Thank you, and good morning, everyone.
Officer; me Chief are Chief financial of Executive Dylan regarding Chief future with LP's Kim, Operating partnership's the call Commercial the include Bramhall, and Chief expectations will performance. President Officer; Financial statements management the team.
Today's this other and contain Joe morning Sunoco Officer; Officer; call On and Harkness, forward-looking members that Austin operations Karl assumptions Fails, and
update partnership results based these differ to and no Actual statements the subsequent undertakes could events. on obligation materially,
Please filings refer a these our as to earnings release with list well as factors. our for the SEC of
for today's adjusted reconciliation measure.
It financial been also EBITDA by During adjusted. to of discuss another including cash has for brief the remarks my busy distributable like financial providing website flow I'd as measures, a the will partnership, recap. a we and begin to and Please each certain call, refer quarter non-GAAP LP Sunoco
April Texas, of First, approximately on the stores X-Eleven Mexico $X Oklahoma New across for billion. divestiture to convenience XXX and XX, we completed West
of May acquisition the X, closed Energy. $X.X we billion on Next, NuStar
issued proceeds annually. fully also NuStar's will activity generate subordinated billion notes important financing and activities and we in the senior in credit related in We to receivable the equity second repay quarter. completed and from financing in this April refinancing XX, approximately flow redeemed the and used NuStar interest unsecured On to cash several preferred acquisition NuStar's facilities notes. million expense The reduction $XX $X.X
release. this to discuss reporting in I'd XXXX and results, moment to to we quarter's like take segment quarter turn a changes second earnings operational I published in Before the financial
Terminals. Distribution, now streams, modify Fuel our the stakeholders report our grow end, income stable business.
To of appropriate report segments: and will and way that better operational we diversify we give and it to portfolio on Pipeline X clarity performance to Systems financial our As the we to results of the continue now is
As Marketing reportable reminder, new Fuel The to presentation. been new the Distribution and reallocated those a X have prior segments, reportable prior among have X reported periods segments been other. segments: the all reflect within and accordingly adjusted segment now partnership and previously operations the
of reporting within post quarter to our services, on New operations segment based operations the acquisition, pre-acquisition moving such management NuStar's and NuStar internal and and certain from forward, reallocated and are sale fuel will in Hawaii This income well as to royalties. reported field other processing the third-party turnpike Jersey prior due as will segment retail structure. the also reallocation customers. include operating stand-alone and of our franchise addition, those stand-alone have Fuel by along include lease reporting card and been the income Distribution segment remaining operations to segments.
In In its the not credit comparable this financial statements previously distribution-related as results between Therefore,
including certain Our managed Pipeline are storage Systems pipelines our integrated Pipeline as on terminal include ammonia of and that and products, an basis oil Systems, crude operations assets other our will well operated refined segment as with and assets. the
included the the results first operations later discuss X that specialty oil, our segment but in products, refined discuss other also liquids. segment.
Carl chemicals, the our renewable our segment basis and fee the provide of in are will processing storage results This include the transmix will a and for facilities include Systems the facilities. will that Terminals Finally, on services are crude not of the handling I for operations Terminals fuels consolidated segments other each of this the Pipeline partnership. storage, for call, will segment integrated within
$XXX the NuStar expenses million, and record $XXX payments, of spent which expect the and the million results I include close quarter a just date. will transaction includes we second approximately will given second transaction EBITDA growth second total $XX which quarter, on XXXX.
In operations. referenced. the Roughly on were maintenance in of approximately Sunoco expenses May million, be NuStar X reminder, X/X a spent million, to excluding were approximately second of of quarter transaction $XXX expenses million of million severance the $XX million in expenses delivered As our transaction vast $XX X the this majority $XX expenses. be in we related quarter capital capital. quarter onetime months Total adjusted
We at in growth XXXX least of and capital. $XXX of spend expect capital $XXX maintenance to approximately million million
million, of a unchanged X.Xx. $X.XXXX distribution, of from coverage cash trailing was July On and as quarter. distributable adjusted yielding flow ratio XX, a current per unit X.Xx last quarter quarter we an $XXX ratio Second XX-month declared
position strong. second the sheet on liquidity revolving the At $X.X liquidity and balance end credit Our had we approximately billion remains our billion facility. quarter, of remaining $X.X of
to at profile Leverage completion structure. the end fully quarter we balanced and X.Xx, activity following to discussing maturity positioning of deliver a Following now commitment the of second quarter. capital mentioned the the the the a unsecured to moments refinancing our us end was debt on I spend now announcements of like long-term recent Xx.
I'd of the leverage target few a a we have earlier, made
Energy formation with joint Basin. crude accretive as to July interest. of the effective the unitholders. our XXXX more respective than pipelines date operate joint to announced gathering water storage joint Permian in serve a July is gathering and an of excess our miles oil and of The formation of a the Transfer immediately crude be with a on oil produced has combining oil will the venture will joint crude and million X, operator of with venture expected capacity hold XX water First, venture Transfer XX, XX.X% interest and X,XXX in assets XX.X% the we holding barrels.
Energy The Sunoco venture of
immediately the its and terminal Next, logistics East a in supply previous refined a our markets product services business to investment This accretive to acquire expand Coast agreement synergized terminal product on to June region. provides distribution Portland, definitive EBITDA terminal field this our Maine. we to to demand on signed we Similar refined XX, to unitholders. and will located strategically Sonoco be multiple acquisitions, a mid-single-digit expect and allow further in
the the in take will and legacy Sunoco confident provided contribution in the moment close to the the third the a I'd expect elements of business outlook remain NuStar quarter.
We the acquisition June. to business from in strength key XXXX We and like we review of our acquisition,
to we range $X.XX excludes First, a EBITDA be of range and This expenses to $X.XX XXXX guidance expect billion. synergies. to in billion continue adjusted transaction
amount. and million the will estimate expect from now of our synergies increased over from acquisition to in and an increase initial expense $XXX annually, million. for account synergy commercial NuStar Expense this we expectations of our Second, million approximately achieve $XXX $XXX total synergies
approximately with on unitholders.
With to it us flexibility balance walk sheet opportunities, continued high-return remarks through Sunoco additional our to expect the XXXX.
I'd continues We be LP's by our in provide XXXX, and that conclude thoughts and our now to over a of distribution I'll growth $XX $XXX pursuing to balance million and for in to turn maintaining achieve synergies than history, growing secure stating that, XXXX Karl like million will quarter the my time full to believe performance. financial million rate which targeting some in second run we stronger $XXX position in a any at healthy
