Thank earnings for Good joining quarter Ross. everyone. morning our for call. first Thanks us you XXXX
million. quarter including reported EBITDA Summit $XX.X morning, first internal expectations operating XXXX adjusted exceeded of which and our roughly this financial So results
driven by gains primarily Utica were management. segment results and in our the Shale volumetric Our cost outperformance from on continued focus
million operations we cash our quarter represents of guidance year repayment first quarter. from debt free our of of generated flow the of the reduction XX% during full enabled repayment During This revolver $XX target. debt nearly $XX million on worth which
planned. a still half expect relative new are signs year XXXX for lead we strong Although to to more will start to initially encouraging be we and see activity do a trough periods, of certainly we well that bullish very XXXX off we several second think we a could historical than
$XXX full guidance time, XXXX are our However million EBITDA at this range adjusted $XXX year for maintaining year. we of million the to
Our our customers Utica wells impressive outperformance certainly in continue helped the to to behind acreage on particularly contribute the the which quarter. system very first deliver
of came ahead schedule some the example Utica As has new higher about well internal in roughly largest four early pad we've online producing that March and Utica. anywhere brought These the on XX% are of seen really wells our outperformed than in expectations.
six the Although production these months generally roughly before stages wells flat typical new still about of profile are hold in for wells these declining. early the
incentivize wells So this behind SMU for gathering expectations agreement it of first we least that pad online the a activity our was contribute our accelerate next activity if will announced were at profile follows part that the were wells new upstream volumes excess our EBITDA of previously -- new few These system. same if in to our to come and and that do to quarters. think structured
around the quality the demonstrating top are rock this development our and results tier well of strong system the future behind about we're and super these So excited in acreage.
By expenses you average field. benefits good streamlining $X.X quarterly cost look do roughly This structure, at future while to is entire continue as XXXX. million – commitment team to roughly the ways quarter improvement done our to to efficiencies expect I operational our opportunity without I organizational this culture excellence become the strides all evident million want efficiency compromising quarterly excellent compliance, to the operational in operational we're service we find do efficiency mindset, front, effectiveness. more operating of our for the the relative on ingrained safety, our by our cost the additional this make the to to commitment our improve and the to in and if to in continuous customers. gaining saving and creativity continue really realize our cost overall lower sorry, thank in across further our and are this that providing in expenses and is $X.X has operating On our way, the the Summit company. we'll take pretty for environment continue
only to a despite nature for this to Double able the E are high really We a think the this in Permian, we're we financing that project project activities. In and commercial Summit, during on construction also quality challenging base. had of also million for quarter. Double the achievements as the but customer as several project outcome not bank notable kick-off pipeline Securing great really bank we financing $XXX our the for I project its E closed market was well a testament
for balance E Summit financing Double clear the pathway secured and further without to Now sheet. that pipeline fund burdening advance has the a closed, we've SMLP's
all quarter. Summit's in to wholly-owned going Double Our E this in all of financing sufficient the E subsidiary these investment be all investment utilized first not Summit credit Double in forward. finance facilities Summit's will we remaining unrestricted expect fund of Transmission And Permian nearly if to
acquired. has pleased the well very The Construction is pipe is we and been progressing. are As all rights-of-way underway of how project reminder, has procured. this a with been
a commercial as -- Exxon As agreements the a the through pipeline who take-or-pay day reminder, long-term has XX% capacity is over shipper. of been really on of customers, Bcf firm or XX% the X.XX nearly anchor multiple a front secured with transportation including
a or incremental to have -- for have shippers of converse Now that lot lot some had that to construction available. more we more capacity prospective have contracting a existing the with pick is the potentially up started underway, we conversations really see also and relative
We cost XXXX further will by and of continue excited continuing E opportunities to of very the about reduce expect that the project. we are be completed to find the Double to end
As have a million of good there reminder, we we a contingency are -- roughly that that that unidentified in $XX estimate of contingency. spend project believe our current roughly that is all million, chance won't to $XXX is and we is
$XXX we really driving at of good just when So have good a originally and the progress million. we FID-ed was chance in this service below million project $XXX it project
a the liability completed for Series roughly $XX.X units, front, for A common XXX,XXX which eliminated on A management units successful and This common of when discount XX% represents roughly We unpaid worth we SMLP of a exchanged that closed recently. XX value. relative equity unit to $X.X preferred million million preferred Series exchanged the April distributions. we exchange On transaction accrued par
in So you kind our reduced program these capital $XXX of it process. in roughly past really way pave total, and by if really will now And liability have million summer. management management since began cut this we step debt we our have activities the nearly or obligations we the third liability next fixed for the originally a
we've XXXX debt towards forward, and maturities. our our shifted looking really address focus comprehensive holistic implementing to a So solution
say received open constructive to While wood have banks comprehensive chop the we will from and we refinancing interest amount investors tremendous markets are very and and regarding I certainly solution. a bond this more of
also but us business. only As we our will next balance to really I several want in continue flexibility to additional improve think the financial help overall refinancing over sheet not release, said XXXX years extend that our we earnings the to transform maturities, as in goals build are the and we
we've very are looking very of scheduled call. providing refinancing about progress the next much additional to-date details made on these efforts earnings excited our So forward ahead to we're and
will I financial call review hand the So to results. with our over Marc to that,
