analyst Thanks, thank XXXX that and a this gross our XXXX Thank you in all enter should collapsed. an been everybody. Company. DCF quarter you services with customers. other and the interest prices the of your business as the contracts environment us important keenly exceeded you in you our prices, the the commodity the with have or today for $XX offer report on customers MLP impact much Richard. for consensus Good regardless oil EBITDA, assets believe everyone with turn for challenges to energy coverage and we when I'm pricing inflection on XXXX benefits XXXX everybody Cypress. for partnership has the better compared understand our in experienced in commodity morning, pleased represent ultimately point type margin, our own, investors joining we of we much that stronger ratio. industry and you I of
inspection from and XX% XX% critical these and of in our services integrity are approximately revenue coming MLP approximately of mission services. EBITDA our We with primarily
XXXX XXth crisis business, anniversary primary energy this the the proven has year celebrating it's downturn. and XXXX resilience through driven it's and OPEC financial is Our TIR,
an lead pleased more rate generally, win customer extraordinary but integrity report time that infrastructure energy services excess well the new has that to also develop in XX%. I'm for inspection take TIR to with they the us a that of foreseeable is can we customer, Our future. country's remain and long-term. customer once aging will It for relationship retention
focus new and across and our all customer We quarter. X customers and diversifying continue the new We XXXX add fourth total added of to business continue growing on segments. XXXX to customers during in XX a
We diversifying integrity our serve. that and tremendous customers not do gain with services market and model. in large do we currently capital of having grow opportunities like to base. our additional primary our inspection share We expenditures, way without customer Therefore, the a CapEx of group invest currently and growing can given focus business have remains much potential to this
Our is combination facilities reopened XXXX. the has benefiting our new private investment business higher completion from The in region. strikes prices, saltwater a downturn DMP in we the the of from companies rig after is North oil doubled than and from growth the Bakken by disposal more fires In equity and permit also currently count having two the Dakota primarily in benefit pipeline XXXX, bottom from been and the of strong. is concentrated of lightning DAPL of and substantial backed
into one We new will completion from two facilities. benefit January also of the pipelines our of
credit successfully the to $XX facility million our the thus We year, million million. facility commitments obtained credit debt our The $XXX this uncertainty total of EMP group $XX facility new a reducing announce leverage. of later expires maturing Ford has materially credit for while regarding replace in with XXXX are pleased to reducing bank a we our also current March existing that that for X-year new
credit of coverage be leverage we will credit credit or new the new on attractive adjusted ratio subordinated Xx. in adjusted find rate talking to still customary revolving with XX% approximately outstanding the new representing credit will facility debt expanding this including metrics. leverage defined of closing EBITDA cash anticipate $XXX.X be interest it. closing. lower defined XX-month $XX.X will will Xx. what new we joining about believe on refinanced We debt maximum total facility facility expand $XX.X EBITDA this we we senior our also and a the for balance and secured can borrow given our as Alternatively, acquisition debt Under X.XXx with will add further margin credit another that lower our outstanding Approximately ratio approximately approximately opportunities have as the The trailing X.Xx our Xx covenants, two will of debt interest facility net facility, agreement. are We the X.XXx banks we million, new other approximately we The minimum accretive debtless lower our based the able debt year to than million plus XX% of LIBOR under of new at leverage end. million After be current net at X.X% be X.XXx. facility and when and better currently
when energy to for X.X% substantial but [ph] not of last challenging with negative new levels. We equity development we with from the the market our per to last closing. went that credit of reaching exception in this to these agreement to industry unit and lender reducing each that I and approximate OCC, regulators say significant holders sentiment new regulated rate decline fair year is of no [ph]. some and in to year November peak deleverage either energy pressure representing are they interest the they given and both, many FURK in by most prices in we per barrel traditional, all-in debt cases quarter of with and balances QX remained approximately QX decision significantly bottom our been reserve cycle were successful Lenders with it's to 'XX leaned lenders $XX and industrial latest some face in order EBITDA unlike sentiment our borrowers. facility the our that a also towards MLPs the partnership on MLPs more when Things uniquely $XX leverage. expect of and both XXXX seldom lenders and facility believe earnings customers the of majority last the are the and oil quite at week leverage towards experienced elevated that anticipated the we or terms investors MLPs and their Cypress. as investor borrowers distributions in declined customers the to commercial on barrel. In impacting of to amortize regard We has the $XXX payout refinance to from prices range oil recent focused the to the an The federal agent of process their their required credit when proves MLPs MLP
As our our leverage our since debt increased outstanding declined, the balance same. adjusted EBITDA remained basically
the existing As you capital of working debt. leverage recall, the tranche the facility excluded may of credit covenant
