refined and I quarter thanks for year-end who and for and factors XXXX strategy. our external XXXX. for to on XXXX business, along will Good long-term morning financial operational and Andy an fourth update guidance updating dialed results, will our in everyone you today. be performance our then business and results new on influencing the provide with our
of our strong year the For proud team very entire finished the over fourth the we I’m quarter, and performance year. and
capital, and the to were business distribution disciplined possible, efficiently coverage leverage and cash improve flow XXXX metrics. free remain positive as for objectives generate as our run Our on
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Before to financial related proactive to unprecedented performance, I our I address response these discuss and briefly it. want COVID-XX times to our
nimble and act. our Our we is the of and serve company commitment objective. the to our as a vigilant, management important safety employees most times quick to communities and our health as is and These are and approach be to fluid
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year. entire impacting the of business continue stakeholders, and and material for changes to were our remains investors, including business guidance our we'll keep any the Our service open significant for
before, communicated health, we have are we to and the environment. as Additionally, committed safety
exception, and share XXXX record. on in I'm no year performance to Our best our was was proud
all row people building in place recently, and upon momentum look testament and for I field leaders the going Oklahoma forward first third this forward. As here, our received from Again, safety in year the credit to Association. award to the a Trucking a the Blueknight deserve this the
the to similar social better built know the and this investors and a we operating topic, we have our we'll progress our who our HSE ESG. keep culture we in a to commitment our governance within to known of unique on we stakeholders believe we part also of space, and HSE to but industry are are, story become continue make and We challenge in success in share already program. manner apprised is here We plans can Lastly, ESG. our practices, ourselves already to to in it using a actions significant and around as and feel this leader environmental,
I'll our back financial Now turn to highlights.
stated our strengthen flows. underlying As top our to priority and we sheet was our have improving of business credit the and throughout metrics and XXXX, cash balance stability
continued Our in performance progress in the demonstrate to areas. fourth these quarter
including coverage both was units. .XXx for values substantial .XXx year, for year-over-year the XXXX the in and of common the on all X.XXx for quarter and entire the These compared the XXXX quarter fourth entire Distribution to year X.Xx a improvement. and preferred fourth of distributions,
believe on that's and and forward. distribution going to take the were me because We $X.XX level but over hard, the beginning and felt this we unit. course coverage of distribution at today very to the to it XXXX. the cut current annual moment Let of strongly decision we a still level case the talk able XXXX made common about correct and the maintain was of targeted an We sustainable in markets per all it our
all of like confidence. the do. maintaining all X.Xx course we XXXX, of Many distributions coverage companies distributions that Over on do displays on coverage not report
me that investors. break of for let down So our further each
of of X.Xx cushion investor, holders distributions. priority year, the If you're a distributions $XX.X greater all their coverage above receive for than implies preferred a a on X.Xx approximately coverage on those million X.Xx since preferred or
to the a approximately million common for of of on cushion approximately implies distributions, or X.Xx coverage year. paid Looking distributions X.Xx the remaining coverage X.Xx coverage on $X.X above at the distributions post preferred remaining all
both preferred, of XXXX these points levels coverage the For XXXX, these to but want I year. expect emphasize in it to on of our since the the above be the Annual based highlights current share and for rates financial outlook full, guidance in our operations. here, stability we distribution same common for
to our the to well. here for improvements Moving quarter, fourth continue leverage as next we see
X.Xx. leverage of At we leverage Our down EBITDA a XXXX, beginning year year guided from and full ratio the to ended debt the to the Xx X.XXx, between at have term earlier. of
at achievement our So bottom be guidance. it's the to of a end great
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fourth objectives, to However, before long-term full-year turn our I and for go me XXXX. quarter into first refined strategy, operational and our let including the our performance new
biggest represents XX% will which I always, start margin. with asphalt As segment, our operating our total terminalling, of
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level The of more due remaining when volumes a construction to beyond throughput increased road customers for demand occurs revenue minimum projects. X% our
We carry commodity exposure no here. also direct
XX years As approximately extended our of March XX, we XX contracts these average of X and to terms. the recently was term X-year facilities for
volatile to XX% Lastly, infrastructure as we done well our and with and in our half a differentiates that traditional it's exposure emphasizing We infrastructure leverage gas past, offer of but this we've total these a this more business roadway fully more to and don't great midstream believe the to market. Again, services believe margin, investors important as entity sector. I want emphasize than markets. this so us terminalling linked is job in directly the construction. in asphalt points oil ever to support over our others is And I of compared the to
market a our Let asphalt we'll business it business. of going since and me be repeat, business, and roadways. about a this forward, our infrastructure core Blueknight's and such talking sharing our trends and key U.S. little supports terminalling more From in is here developments driver differently
terminalling XXXX. for fourth the Now and turning to full our asphalt year segment quarter
first XXXX was to Missouri. challenging in You will Oklahoma, extensive flooding and due experienced remember Kansas of the half
The more of half the second normal represented year operations.
