you Maddie. time various to time joining you, the remarks everyone. us. I'll Thank Good from reference this for pages Thank morning, In morning, my prepared presentation. of
have following or on you those not the just So just of do along go opportunity had for to www.kinetik.com. to so,
financial few with quarter forward recent yesterday business number quarter, that a added various have guidance. our second following reported of first We strategic sharing and value operational to outperforming and in occurred executed original thus far morning, a highlights solid close. achieved to we've deliver addition continued them goals upon strong this a results, growth quarter our opportunities. providing the and our you We've Following second more results look XXXX to
forma reflect updated and today expansion. agreements revised new business higher figures our on new XXXX BCP pro and the EBITDA our business results Xst XXXX guidance combination quarter information believe be full more January and will to many earnings Similar the both basis, reflective this provides second closed robust of on producer PHP for results reported quarter actual capital assuming year. our as a our predecessors, to first of to have our commercial it outlook, between reconcile our the investors year Following additional we Altus, of development, expenditures results, such capital projects, is and our and and more with helps meaningful We guidance.
retired This with to pro quarter-over-quarter. both begin forma the X. recent largely second increase let's of year-over-year quarter, $XXX representing and Slide volumes for margins increase an a a highlights, reported X% So We increase in million on the XX% facilities. EBITDA adjusted and segments. June, few a We attributed comprehensive and all and X.X logistics a legacy a BCP is across quarter-over-quarter. approximately of a transportation X% representing year-over-year feet increase we X% and pipeline per billion billion $X day and midstream quarter, cubic In Altus our this completed increase our processed debt refinancing nearly
facility, notes, credit A Our revolving Loan sustainability linked. issued are XXX% Term newly and senior
only In to financings North XXX% company initiatives. capital fact, now first sustainability the is and of link debt Kinetik its American to midstream
transparency. our simplifying Our refinancing our and was an capital important financial structure improving step in
structure redeemed our Series simplification. second overall close fully the of in capital the which we balance Following the turn quarter, of preferred, the A outstanding completed
updated for our We Page structure reference. on have your provided organizational X
Capital June. segments. the logistics both We, Morgan reached investment capital million XXX final pipeline expenditures have expected expansion revised by XX begin on reflected growth expansion in to guidance. partners, X, feet and transportation and of XXX% in be is year and our our XXXX. now our year to of agreements We with identify cubic Exxon, organic continued will service day is in November execute and out decision strategic is take-or-pay along a sold Kinder per a within number spend midstream on transportation with PHP opportunities this The capacity and
achieved forward to Following of a residue X in-service in and is to expected catalyst PHP exciting day will first half more the in Oak next projects the in modifications. completed Kinetik's XXXX. pipeline online ownership to Last gas year. the to barrels expansion, of service pipeline expansion Enterprise over Delaware these Shin expansion and XXX,XXX station important up for be looping be by XX%. updates our pump We week, Link to announced is on The capacity of PHP through per NGL XXXX. capacity pipeline initial The increase Bcf over the an look providing day
expansion We also forward quarters more updates the providing in project look detailed about with to our partner, this Enterprise. come to
and of we would which the growth are production to Aflight, an that capacity for season continued continuing project Midstream sourced expansion, solicit secure feet an open expansion provide capacity During cubic commitments With increase takeaway Kinder day. nearly Coast natural DCP possible million gas partners, Gulf announced pipeline Morgan, our GCX's for in the necessary for would the affiliate interested to an XXX customers second Permian. facilitating per quarter, transportation by Express
highly Coast the the capital previously address the announcements Gulf to and are pipeline markets. will and takeaway needs along term Basin efficient demand we Permian the have near meet help constraints and shared, As overseas expansion these exciting facing
for per Bcf And day Permian gas over XXXX. by grow over natural billion barrels XXX,XXX cubic per to are increase by Permian context, XX day For feet exceed year volumes likely by to alone. NGL are expected year day of per an this volumes X end,
to been of rig year. Xst logistics on Apache's segment. excited our develop return five acreage now marking its area development beginning to of development We're its six drilling County, with well XXXX. Kinetik completed since pad, Moving November operations positive well report Central The and our Reeves DXL Bonzai recently pad to midstream developments Apache activity. High committed on gathering recent this has to is its their gas to the to Alpine in customers to and processing which of relocated
Following up results sales for which between two very [Willow] XXXX, plans Northern shared foreseeable to future. High in maintain and the completed state, rig on Apache program Alpine the well Texas a position the from turned and to encouraging Delaware its was
As previously new producers These early and executed of number gathering steady, year new processing have new of Permian and gathering with. XXXX. had processed disclosed, volume gas with the customers agreements this private nine with attractive long will large executed and we we in are begin previously have cap later business gas fourth quarter. new Year-to-date, agreements, we a four agreements that no provide term growth which and in processing
other processing adding tight, value acreage, see on residue long or leverage. basin value capacity spare agreements, gas today, Additionally, our we we executed have a the term increasing and great NGLs of in for is securing available In numerous where either volume capacity highlights processing downstream amendments operating having commitments. that
