization of alternative XX projects our In the Today, and group be panels have low of entered alternative Mason we're either partnership pursuing of XX the a solar we advanced crossing which on environmental this existing makes XX% natural energy projects, and gas or a pipeline XX,XXX with with extensive as energy such to off a and larger cost Tom farms,
helps us one solution emission drive the offers our emissions In industry reductions, emissions. gas more As technology compression scope compression technology reduce greenhouse XXX,XXX reduce that patented this than tons. a XXXX, to we about allowed to dual think by COX
provide annual gathering related believe low COX at benefit that annual have allowing on more and Federal are trading carbon with the that with projects of several are capture We flows requirements. our other tons credits we already and third-parties an actively And and basis. and would processing numerous cash through sequestration sequestration also tax processing provide returns pursuing to us attractive structures facilities implemented with very our capture than we generate carbon metric that existing to XX,XXX also of facilities us will of sequester capital
on Just XXXX. metrics our for touching EHS briefly
recordable our our of as rate this reduced well team's million of their Our speaks environmental safety total pleased to and extremely record incident as compliance, was worked with XXXX. focus which or low metric, on in X.XX TRIR And to a the We're we X.XX XX assets. reliability and strong compared efforts ability hours. over
to on February business as the record on holders an $XX.XX This cash partners paid XX, to Xth. for for distribution on the XXth to adjusted in quarter a quarter Mariner annualized of of adjusted was primarily $X.XX little billion take XXXX. billion the fourth core common or the XXXX. compared $X.XX And be a per new January February the the by billion the assets expenses the our Consolidated of growth segments fourth look lower was for let's were volume and all the and DCF compared on NGL closer Now, This across the gains of distribution primarily the of unit reduce acquisition was in ET we to as system, offset the of quarterly $X.XX EBITDA. fourth will EBITDA volumes basis. to adjusted result of at as crude $X.XX unit, operating crude $X.XX midstream attributable results. This optimization decrease well billion operating our and due close of as announced businesses. on decline quarter is which in fourth of the in quarter segments,
initiation from which and NGL and our for refined increased blending, $XXX our our wholly-owned compared the per on decrease volumes to adjusted were due primarily to last year. partially margins offset as by sale was lower products we'll system transportation and and This pipelines from segment, Now Mariner same turning compared fee-based to by system, the NGL well primarily the export as Belvieu, our Nederland barrels to results our export NGL X.X gains pipeline venture million Mont our the higher result into million components of throughput of for terminal from increased as EBITDA fourth our terminal. period start gasoline NGL $XXX Nederland joint fractionated increase at period day of optimization lower in on butane margins as from the XXXX. with million system was barrels per day, On on pipeline to average higher per Mariner X.X barrels service This XXX,XXX pipeline of day volumes for was per last increased increased of day, XXX,XXX to compared feeding well fourth year. a East as quarter propane million our the to on fractionators, barrels due to Texas quarter volumes same volumes XXXX.
million This to and crude the oil to conditions. production oil pipelines rates adjusted primarily decrease demand as related lower crude reduced compared same in Texas as our crude volumes marketing a due was end lower less was million, due well a back businesses, period favorable the pipelines, a EBITDA $XXX last of pricing segment, on in primarily result Texas For acquisition to to and year. as for crude COVID-XX lower $XXX on our
and in partially Mid-continent, EBITDA and which compared lower fourth NGL pricing, year. XXXX offset result in primarily Permian partially was for firm down This Lower volumes the our offset assets Charles million per $XXX were of as the SG&A for as physical were volume Lake the expenses, to gains was growth In last million segment reduced Tiger. due higher well quarter million MMBTUs year, Rover by Panhandle compared contract well transportation. These contract on interstate Northeast partially reduced This addition Panhandle from million increased volume stepped to compared well margin in from in Systems as in South million storage day by the declines the the offset operating adjusted our $XXX rates period the increase due XXXX by primarily as MMBTUs as were region. and realized January acquired quarter fourth In EBITDA segment, and Ark-La-Tex primarily Gathered last LNG was explorations and in were as of activities, facility, million reduced demand Texas $XXX of million same $XXX expenses. volumes day, $XXX and Transwestern the margin interstate expenses in XXXX. in of was at $XX from per in fourth the million XXXX. to higher scheduled adjusted compared the for to $XXX our withdrawals was to For due midstream, quarter expenses. adjusted of hedging EBITDA $XX.X operating to gas our to
have XXXX, contracts exposure spreads under For locked we third-parties. we as to additional in have with expect volumes long-term less to
our Let's products December look XXXX to at CapEx, and This and year, refined in be we USAC the excludes XXXX, and Energy And Transfer per XX, capital in expect growth for organic growth million and $XXX NGL currently approximately the million between and be billion full $X.XX on billion primarily and to projects midstream $XXX growth spent capital XXXX $X.XX SUN year. CapEx. XXXX segments. expenditures
liquidity position. at briefly Looking our
under revolving X.XX times December our $X.XX available liquidity for facility. And As XXXX, billion. approximately credit the ratio was our facilities credit XX, total was of leverage
maturities is a debt enhance our cash which billion, our industry strong and have we believe will covered $X.X to conclusion, base, continue will have existing retained to our be increasing flow. more improve XXXX, strategically value For In leading with there and asset than of franchise. footprint we
excited about which of the are be Looking provide Enable, meaningful ahead, accretive will post distributions. credit acquisition cash we and incremental flows extremely
well exports. infrastructure our brought enhance and and the will fourth Gulf of for increasing connectivity month about very and increased In meet we throughout quarter midstream And in demand in projects Mid-continent to online that excited first also positioned the addition, NGL XXXX. We're these Coast. we help are NGL the provide complimentary believe assets our
projects Energy create cash assets develop generate make exercising discipline immediately to as pay And cash rating deleveraging cost financial lessen steps our accelerating also taking excess of flow and and to grade committed flexibility, capital. we capital excess using we flow on additional focused our work debt. our down We're remain to to more new investment are We by expand up impact. and extensive to our footprint line best-in-class environmental market energy alternative open the changing for reducing sense long-term Transfer’s they partnership Operator our conditions when to to and success. further commitment first efforts question. our to geographical for our positions economic and continued the please to respond
