Thank you, Dan.
and Before I'd sound. our business message that provide Adam's is reiterate your I message like update, an core to
customers. profiles reminder, structure as contracts take-or-pay fees Our credit with contract our minimum have multiyear consists commitment investment-grade And of with monthly remained a primarily primarily strong. customer
So we're very, very fortunate.
and days. to with COVID-XX going to market, about start COVID the implications Canadian the we're think we As early
day into -- first demand and quarter late U.S. of eventual of crude of a a -- barrels million for that in X So X COVID-XX the lower the a X This of shut-in result decreased million estimated demand to first prices were quarter oil the It's XXXX, the led production. the approximately Canadian as and shut-in. second day production lower barrels in the and million materially pandemic. in
crude the stabilization demand in efforts are for to approximately reopen and rate quarter. is which early economy Starting with a in levels the from lift standpoint, announcement a $XX have normal, of I Canada recovery the prices of and/or basis but shut-in the reach for products, curtailments increases our you. more in the appears expectation and more importantly, importantly, Texas XXXX, returning X%, approximately Canada gasoline to or of total our oil jet WTI, shared prices levels in just XQ, current with recent bring the to on this are the to and production situation, year given at is end of early of beginning the important, per temporary However, led Alberta XXXX, XX%, year. prices by future the distillates first prices and of during likely to new it it these demand out WTI production down given from From back barrel, that in oil West and next break Current Intermediate, the down COVID the U.S. producers approximately and pre-COVID reflecting a year-on-year, petroleum the based have per XX%. spot recent announcements to production discussions Specific for resulted price we in materially approximately and $XX a down $XX has until has and is demand price on to or production government public that levels customers, quarter potential Canada, current the started future December equally barrel.
destination market incentive spread day. to cost quick that by the that deeply a to which to so. of is Hardisty rail our oil do the than say was to export reminder, approaching at was XXXX incentives crude were throughput a it in time, of a QX was or move to terminal levels during Hardisty from XXX,XXX As less the And barrels the money,
the terminals to to So our from for crude as rail we levels, back export also these move capacity is increase. expected by need
for timeframe need Our in discussions and indicate XXXX. continue expected CBR continue growing our customers with early the to late to and is started and the into that confirm fourth into XQ quarter
given activity, customers. as starting up, first of will and activity key be our commercial like the just servicing Now I'd key on outlined, foremost, with provide to macro our transition highlights existing Hardisty. a focus I our picks But on couple that
able rail believe at sponsor's to will terminal. commercially, be spot of opportunities South, to Hardisty and we execute also activity slots is X the the We available the Hardisty Partnership's identify which remaining expansion commercializing on our
new In Finally DRU railroads and on With the our partner, like solution. coordination with with existing most a customers plan. a quick work importantly, to to Gibson, DRU transition and the tracking DRU. we will and give update our that, to customer, our project per is I'd
in our we construction in our are customers current activities Arthur, the Hardisty mentioned commercialize discussions planned on per substantial at active are current XX,XXX we planned we of completion quarter customer. in underway. before, a with beyond and day and Both DRU Dan As have terminal detailed announced new and with projects barrels fully commenced permitted and at with both XXXX. schedule budget the DRU Currently, our we are with to the as progressing Port current have and mentioned, civil second
the reminder, as are of what quickly: a provide foremost, a those and provides competitive provided, a egress alternatives. to Dan As advantaged DRU benefits solution egress like a and safer are to the I'd list material And potentially and First solution. DRU
that material is exporting You're a nonflammable. nonhazardous,
In addition, of the in the diluent chain. role and, more you reduced importantly, value the cost
the burdened freight reduce the to blend with the improve customers value blend. dilbit the cost advantages. possibly on case deliver scalability of most importantly, that of bitumen product you the in then opportunity value you be a related and basis, your chain. Thirdly, fourthly, custom market pure And a not gives and the of bitumen, And it provides finally, the to and which
have advantage balance solutions a less most, need egress times During the they their sheet these provides to periods to sized opportunity of real are create to needs it high that customers uncertainty when for and and burden. is
about customer the opportunity material. to roll and into DRU, as excited macro our real just I XXXX Arthur the we we're Port So grow environment and is at and at ultimately, we think described, base
updates our Ship Finally, on on high-level sponsor's Houston asset, and Texas asset, channel. I'd like to Deepwater some give the is which the
that opportunities First remain businesses our at we call very critical, run-it and purposed drive growing what and cash growth X we Texas foremost, for material about Deepwater. flow
storage, type support services. The is one and CIT which services, which targets what staging, and Plus call switching first we storage business, our transloading transit business, is railcar rail our
certainly, is growing our about have And the Given our current excited business accessible business our spoils That dock dredge only at a not to and services and Houston infrastructure Texas at we is got which at we're ongoing. a Texas but primarily is of which and a potential Deepwater, opportunities material handle dredge Texas this the Deepware, Ship Channel, Deepwater, of has elsewhere. and construction. lot maintenance ability we is then business, that growth that's secondly, also feel new and, business to most
it the drive consumers meaningful Houston crude in Finally, of producers, ongoing access soon there's closing, to of future. perspective, and over forward high distribution detailed from products, discussions that, uncertainty, quality uniquely discussions are depth are discussions, rail their here With a to connectivity, our and light about where opportunity NGLs Channel we solve leverage Ship I'll Dan. and breadth hand these real period really continue and export In a look infrastructure Houston and needs. to with in the excited of development the oil, announcing existing to of and petrochemicals the these we to time to