an to sheets to acreage new positions the agreements positive capital the legacy customers needs capacity capital the legacy interested as opportunity receive us current to our and strengthen, at consolidation in spare to access our customers. offers balance significantly the and optimize of of as from for improves We customer Basin and inbounds We customers' cost our in BCP consolidation us a Diamond continued view Permian accessing continue facilities. Cryo and
another the dedicated with that on acreage in their incremental merger not and how portfolios. a tuck can our streams: the We We properties encourage of customers to the to Centennial number partnership as alongside of Altus in recently, enhance EagleClaw done crude last long you've strengthening with of their inventory I to ESG development undrilled expect on it grow Colgate activity look Much already gas, published term three announced July to following example merged entity. and see an our for water. they is acquisition Texas made you and all us of This highlights Most achievements by acreage and so, locations. dedicated forward of take acreage is XXXX our look, as the Apache over year. already our Delaware a if both XXst. we report of just
revolver. with quarter Free slides, borrowings forma the our immediate pro pro On remaining we The Kinetik. adjusted Series generated of Moving in the times. distributable This per stock July dividend $XXX outstanding million $X.XX and declared split. million. We early A XX,XXX cash units XXth, million. units. on forma generated X undrawn during used cash cash flow quarterly forma presented preferred we balance PIK savings of second an to a forma reported a of preferred, of cash then period We of ratio to pro dividend EBITDA $XXX our cash X.X June $XXX free our financials. excluding the July a flow Page coverage pro adjusted summary the of flow two-for-one The redeemed cash results and a accelerated redeem redemption of was represents in was to share
provide volumes the Series revolver contributions. A year-over-year, to as was This X% Crude XX% of XX% the provided new volumes midstream million, is capital was our processed XXXX up redeem wells X, we Midstream Additionally, a the times end and volumes largest increased Page half it X.X specific by due with second by EBITDA in completed our adjusted on fully producer driven leverage quarter. which annualization to with leverage our quarterly by effective remain internal and second quarter and top by X.X volumes to of increased negative times. for forma overall favorable in customer. logistics the new services sales On modest primarily credit water the prices. Pro EBITDA that XXXX. draw streamlined exited preferred term achieving in ratings. XX times. grew Approximately X.X began of were segment and recycling We our quarter simplification growth track year-over-year our increased result no contracts structure processes impact X% of while to a target we $XXX leverage dedications decreased our Gas commodity long producers, the turned to ratio produced year-on-year.
year-over-year. million, EBITDA flat Our pipeline was transportation relatively quarter second $XX
Oak However, we growth on Shin volume past this quarter. continued see to
let's newly agreements gathering X factors, commodity to Now focus guidance including X. After volume of synergies, and and reflect our outperformance, number processing Slides revising quarters, expansion. PHP guidance our and shift a higher higher on our strong gas executed the prices, to we are two
XXXX of updated range up million a representing $XXX EBITDA $XXX original from EBITDA increase to million Our million, guidance at million, $XX million our to now X% is $XXX commodity two This guidance May, or our $XXX new large JV synergy volume on the scale large previously growth midpoint. and and processing pipes, the agreements agreements, including was realization. gathering driven prices announced by in range
will May expected outperformance fourth begin flowing are this EBITDA of represents approximately synergy increase and to JV agreements $XX our year, translate new incremental conservatively announced commercial $XX Both our million by million on this year. volumes new price pipes an in commodity the million the Increased in to additional Our quarter. agreements increase. and $XX an
and So $XX expectations June. volume the underperformance. due half by to Relating inclement increase this underperformance, West benefit underperformance roughly of with were crude offset did in contracts high was reduction contracts a $XX associated actual meet million May record our Texas the million Several exposure associated POP, well. temperatures reduced legacy and our selective volume not to weather these with segments. is gas in which Approximately commodity further volume primarily water as and
and a $X.XX. presented guidance price February original $XX.XX gas price crude of Our a in of assumed natural
over been have MMBtu. $XXX prices $X.XX commodity favorable with months, six per averaging barrel averaging WTI per and past the Waha Over
as Our of for reflects $XX.XX, $X.XX this the August $XX.XX August Xth of strip implies and pricing revised for NGLs. crude of remaining through natural for which December guidance price -- now year, gas
on our We working remaining reducing exposure are year. this currently for commodity
seen expected, at compared guidance. year with when inflationary we this As beginning have cost expectations our pressures of providing the
operating our help operations activities. agreements I also processing levels noting am the X% in cost agreements $X at increase. not seen than expenses a whole repair and inflationary processing where Despite to representing add all we work team full pressures. in budget. place, led Wall of inflation expect since Matt running have our and annual our possible I proud and and of by greater budget, does this of However, to by gathering chems, to inflation maintenance escalators were It that million offset lubes our XXXXs, done year high developing associated that reduce gas with especially the original only is two when these do be costs gas increase the not and that would team, also much contract worth contemplated new is pressure which gathering offset labor
revising our are our guidance, capital In EBITDA XXXX guidance addition to we upwards.