from higher to experienced repairs maintenance floods. and related we However, the costs
related This we where and earnings capital first XXXX was primary had maintenance the floods quarter fourth up earnings quarter, moved to the costs repair why lower quarter The our the fourth to first seasonably no quarter. since the normal expenses tends to be year-over-year. of were and lowest was repair our than quarter also and reason we higher from our exception
I'm out XXXX once Andy what July those issues, term, details full-year spring Longer adjustments. are related hearing, floods. on for potential very with fundamentals From economic customers the in we continue pleased our an are the we asphalt adjust still and planning for business. weather slowdowns impact to the coronavirus. to divestiture season more XXXX see provide the earnings despite encouraging will despite of due we the Overall, our asphalt active
opportunity Many this could at states season potentially less construction, for are as busy. roadways looking an be since more
situation closely. to continue the We monitor
sites earnings and with XX it the advantages diversification and If in in network we it's spread different early do to to a XXXX, site on we experience collection to operation regions. across having disruptions the saw of meaningful of the terminalling the sites our a typically is similar geographic One asphalt operation. not our the entire country floods of floods, of and have states or you
a jumping Cushing business to oil before Similarly about storage level turn crude I now talk to I'll business. our high will asphalt, quarter. at into this the
of crude storage margins, approximately over substantial oil facility, XX% segments barrels terminalling, asphalt business. operating million operating XX% margin. Cushing which of approximately our represents so part our Our these with our X.X storage, Together total of includes represent total of
is received take curve these is oil the WTI that outer predominately similar oil contracts advantage many are shorter very are to crude in Contango the markets in in storing our Cushing difference months. when take-or-pay. when at The want flexibility contracts rising The customers primary revenue since duration, to is of of forward one asphalt the
the for dropping XX, less that of terms. had March barrels contract at our contracted of able excess of X.X over rates facility than longer oil barrels. more double to to As were XXX,XXX month at price prior dramatically the capacity the seen million and prior fully was renewals we We than last approximately
rates. also to XXXX over for and XXXX expiring within will next We incremental and higher XXXX The extended revenue lead the business use previously opportunity much at years. attractive significantly business Contango contracts likely to further two environment and both market derisk and the derisk current this the
Andy share has the very I'll us full That's for but over a important this month. been to positive let last development guidance, share.
to that demand we with in current the is oil stability have with oil earnings, swing disrupted one markets, of these Blueknight the our term. terminal, market are this impacts dispute today. margin crude Contango chain dynamics storage from the the Saudi, extend Cushing which the XX% represent the supply from coronavirus supply very factors, flood market. the asphalt our the Russia combined contribute within area While our should sharp Thus, the of operating Together negative differentiating longer of benefits well and to of positioned total
difficulty]. [technical full-year the facility performance our over prior during operational our quarter fully improvement Turning contracted, fourth back big ran and of a the XXXX,
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were Overall, improvement our year. For XXXX, the $XX fourth the same Cushing business course the almost over our which quarter, from operating the significant generating last for volumes of up margin a throughput million over strong XXXX. period of year, XX% was was
margin. have our emphasize to Together, total like of counterparty which crude in to both especially services. operating pipeline segment, they and now this represent to and I type activity less and worries oil businesses legitimately than these and environment Moving that price investors represents X% trucking have transportation inherent our so would point, upstream production the that risks. of the today's exposure commodity
the these XTO, less counterparties with here operating upstream in total our represent space. best which long-term is the margin Again, of we contract together arguably X% primary of than one have segments in
drilling As some been one environment, a volumes continue But for today's SCOOP for would challenging of expect been economics time lower some the the growth in some the now. STACK outlook. experiencing basins, region time. and activity And that's for and to in unlike preparing and see higher company we commodity challenging we've volumes
strategic more Operationally, the spend allocating resources overall shortly. per versus pipeline fourth for the year. the the that businesses volumes, were and capital for this preparation on XX,XXX volumes improve versus intentionally we're barrels segment more for our per XX,XXX from has to business barrels this volumes for Despite direction cash running in pleased quarter for day day flow. year. included, quarter, XXXX. away were barrels barrels time XX,XXX example, day I'll growth per during the profitably Trucking XX,XXX fourth I'm lower than prior per very these day This prior
Now, like discussing a I'd minutes refined spend at and our to long-term few new Blueknight. strategy
company focused and markets. been has with a transportation ever, play pure Blueknight For niche specialty infrastructure some time, serving on but focused now, tomorrow's transitioning than more end terminalling into services,
including and represents asphalt and our the terminalling, leveraging weighted investment competencies, average win our margin. operating We this of and X of grade unique represents margin, our to remaining a of believe proposition value long-term. revenue XX% ability strengths Blueknight, leading XX% focus over Of over at our is approximately Cushing the asset and supported and core direction compete counterparties. platform years, best the renewed With and and by XX% by total of is already supported this take-or-pay revenue this term
or In two our still direct showcase in believe be strength these portfolio investors not risk. challenging and a the the is on We our addition, segments to attention ideal basin are direction are today's capture moment cash have headed. we believe current we're and no our in flows for counterparty characteristics midstream these will exposure to market, drilling this although and full commodity it model, and dependent provide likely single stability
Within With we're value partners over business strategic long-term Cushing, from improve forward. seeing potential asphalt, customers asphalt. sites and bring in trends to with services. customers volumes or leverage already believe strategic along and interest our construction potentially to seeing strategy, can who niche only but to opportunities bring continue innings our with to more utilizing in U.S. more we see the and of we're storage of We're purposes the in we positive of to infrastructure outside XX footprint work looking sector, and in the going connectivity for we existing early products highway better the the
undergoing crude for venture joint the As pipeline for review a of include ultimate a business, oil our we're trucking strategic segments, and options sale. may which potential or
great assets continues these oil team a built that support attractive network have have crude and Oklahoma. to in and an We competitive
who production region partners value integrated actively Oklahoma players out crude of for oil transported We seeking their are operations. and out strategic the local
for we As dedications contract are past, the suited communicated location and believe ideally we in our system, players. these
to our long-term, the terminalling on over company. mainly becoming in in this review area especially we pure rests for as resources decision attention Blueknight options to effectively ability compete business a more and Lastly, Blueknight's direct to play this
we're potential owner leverage value and to choose in opportunity without will reduce with meaningfully, the internally. at coverage to also transact as time. We this future or an to both liquidity probably look saying, goes point growth at This to only maintain improve strengthen achieve support we our ultimately and happy this however, a and
With Chief turn Woodward, that, I over will call the now Andy to our Financial Officer.
