Thanks, everyone. John, afternoon, good and
that capital have our execute total record through unit a We to differentiated billion to accretive XX%. returns. shareholder of of financial as count XXXX, reduced by a of track a strategy includes repurchases demonstrated the Since we continue $X.XX shareholders return returned and shareholders have that to beginning priority
approximately following distribution X% In addition by distribution of to annual this per have share distribution period. targeted A level increases growth combination repurchase, we X XX% our each over and Class our the increased
return highest total our the one peers. midstream shareholder is result, a As of our of yield
of highlighting maintaining completed track record recently also ability Furthermore, leverage significant while strength. of we increase, deliver EBITDA our adjusted return continue our of capital shareholder our returns shareholder sheet distribution With level our through peers, and repurchase our differentiated balance is one unit among to framework. of return Xx approximately the our lowest
ownership return transaction our $X Class repurchase further our growth. immediate A recently of announced cash targeted basis of recent with ongoing expect approximately is basis, capital we $XXX through unit financial this we our flow the million capacity, including X.X% of a on per In through allocation, generate on in to to to share an for than that public share flexibility distribution Utilizing Hess of distributable by XXXX approximately January, greater billion our repurchase, distribution potential repurchases. annual X% beyond a announced X.X% A Class quarterly per Midstream level capital Supported a increasing consolidated XX.X%. increase we shareholders accretive
through the least annual As distribution distribution From least of cash repurchase, past, funded count we we coverage done this distributed growth is the distribution flow. at to share the with new expected annual Class per associated fully will at higher level share X% in the following have with this by target reduced level, increase XXXX X.Xx. continue A
used Following more to continued XXXX billion of our than repurchase, financial return framework, continue including expect the unit we through capital can to be flexibility repurchases. that execution of to on potential have ongoing $X unit
Turning to our results.
volumes throughput net compared $XXX quarter MVC in volumes we the first or an following. are primarily to for quarter and to was throughput $XXX income XXXX. XXXX. physical quarter processing in quarter XXXX, as higher the for million of first $XXX higher, the XXXX adjusted XXXX was million approximate the at million tax transition compared in the that in The of $XXX Adjusted our including quarter gas rates of XXXX of XXXX In above to the fourth relative were fourth of for the from growing first of to was fourth EBITDA million XXXX, For physical quarter EBITDA MVCs. levels increase volumes X% attributable to change
decreased expenses, gathering Processing continued earnings million, of a $XXX at XXXX. segment share and million excluding costs and revenues, through EBITDA Total first amortization, of revenues by in and due pass-through changes segment, more our resulting and XXXX for million, million approximately rest revenues by physical maintenance in approximately $X decreased decreased of growing lower net revenues decreased $X guidance. expect cost Terminal and decreased revenues growth revenues Gathering wells in the costs by excluding operating as to $X quarter revenue by LMX Total our the in by proportional of the With pass-through we adjusted of end volumes follows: approximately million. $X million. primarily G&A depreciation online resulting $XX as high of approximately come approximately
for our at leverage. strong EBITDA continued operating gross maintained Our highlighting margin was quarter XX%, adjusted approximately the
approximately a transaction. of facility were quarter $XX free cash flow quarter of had drawn on end, $XXX We resulting distribution flow distributable were $X net and costs excluding $XXX finance deferred that million, The approximately our revolving capital unit credit by of First recent first expenditures million amortization $XXX $XXX was cash for the of funding approximately maintenance covering approximately in was includes Expansion million which at the million. in interest, our capital result expenditures quarter, million $XX million, quarter million. a adjusted repurchase approximately first X.Xx. balance
Turning to guidance.
million be to quarter adjusted to expect offset higher higher $XXX For net operating million $XXX by we approximately volumes the income million second of to $XXX million, seasonally $XXX to and reflecting XXXX, costs. EBITDA approximately be
Second deferred approximately quarter to delivering million, of million in expected X.Xx. resulting of excluding and amortization are approximately be cash to $XXX capital distributable expenditures expected finance distribution $XXX costs, $XX net interest, approximately maintenance million, coverage flow of
income share targeted fully previously of For expected and approximately distributions to positive to expenditures million XXXX, With expect $XXX the free for at annually at least $XXX to of adjusted flow we and total are to million announced cash A generate to from reaffirming midpoint expect the $X.XXX adjusted guidance of be capital flow grow level, all funding EBITDA free distributions we higher XXXX. Class million million. new per cash billion. net $XXX of With full we expect million, year distribution X% $XXX the $XXX after
in We quarter water quarters volumes growing seasonally in XXXX and higher in expected second through the with through resulting revenues year, the the third EBITDA oil, costs and across operating quarter expect each rest the adjusted year. of each of increasing systems gas and
half. guidance, in we adjusted year EBITDA As second than higher anticipate our greater X% implied to relative to first the in of be half the the
Hess and are strategy in summary, This our answer incremental to unique In metrics my we will trajectory return underpins look be and we shareholders and delivered Midstream growth a on of visible pleased any -- of additional consistent differentiated happy return questions. financial ongoing a to financial concludes to that operational focus with forward capital capital. to and very on our have
the will I operator. now call over to turn the
