from Thanks, nomination XXXX capital I including everyone. XXXX, of provide through and discuss John, financial recently continued incremental afternoon, process guidance outlook our our XXXX, and our highlights prioritization with summarize on details our shareholders. to Hess and of return and completed good Today, ongoing will
For we XXXX, EBITDA delivered strong adjusted million results year full of with $XXX income $X.XXX and billion. net of
through growth income, line XXXX growth to in in by EBITDA in Looking of throughput underpinned have approximately forward, in gas annualize driven oil cash adjusted in Hess' MVCs that we the XXXX, growth of from and approximately volumes of growth in by Bakken to and throughput approximately XXXX. XX% visibility continued adjusted annual XXXX least sight at X% and volumes flow XX% XXXX through XX% free and growth XXXX net provide through growth our
fourth November, execute to to our we Class capital cash completed and on and in shareholders. $XXX a of basis repurchase A We basis. a Class accretive XXXX differentiated share unique financial per share an both continue return was per of million In flow prioritizing transaction ongoing strategy, and unit distributable A consistent that earnings
public increased basis the on ownership Hess approximately now to repurchase Midstream of Following XX%. a has consolidated unit transaction,
in to Class A the we distribution recently in return to level, targeted our increase. by our addition our increase announced repurchase, share quarterly immediate capital X.X% per Supported shareholders of distribution further X% through an a annual
this level at the with maintains cash distributed the repurchase. done the As reduced distribution past, the in as count share have increase following same our before approximately we amount the repurchase, flow
unit by Since that $X.XX have comp have billion our reduced XXXX, we through approximately accretive the total beginning repurchases of returned to shareholders XX%.
increases In addition of targeted combination distribution have each per distribution our approximately we Class this period. to over level A XX% annual X% and the increased following X our share distribution by repurchase, growth
our of highest our total of leverage approximately growth to our also ability be to deliver yield is year-end highlighting differentiated significant peers, returns one our one X.Xx of our adjusted maintaining result, the at balance Furthermore, midstream a return lowest shareholder As the EBITDA sheet strength. while of continues shareholder peers. among
release shareholder balance a announced are prioritize returns we to this continuing our guidance As and morning, strong sheet. in
at capital of have unit XXXX on our of per $X.XX Xx leverage target least that while target EBITDA. our financial adjusted are XXXX prioritization greater annual an expecting allocation distribution X% share potential maintaining Class billion A We repurchases through long-term through and basis of extended ongoing for flexibility includes growth of than
to approximately for the relative Turning million to fourth by the terminaling pass-through compared as by quarter. to for million. third third segment John to by results, the the revenues, approximately excluding change decreased by primarily to approximately attributable offsetting our follows: revenues net adjusted described, higher revenues, driven quarter, third-party EBITDA decreased volumes $X EBITDA the million, in following: $XXX primarily lower in and $X million compared changes million, income fourth revenues Processing revenue by for million. revenues approximately quarter $XXX for $X third Hess Gathering volumes, decreased $XXX as $XXX Adjusted was throughput million the quarter. The resulting decreased was million was quarter Total $X
advantage quarter operating expenses approximately under $XXX allocations in favorable adjusted agreement, our million from of primarily proportional increased share amortization, costs earnings net Total expenses, $X of and $X higher depreciation approximately cost and follows: million, and pass-through excluding by LMX expenses as of higher of and $X omnibus for of the of weather, million, taking XXXX G&A of unseasonably fourth higher increased primarily EBITDA maintenance from activity, resulting million. approximately
continued quarter drawn million, revolving fourth strong at excluding approximately costs, approximately our leverage. finance EBITDA Fourth had a expenditures adjusted approximately $XXX quarter resulting million in highlighting flow margin balance gross was million. amortization facility at were approximately cash operating free $XX of $XXX and Our $XX XX%, year-end. our We the deferred of on of capital credit maintained net was interest, million, for adjusted
agreement Midstream, Hess expects to Hess ownership into appoint at its quarter Midstream's acquire that to transaction, Board consummation Midstream. Hess the Midstream contract In X of upon Hess' directors it the remains entered XXXX by XX.X% announced of Hess acquired fourth proposed a of the to be Chevron in place. structure Hess Chevron Corporation. right will including definitive
annual was a X%, represent through of XX% of set of the increased the average XXXX systems each our year based revenues. Turning based reminder, base rates was the the the the redetermination inflation approximately at XXXX. in final annual Rates will for XXXX that capped escalator rate The steadily of on as inflation. be rate increasing our then for XXXX, to process for majority adjusted rate from XXXX our process, year tariff on resulting nomination year through