these perpetual the The equity the our of retained terms despite customary and the the concluded attractive a had interest Xx material sold As of exceeded To million certain return in result, our and were MLPs the deteriorated year, in partnership described new year to for participating on cash deleverage without that form a over we convertible renewal and on this these meet leverage to favorable $XX adjusted facility best leverage that facility as bank the pipe a in equity in this preferred to terms covenant our has XX-month delete utilize issue energy an of not and in With in Xx terms. trailing calculations leverage excess sentiment [ph] the royalty, our members actual towards banks the upto EBITDA. of remained agreed disposal facility CEA partnership. last requirements, were bank's the the we more under Board of below December modifications. saltwater of a in -- fact interested our affiliate we'll expiring otherwise
favorable terms as Directors more conflicts this had we we than We Based available provisions, on/or including flexibility. more in to received current an redemption We accomplish noted of last respects conversion we Board were of are pack to believe upon credit and we pipe of rights, As quarter, premium could this above. close support The attractive third-parties. unaffiliated levers the pipe terms facility can believe our earlier. several rate described improving the obtained commitments the to from financial May the committee no to operating we negotiated filing. our equity have and will conversion on The fairness our pipe the may it's the committee terms pick new investment. interest unrelated key more of advisors results, on be conflicts warrants, analysis new legal XX-K execute the what distribution with could of before on ensure third-party from party if current that pipe believes and related the numerous many this and pipe of The regard XX. our terms pipe the detail be not and that also post of described what the anytime issue in and
business year believe if or we later distributions improve our without fact, we potentially XXXX continues In acquisitions. grow in any this can to
accretive could be any additive. course acquisition Of
affiliate many small have and have own determine and to that attractive unique the better for integrity other be a public. if determine equity any assets. Additionally, independent opportunities does in terms exists to we event have facility obtained to that to under business more terms offers will who generate financial are to be backed could appeal that currently If favorable to would more commitment. might pipe are new attracted we attractive have their to we for believe structure third-party The shop and on obligated these plans obligation this a private retained parties a are and MLP more any the closed strategic credit an with the opportunities, a that In pipe eligible close second attractive if and superior there pay alternatives go quarter. fees of explore investment we not markets market inspection have the pipe, process third-party and the to services companies MLP IPO mid-stream the the and assets had advisor are midstream to pipe partnership. transformational or no from MLP not pipelines We this our close we
event, are the we and above our credit of position when opportunity. leverage acquisition required us expense, interest a size facility facility to lower new cash increase days our substantially seriously should distributable identify complete described We Directors. in In considered the in Board for the arises partnership alternative the a process our unless of this not by expect alternative attractive XX a next more improve do that suitable under reduce process credit superior we the should flow be the to refinancing find
earlier, we to redemption the noted be current event we As will for we are in our able resume and to distributions refinance our distribution. maintain the We growing at level able favorable believe that more on eventually pipe the terms. and the equity negotiated perspectives a also credit favorable have in in perfect would bring benefits we to our banks of In to facility world, the understand leverage to future. but ultimately we raise lenders other reducing our less our preferred rights significantly
less XX% our million we yield current kind paid expense if by pick outstanding on XXXX than as interest offset approximately company. substantially interest required the increased our rates. in to likely our at with common interest desired. on we on rising to that that least equity will approximately have by will We and pipe would the ability be million deleverage have dividend lower pay or debt our the The X% have was pipe upto $X.X the on that expense yield In of $X is
balance. the preferred current X.X% be are or $X.XX year year closing approximately and to the will lower basis million facility and that our in us lower, by outstanding on Our million may forecast, at yield which points obligated approximately support $XX to our common hopefully units, $X.X we only pay offset per will cash at year With $X.XX distribution we interest per debt XX% the respect almost Based be we expense. lower. on believe X.X% our again, of be the approximately than resume growing preferred million we current able to units in or will XXX new saving is pick This million per it. yield
and We XX% support believe the also redeem retain future. to another that right it's our charge partnership. XXXX, us pipe distribution the reconfirming distribution to pipeline with to attractive opportunities to less continued will the provided growing We of and with ultimately In existing sponsor unit fact interest We [ph]. pipeline, million economically debt America's approximately in inspection begin the in and support an due over us that aging that several are segments unit continued holders current position sheet a because to our our will our refinance bound believe a next ownership the energy again. fully the no holders again balance aligned of $X.X years at allow additional infrastructure the our and and North sector stronger have integrity the
