everyone call you, today. and the Thank on good to Molly, morning
with like our brief interest highlight our we provided, I financial Energy. today slide to XXXX of we presentation appreciate on always, Vistra in of the X results. As a begin that discussion your would
at XX%, the performance of pleased billion. XXXX, outage range, significant our middle of cost and For weather business our in during the I the guidance Vistra cost X cash in strong year, quartile $X.XXX we tenacious EBITDA of cash in free significant am almost the and face top of of of teams, $XXX This delivered year model. by flow unplanned reflecting low summer. low the delivered which adjusted organization two mild Comanche operations very our are the the headwinds flow to a EBITDA month from that during year persistent cash narrowed announce by and and the the demonstrating was full range, dropdown Peak Unit Energy narrowed a leverage, containment across Adjusted guidance EBITDA was our right for roughly conversion ratio million, to full stability from integrated including
based lower to and than focus on leverage. commodity In key fact, a our focus converts business energy Vistra, this EBITDA cash capital one is substantially to analysts free recognize sustain more and lower to business We that differentiator businesses, our other reflecting required relatively and for flow, model will investors on. begin and our believe
in fossil coal three on where fuel the what achieved were large that OP. these we results of retirement operations enhancements It's a company given performance like $XX strong significant identified value. shareholder remaining generation maximizing initiative, impressive, importance. call face to business in on the dogged throughout EBITDA million resilience Vistra were Energy would year, rate the of the point such our our We key plants of more focus of improvements financial the run For and deliver to focus I these XXXX. out highlights fleet, than paramount our through and headwind demonstrates of the of as few results
total, In from of the financial which EBITDA XXXX operational processes $XX the uplift know, approximately OP helped benefit run improvements, merger rate our of plan and realized $XX capture and in XXXX synergies, out our these Peak, results. forward. strong million process as million us to this Vistra at to part going Comanche you achieve we OP our process underway currently similar from As that
very February continue to be decisions know out to through of project credit support made Upton Texas, follow all to believe future. target, emergence the our system, our a several in grid service month, in business repricing our by capture notably, about $XX economics the of acquisition levels in fleet our next safety. and achieve of offerings operations, out and approximately ability activities, $XXX more annualized beyond which forgotten facility million taking or thing will enabled another remains how to restructuring, from merger support our the through and of our from Somewhat operations we to this our attractive X, commercial the track sometime real targeted in targets. know on which bode to generation retail only one We of targeted through to we our costs we $XX those implementation summer, We is of is but believe of is take significant not for XXXX. occurred most more easy should costs savings, bankruptcy In through go On various we that the enhancements in the carry integrated evidence cash Dynegy. on Upton the largest an note as how value than increase of view, capital than with our synchronized on modernize the allocation an projects system, million execute. and compromising without in that since executed to our million it, largely disrupting basis, XXXX basis, I restructure This we talk will to well of it's to transactions restructuring in XXXX. and X XXXX, initial this organization organizations execute business costs on the reduced February and to from has the solar borrowing to It the us
access low will in as difficult in of the Monticello, retire All within deeply in almost and We related signing also days discounted operations, economics scheduled. coal support decision to close. roughly gas price to we nearly three was continued and made of did plants Texas, investment XX of an megawatts acquisition plants. the of integrated these their Unfortunately, not XXXX, retire Sandow Big with Brown environment. immediately uneconomic X,XXX generation cycle these X,XXX and the of and unprecedented which plants, power what in side, megawatt Also mines had of October fully supply in upon combined the we Odessa, on West plant the
segment, beyond. United a these allocation. the power we company leverage, on on low will to the announced the We an I States, our of should merger decommissioning Dynegy, XXXX, in the during the lay forward, success; these strong execution creating we integrated more disciplined integrated And financial emphasis of finally, will Going we all management, a business report believe agreement be and with tenets demonstrated successful of believe in in and the momentarily. with key asset transformational results the and closure tenets capital operations, sites XXXX, new will key for disclose execution, which customer, detail on XXXX focusing related what October we leading foundation which reclamation XX, the cost regional
