Thanks, highlights on Rich. it we’ll segment our I’ll you will give our take Dang, And few you questions. through Michels, performance. and cover David Kim turn the your then a financials, over to to update President, our take CFO, the
the we’re last have KMI out adhering that now on and about talked summary to is the laid this, for several The principles you. we’ve quarters for
a from solid sheet, debt-to-EBITDA a target met having X now times flat our X.X agencies. achieved balance have strong ratings We rating all BBB approximately with and and improved on
our We through investments. by track are record our good a maintaining discipline and our criteria, self-funding execution return capital of
to value with dividends increase year-over-year do returning in increase XX% XXXX, and XX% opportunities. and find another are dividend we We to shareholders in declared a attractive continue coming growth
capital the principles returning sheet, attractive our balance value to additional Those returns. are discipline, operating been strong we've finding Again, by. network at opportunities shareholders and across
we - sale with fourth debt-to-EBITDA closing the of times. of our of third of shares subsequent And Cochin and the part as the stands at X.X consideration quarter, the Pembina transaction, to received the KML Pembina and during sale the the for
of We sheet in haven't X.X changed our that times, $X.X long-term of our capacity. XXXX we target billion plan, balance have meaning
sheet A flexibility. few balance points on the
And the having We we itself. is, or have in guidance over First, believe, valuable our hard debt last it’s this shareholders, years said we $X.X it. flexibility good billion to reduced flexibility worked in it, to so. as December, the X get our having by to
opportunistic turning into capacity Second, that we will greater shareholders. value our be even for in
we that introduced repurchase repurchases, not will on in opportunistic share We changed. also share be we policy programmatic, message have hasn’t not and that that announced is changed our our That plan. when policy we mid-XXXX
value with project few our creating a shareholder points Also, about investments.
project our project we not achieve First, about to do we returns invested That’s we $XX billion COX From and where XXXX, return have in XXXX aggregate. our on attractive capital. investments higher share including in have through thresholds.
projected that on about economics approved EBITDA a were projects X those multiple. times aggregate, In
We'll details of the through take attractive next doing that slightly In week’s fact, that at conference. we're better you than investor already multiple.
Second, invest we with. things with in not that gas interior. the we that the Northeast are did in few Mexico proceed proceed in Direct the XXXX. New back not We we examples, but also important, did in build-out participate didn’t do not did or or do, pipelines project projects in the don’t gas of the England A
the we it Mountain we more. clear who of confidently to when couldn’t all project one we started. our party to And the sold Trans we And happy project. it that finish and We're had became finish many sold if capability with decisions those the
our act as is act performance the We value owners, principals, demonstrated make all we’re owners this we behalf principles. agents. and principles, our We right our has Again, not applying point of of applying The that capital of and protect like allocation consistently the those our decisions we on shareholders. resources.
A few the highlights for fourth quarter.
December shares mentioned, the the As X we that month. this online midyear. received converted by service a fourth Elba in went end year have the we XX of the to with and of last we sale service in earlier We Liquefaction all closed Cochin XX and KML by the unit and on placed expect in units week,
in XX% of unit September first received of share revenues. year, we the project our of service going last With into
the fourth pipe. base an is in service showing quarter into again immediately widened, quarter the need almost Waha year. has additional third update went once Express Coast of Gulf last The for
The X mind the times perspective, is things put frankly value spread in tariff. valuable, to about we a little is X to capacity the ourselves. the holding of Just and wouldn't
Country. Texas we our are Hill that given have going acquired of This PHP, the we way. now percent a through On XX-plus is of right significant milestone,
getting We federal along close our we believe are well in can permit We are construction that so the of on begin eastern construction to western the spread. the that we spreads.
planned, on be today as the an we still than been thorough, early we that call, said We have in-service the has last we taken agencies did last the project permit extremely therefore will longer and XXXX As strong. date. process involved believe but we quarter,
Permian we of Texas our projects bring gas the system. bring day gas of us they intrastate Combined, where Both incremental downstream additional Coast to in Gulf pipeline opportunities our large Bcf our a have pipes. X pipeline
Gulf downstream for that we optimization chem and homes demand. with through for expansion pet Texas as gas power, and our bring projects and find Coast Those connectivity LNG facilities opportunities incremental industrial
Texas million expand to backlog will the pipeline that Our incremental about are to volumes along includes network us place and intrastate enable and to our connectivity improve system. be $XXX our hitting
third pipeline this soon as a pipeline We’re Bcf remains still day It’s a on progress. but year. X not time believe, in Permian Pass. eventually, probably This customers a the backlog. thought not with as is needed, we working called work in last We this
us and market and we’re up takeaway the capacity the to that to extensive Permian needed this In Basin talk in partners Texas it. network in dynamics ready when for put are sign good of the the out believe, potential to is continuing pipeline with strong opportunity gas of one, position meantime, producers long-term our pick number and up
us very where Texas premier projects commercial advantage in the to intrastate within state network Permian taking connect X show growth a And large flexibility. bridge and There’s large pipeline we stay Texas, Texas. growth Texas more our demand These can in and and supply entirely of positive we of the situation. have
now of and from XX% systems growth be are and demand out benefit projected Texas, in As between Louisiana well and the that. we at XXXX gas positioned natural is to pointed conference, our to
and last quarter, processing us $X.X service plant down backlog. to now backlog the from quarter associated KMI at in a projects KML removing the with backlog from our Finally, during stands billion. That’s primarily placing due the
comfortably that here, remain of seeking returns will cost are our We above disciplined capital.
natural invest experience, to track in We and size a year. dynamics, network in billion opportunity continue particularly show. X will believe would the our our historical what provide That's the to of billion to record our the X market gas,
force don't it, in not if opportunities, you show. find we are much examples new the But going that we as I gave to
opportunities to to value other have deliver our shareholders. We
our maintain discipline. will We
And Kim. over turn with I that, it to