gathering will rates and through we For and systems water rate annual XX% that our of approximately our process our represent continue redetermination XXXX. reset our to revenues, terminaling through
all higher TAF than rates. rates XXXX XXXX systems, the Across average on were
year our downside protection XXXX providing through this nominated of In set the morning, to MVCs For guidance provided all be years volumes advance, through of at in release XXXX. X XX% MVCs systems, XXXX. continue we set for our
the As nominated nomination each and while system for of part of for that in and were year. for were XXXX established where based required increased, on newly reviewed MVCs XXXX the process, MVCs XXXX XX% volumes
MVCs our XXXX, for are approximately XX% In oil expected approximately to gas. coverage XX% provide and revenue coverage for revenue
of and part provide Our and revenue as have XXXX the increased MVCs oil nomination process gas for been coverage. therefore XX%
sight Our MVCs line provide XXXX system long-term of in throughput. to in growth
processing, per gas looking XXXX processing, processing the XXX XX% gas the XXX feet at approximately our MVC expected nomination implies from of at full day need set the cubic volumes example, and XXXX day feet for of XX% growth natural gas supporting investment described. For per XXX in million million feet utilization as levels of Hess' potential day, of in volumes continued of per cubic John capacity physical of million level cubic
to to income well the This million and $XXX adjusted the year million full Turning XX.X% of EBITDA of $XXX of of billion. XXXX, adjusted net billion expect $X.XXX approximately XXXX, EBITDA $X.XXX to for guidance at supported midpoint by for growth we John continued oil across highlighting our strong as system range even continues stable and gas, from as operating revenues volumes as operating water physical costs our expand, as our is leverage. all to systems, growth growing described,
adjusted of XXXX. XX% EBITDA continue margin approximately target We in a to gross
$XXX excess free cash cash expected to flow after and of and million, XXXX funding year our for basis. capital adjusted expect million total adjusted below distributions. of we to between of Xx and be between generate free approximately with target XXXX, million our $XXX our increasing million With adjusted EBITDA flow targeted $XXX a fully EBITDA, For adjusted we full million $XXX expenditures growing on expect leverage $XXX
to first be the that impacts January. $XXX $XXX For net we and EBITDA to approximately income to of expect weather of have in to adjusted extreme $XXX quarter million million we million, XXXX, be approximately experienced including $XXX the cold million
across volumes year. operating we consistent with XXXX, adjusted of with in remainder expect the the the and EBITDA, higher quarters gas of second and oil, seasonally third increasing systems, For growing water expenses
Looking financial adjusted flow free EBITDA to growth supports volume, XXXX, adjusted clear visibility and we beyond our cash strategy. have that
to adjusted cash inflation expenditures maintaining volumes growing annualized XX% a XXXX represent levels, growth as with and increasing approximately throughput XX% growth EBITDA free expect in than oil from together expected XX% EBITDA that both XXXX. that adjusted described, expect greater XXXX our in approximately As we X% of of are provide XXXX. of we our remain capital XXXX escalator approximately XX% adjusted throughput volumes, Driven and in and through per visibility steadily based adjusted MVCs in EBITDA XXXX expected fees gross of annual year and gas on of margin With well targeted flow these XXXX stable than volumes XXXX, and our of approximately as to annual growing in with by XX% approximately growth greater are revenues. through growth XX%,
continuing with prioritize In shareholder addition, returns return framework. we of a to are capital
per First, A to we are share distribution grow through our X% at annually extending Class our distribution growth targeted by base of least XXXX. continuing
continue adjusted potential EBITDA we Xx targeted have level greater growing generate XXXX cash our shareholder and below annual expect XX% of our of to leverage X.Xx beyond significant we returns the distribution, free in growth flexibility distribution. to through expected annually to adjusted leverage flow end decline by distribution this EBITDA expected below target. relative base of financial long-term the excess our Second, XXXX, of leverage adjusted excess X%, our growth at adjusted With than beyond and capacity providing free adjusted and cash for least flow to incremental is EBITDA
associated billion includes we for a multiple incremental $X.XX XXXX that repurchases significant capacity, distribution expect unit X% for Class financial level flexibility through through As with for per the beyond than allocation cash repurchases to at the least potential growth. a our targeted increases this year per result, distribution and have with share period and annual greater these leverage growing capital A balance potential in
We'll to of we financial forward and trajectory growth financial and and that strategy the shareholders. I will focus a and consistent my summary, In to to concludes are underpin our XXXX with be operator. any capital the happy a our our on This delivered ongoing to strong have answer of look return over questions. differentiated remarks. metrics turn call to pleased in now unique visible a operational