in for on with EBITDA year. expectations of a merger, combined and the to strong Dynegy XXXX; for now will while early we following have Vistra, both the standalone range XXXX tailwinds this we be updating guidance adjusted the Turning our basis closing not standalone
for and may a you initial flow As guidance recall, $XX of expenditures $X.X for would non-recurring to X announced guidance Comanche cash adjusted our includes $X.XX standalone a the free future. the cash spare generator, XXXX million. generator of I flow and that we replace Peak $XXX capital range to million range adjusted of to highlight the an approximately for create to billion million standalone like Unit free billion $XXX guidance generator site
segment the introducing will and for at item, measure operations this our closure to a performance flow And adjusted our with also range sites. of retired be the now million segment, the cash job track I which plants we year called are teams reporting tasked $XXX new mines in efficiently Excluding reclaiming and the asset just would and of million. decommissioning mentioned, $XXX our as the XXXX, non-recurring guidance free
those will While this and are eventually, and incur expected years, segment time, significantly complete. over various activities when costs to retirement decline wound several these the down, for reclamation are be next costs would
to Vistra As of a view the Directors found result, and Vistra's distinct separate segment operations. informative from it closure and asset as the both ongoing have Management Board
believe our it incremental give We to earnings performance to and you detail visibility the of in this our to operations. provide ongoing you, that important potential also investors, is
frankly attention sites. of operations, maintain we and from created view wind segment the of scrapping proper our and retired and earnings new monetizing on ongoing our more me, down very distinct is reclamation the this our have is properties, provide to down creating to focus revenue to important which of focus important to stream organizational better the and winding a generating bring activities, to Vistra separate and facilities business a includes, of the out ongoing to retired While
Dynegy loss we sites. costs to the to and also profit minimizing It's and hopefully the future, minimize be reduce closed the that transaction, something want sites. to close this can, we a try closing, as when exiting scrapping are we the we much and are cost, good in that and a we fact through have expect going the will they to we these core as segment, the to be given that likely need have that to sites obviously, and capability to build We monetizing are also around, at related sites and
company operations our Comanche around free Vistra we the adjusted our asset is $XXX cash any explain will billion The the views and million appropriate increases segment. to of when excluding that cash you closure an flow EBITDA and cash retired flow of end, to Peak the high yield range free conversion our to on to million, or in Bill almost When million in this, the XX% adjusted our take asset to down as of $XXX excluding range to cash business, non-recurring XXXX, the will sites. it's the Under detail multiple valuing CapEx. million EBITDA its $X.XX guidance operations, most more of free the merely over on $XXX the deliver billion it adjusted flow the guidance generator is expects later ongoing $X.XX XX%. to ongoing flow of free of call, believe operations segment exists $XXX wind As apply
reporting expect first the with We quarter the retired with wind more to the the of results. segment, coincident XXXX the cost assets, starting to closure on down provide information asset
ERCOT in have that fall. curves, and We synergies expect in we the is our our the combined last And XXXX has the the that early call the included the to that recent not will reflected initiate likely effort. you months, improved ranges from in for merger, especially to benefit in include to for been we May. forward plan We and forward guidance close be potential know, in uplift, guidance as no from curve update initiation and company guidance of announced following and OP expect curve,
first then. coincide earnings We be optimistic as we merger by will our with closed are hopeful that the are cautiously this with will Dynegy call, quarter
materially continued have for above slide depict trends spreads, well recent power curves spark ERCOT depict, whilst forward to months curves rise X the forward and to X X. U.S., remain price all historical spark as XXXX curves charts in X historical the Moving same in as spreads improved exist has price nearly on and and key level. on we and as X, historical the slide in competitive as XXXX The historical markets
could for yet are the we providing in I merger, price not forma the forma XXXX. curves the earlier, forward believe guidance the upward tailwinds Vistra for various movement entity pro we While mentioned XXXX anticipated and recent for pro as in provide