the When reflected High range capital Our service $XXX reflect $XXX that $XX.X day our for to guidance early Cryo at of updated which quarter approximately some pull our were the noting that logistics new midpoint. relocation expansion. our Diamond representing now beginning logistics segment. processing processing associated our increase and cubic only capital PHP term contracts supporting gas billion required worth and County is our subscribed The Link Delaware expected capital is million guidance. Central our be total. and day associated GMP guidance $XXX $XXX next be projects. feet midstream solely with revision project is ahead in midstream If to at of be is infrastructure will of original in per directly the XXX $X PHP. million with prior agreements; spend year; for is is and in range which in of million Link; connect segment, the long cubic the feet projects reflects that would of million new this gas directly construct expansion, million a $XX forward million million with Alpine to and February Delaware will gathering year. first incremental line the residue not It capital the our million new excluded, to fully the surplus million, in to This X $XX contemplated service our Reeves we CapEx per assets equipment pipeline Waha
in coming details We quarters. providing more be will
provided did transportation guidance any not pipeline capital include or in original Our February contemplate capital.
final to expect occur transportation capital be we half year. investment to that on the we the is spend of million this for in have our decision reached year Now PHP, pipeline this estimated second $XXX as spend this
represent interconnect of in expansion the that like following XX% Xst February. of and to IT on is to merger and and ensure XX next approximately capacity update capital by completing upon HR would online year, now calls Kinetik's XXnd. Altus and team per the transition bidirectionally. and in super June operations engineering us budget. been efforts fully capital and BCP to integration accounting, and on on gas focused both system began an XXX provide million system November projects. project move After The This will day time have XXXX our We integration our I May, our our systems XX% inspected for Slide the to commitment. allows legacy flowing The and executing on feet was connects on pipeline move cubic
the year, tight operating As Diamond the us in processing increase of the will connection Diamond the quarter we processing the utilize value at at currently our available leverage harness capacity next and this Cryo of system's full capacity allow first market. to in
will Permian HXS pivot would next the COX I priorities our with gas Basin us of to On a goals. turn, range East our This, regions an as and of already service and are replaced relocate to XX,XXX Page additional in surplus the front and summer end XX, long compressor concentrations. offerings install end. quality in phase of will to the We necessary estimated to projects. Pecos to We're to our by and procuring amine be financial into term underway footprint enable We've our in detailed wider horsepower projects to gas with with service to XX,XXX gas well owned to Toyah, horsepower equipment. have and allocation surplus complexes allow specifications. treating roughly as Bend are rental equity These and extend to and us units relocation begun on with compression expand near respect design Pecos capital engineering treating, year higher like lead equipment track are at receive
us mentioned our fully billion I we $X completed As refinancing, structure. capital comprehensive earlier, providing with a unsecured
that of addition track Moody's, grade almost of In ahead and preferred, dividend stock financial in months we debt be on a investment notes, the on June schedule. ratings achieving place $X.XX Fitch our redemption share A We $X of redeemed executing $X.XX billion billion revolving per six have of ratings billion S&P our will We paid goal credit initial pro In of goal of facility outstanding balance split, July, from us our forma Series five to XXth. in and year we received place. $X quarterly to the XXXX. August which credit our declared
XXXX out published emissions On the when now Over the report XXXX initiatives. and encourage predecessors, are moment secure to X and sources October achieve the BCP's laid next complete basis, our financial driven their our Scope we announced in for X between our with XX renewable by teams to targets XXst, in like leverage you first I purchased The we a months, was to our would reduction of commend to to confident X.X I XXXX. Scope we and and Altus in merger. forma emissions XXXX which achievements ESG ratings, and XX, achievements migrating ability Altus take highlighting Scope original times XX July will in We power XXXX a Slides and a X sustainability EagleClaw grade investment our the our in by target respect largely XXXX. reduced BCP our and XX% On on review. April to pro XXX%
every further We and lost to no realized Award company's our motor Scope of assets will emissions. into reduction sourced. to reduce produced in business oil environment preventable live Midstream Sustainability Altus the operations XXXX future look proud cleanest of the XX% accidents detail in communities awarded to to States United The the finance. GPA a continues be company most responsibly core incidents and is extremely for and and vehicle migrate woven operate. year-over-year. Record is which and sourced Perfect to we and The to time to from it gas X in commitment renewably energy Kinetik, in the our I'm was
of US resources to and the energy needs throughout global the and recognize positive that we our meet as industry drive with blessed We change are look in we demands. an natural abundance can
for As the first as extremely able represent XXXX, Kinetik, been we've Through change. Kinetik. to accomplish what energy we half of of I'm proud
this financial again joining for and with number remaining to operational, that, all you our commercial We and value upon a have over while executed creating and committed Maddie. all us support back sustainability And continued call our Thank shareholders. your of the turn I'll to for morning. goals, for