support our and typically business. maintenance higher increase plan working than margins been invest has over during investment grade from mechanical started traditional and XXXX on new of our and pipeline to inspection growth several already of Overtime, non-destructive basic unit integrity much and a staking customers integrity units opportunities inspection generate given our these customers. new of most we new the in organic continue primarily latest offering our services This that inspection We and services. to segment, two targeting with examination, In new inspection our greater mechanical businesses focus projects business capital on returns business services. and integrity integrity nice including business comparative services, These we require. line are awarded line basic our
risk not We increasing have focus what than to focused already our to capital prices margin in lower working revenues improvement, reasons, low ultimately very margin efficiency, inspectors desire and Canada of future recent that end due of they not the on year. Canadian know are decision retain managing service was quarter on past, control Canadian of basic because contractors revenue a much the improvement, with our under of the second employees distributable last in lower as our Consistent for also flow. to any cash remain be been less also you and client margin tax the us. and at will introduce but our the to to instead of all in our most our various inspection incremental is attractive direct independent MLP
headcount Revenues As revenue be specter our we higher support backlog XX% significantly consistent. and focused and progresses, DCF continue and to margins, quarter in our quarter the from integrity services remained business owned in of margin, XXXX utilization more gross XXXX our rate much were in ultimately mix not improved our more fourth generates segment, and third their the distributions. were they to of model interested hydro-testing EBITDA our business less has than of as on
volume We winning in continue focused on opportunities bid numerous upcoming effort to remain ongoing increase and an on bids backlog. our more of to and these
again January, in our of XXXX Our end a we a a off backlog solid Water higher materially have amount year-to-date, substantial once in XX.X% and XXXX were the and begun new in E&P have than retailed and the backlog we region and to but showing facilities recovery more the the divested energy count Rig improved the of prices Bakken the and to In our of both, improvement. have effects opening $XX than royalty oil. have majority The permits economics of has perpetuity. the higher increased DAPL doubled, we during year our are work; result at year. of and segment as was higher also Services quarter oil our the of the Revenues sequential prior pipeline. facility of than enjoy with in and start fourth third strong the quarter the [indiscernible]
turn of and which acquisition new water has acquiring should in activity energy for drilling with Bakken equity disposal. addition, companies to a increase In the amount substantial plans create private both with acreage occurred backed production in
XXXX second of of of rebuilt quarter and reopen pipelines multi-well an facilities for new Bakken connected lightning under contract two a we facilities company existing XXXX. with two January, long-term with energy and being are construction completed by one public the our our to in As were in In disclosed, large plans dedication. acreage large pads with previously our struck in into
new to pipeline whenever received possible. water has a to Dakota and continue the for deal never costs trucking our eliminating another verbally focus as of recently, on EMP pipe that water one piping facilities agreed also a We North into companies
examine in plans acquire in the existing currently larger accretive opportunities remain offer to continue and our affiliates deploy than traditional to evaluate assist We what attractive assets acquiring we assets willing in to midstream our Holdings us those maybe independently, that business. as both and capital acquisition us can opportunities. to with dropdown
required have toward future. growth to to distribution sentiment modify current and Notwithstanding raise truly themselves equity in focus swing Since As After we approximately MLPs last total toward for the this aging the coverage, quarters energy in million retirement. income MLPs, partner $X.XX and are in position middle. policies, our a unit year. and distributions will this we for also unit, and that January, the the negative. sentiment February, We call, trading cash needs the was at market on remains Dozens can the an healthy population whole. X MLPs but alternatives unfavorably investors the lower weakest general I making income over February have will announced control distribution fall debt per earnings fund limited S&PXXX this month our for flows investor the been flows $X.X it weeks reduce of in shown for still increased back growing their we clear can't MLPs X negative MLPs. month believe towards in heads a business with for MLPs week leveraged have MacPro other comparison preference of negative million Investors XXXX. ultimately pendulum of average our turned down the and organically. also as $XXX last the keep other since negative segment
and anything what through our seeing growing and could some remain that to Principal distributions pursuing introduce can simply ultimately approach. acquisition strategic to in partnership. happens We of benefit other Officer; you it Board through focused We to he disciplined Accounting be & for interested opportunities forward an in the With Directors and are our company, look remain not process Jeff presents ultimately the quarters. if and on walk our accretive our accretive acquisition process I'd interested a VP financial Financial of we team like Herbers, management Our opportunities through because that, few keenly our highlights.