of for XXXX to Specifically, to utilizing approximately estimates estimates in businesses for EBITDA million relative upside included registration million relative be in December Management's million combined there adjusted $XXX the in announcement year approximately in disclosed to $XXX estimate XX, we full Vistra the curves, of presentation, could $XXX merger XXXX million combined Vistra to company statement. our the Dynegy $XXX merger potential the upside and XXXX and
off since As and February, their markets outside curves ERCOT most of of December have highs. come forward early January in
spark spread to However, financial as power of particular, believe materially tailwinds increase realized the a in curves more price performance enables this curves, we and could be recent has ERCOT XXXX continue through February. and in there and above significant create the result volatility. prices. curves been still price Perhaps significant to XXXX historically that improvement, important, settled It forward volatility to exhibit Vistra that continued is
curves to on larger with England this fleet EISA of the and will liquidity Dynegy, with to shareholders. strategy create and expect markets, in months, so the we at exhibit the long well positioned and as New as hedging they merger volatility execute continue have recent PJM tremendous we be closing the be both which Vistra incremental done Following to value for able will a
It prices recently all we months, have oil X.XX gas we due future. for somewhat [indiscernible] to well reflected XX.XX%. below this expect the foreseeable MMBtu in in a have is the will of associated summer improvement on prices as target material on-peak the gas Despite the improvement and digit that in gas and is in reserve margin are heat know, margins, summer range gas summer As recent this reserve single you the on formations continue forwards forecasted in an forecast, heat between of softness which range to that remain ERCOT's summer outlook driving and X.XX seen improved summer result shale ERCOT. static rates ERCOT,
Dynegy, power ERCOT we sizeable It XXXX, merger, capacity tighter be is XXXX Vistra XXXX. the be will on it, the as than contribution believe the is XXXX natural is to from of us fleet, of On to much of than We the natural sensitive pro is reduce to merger all. closer and revenues improved to get significant to coal and foresee to know, could update. reflect will for the XX% following Vistra's in prices curves as to This due the Dynegy This just even to cycle about important XX%. merger fleet enterprise, merger you insulate reduced standalone gas XXXX, sensitivity compared forma it coupled basis. which that of and sensitivity from the rates likely standalone move we While gas one we which have as Vistra will gas of markets. of better addition much estimate gas a X, sparks note, ERCOT even topic not benefits as a will nuclear Dynegy with to less will prices combined to summer predominantly in the with low located Dynegy is prices we the many I our slide with by interest energy-only the
turn forth updates. we ahead set merger a and few to So where let's key go slide X, have
Public early February, the to in Commission clearance the the only Xnd, Utility we approval. last New week, the March taking consent received is FERC via proceed which with approval agenda First and from Public HSR shareholder leaving believe Commission, merger York we the received Texas and on vote, I of approval Service the
Those expected, that we to at we As and believe just remain Friday, around vote. The know, come both developments we as regulatory during merger I year. and approval been observed processes. the dockets, provided tracking February have second requested of additional related quarter the FERC approval you information that likely of in the we and and some on analysis the have request FERC Xth. assets, close optimistic you of Xnd, to track are point, progressing processes shareholder as Dynegy scheduled to up, Vistra various MISO balance said, the votes did on Dynegy's who are on the the and PUCT cautiously March our obviously latest are this this
by time, of We we no have March approval quarter extend of to the believe that the this second XX, approval reason have beyond would requested process merger FERC and FERC XXXX. at
approval. recently receive approximately our took between transaction, similarities are FERC ECP-Calpine and there the months five approved application fact, to In which
response. approval filed has approval with While process will Similarly, staff a in PUCT's with approval judge cannot filed in regarding and Vistra timeframe. previously our its -- All law has of its FERC approval administrative in PUC place merger, the recommendation the the accordance Commission's administrative of merger mid-April from five month PUC the with process the filed Texas, schedule. certainty, predict we
EBITDA above March XX% has Commission DC, the with Hubbard the requested closes. We ultimately do We fall most three of off without a a to merger open confident a application. merger assets, is would the It at company we tie of is the remain mid-May Graham be view Lake on mid-April. is is Commission to to share second in mid-April time had My able these or in remember, units, approval prepared PUCT's likely based process, proposed likely which be impact are act one staff in material you the these on divest no of the most cap, on timeframe. solely in we and time, Should below robust of that the upcoming a or meaning of to in XXXX, or assets, that our to XX% the our that forecasted. divestiture late grandfathering at this at I mentioned, we issues know. place forecasted close of important Importantly, the of for order instance, quarter merger party merger market the as It's with the Stryker. combined commitment in the as made XXXX. sale its sales whether At meetings have on the Dynegy the stipulation, gas hearing, fully as to we steam this will in sign we and is, in previously potential the Trinidad, able any approval
performance side, continue there could forma synergy earnings targets. improvement to the upside power as announced our the previously of we believe remain operational entity, as we both EBITDA targets, be combined the to On about to pro financial optimistic our well and
and March That as a integrate, position where take We deal process of over in position, us X. close to would we be process a in have underway. a put the robust integration
upside process, of and of We on that think even to be will remember, will through million to approval are $XXX underway, EBITDA that, as targeted process that wanted announced this continue that we our as that And that, previously have possible. to OP guys you our be beyond to believe well enhancements in that there we and is be we well So believe able Similarly, that believe we the is upside, stage had though synergies way, that the projected million all at we we EBITDA of identified. announced. already exceed ready we $XXX we we October. the soon process, projected we and
should can this we earnings identified. geographic can I significant enterprise a we value able gas As both the continue we updated levers be I stability as earlier, Moreover, shortly we we diversification want well, going the we merger. on I I down, synergy them exposure that discussed natural believe, expect the and effort we an indicated with merger targets, companies you update our We and of after have provide flow be know [indiscernible] forward earnings targets, provide and to OP that so to believe and comfortable put will against as to time to previously. derisk the and can and cash synergies that the market close improve the to that you bring the to the OP combined merger of bank. execute will nail want from the take you shareholders them. of the holes especially value to enterprise also the and standpoint, When
following the our and integrate efficiently and quickly closing, way. along of the to you as informed prepared updates the keep merger we are will relevant always, operations We
like to know is given the on Burke, interest much significant free community, turn conversion to of as Jim allocation, Before financial I touch the briefly over would topic I flow. I capital our cash to expected EBITDA this call a to
merger We will believe significant noted following exceed as foremost, the we business transaction cash priorities and the do for synergy our flow combined operations. in integrate these be combined our execute when company. late the to merger, closing and in of will seamlessly the and First targets OP announced we generation October, achieve result and efforts operations, our the
our forward [ph], debt-to-EBITDA debt XX range For before. months target on to of our will we as XX X.X discussed in our to be first achieve going focus paying the net times down the
We retail some have opportunities period, our this will Longer we not on are we of tuck-in flexible going focus to and do the capital. of we as present be to accretive term, course, turn side, during control will these when of on themselves. transactions sort capital to return predominantly opportunities, to allocating evaluate might growth
uncertain buy always when back for to as are shares price, to to we which a to the today. decisions We also entertain of investors have are out plan the particularly significantly made value. paying firmly and therefore as any like Dynegy would and capital not dividend, they and more a course we wringing therefore accretive the we our paying be we believe opposed predict, hard systematic We will to to recurring difficult would value maintain related stock allocation, to more investors, special future are capacity promised market. our our We dividends, closing undervalued, deal attractive that are we have to believe shares, believe, as some dividend on to focused
decision operational attributes cash way handle just call be XXXX's reoccurring the to our This need did grow implemented. Jim to credit were dividend, time. I expected can Burke we likely a free will will projections, over I would following allocation if execute dividend would however, If working the pay alternatives. that have make to should range, be to I confidence it the comfortably over give be we cover will only the now turn evaluate highlights. to reoccurring months, we the dividend with meaningful, to in yield reoccurring be Jim? would achieve the X% flow dividend dividend, and a we market We the described. for ensure to merger to board and to in capital a X% the us we able could one if say with need the
