listening thanks and in. everyone, to morning for Good
the for quarter earnings release power mentioned our demonstrated financial our market-leading slightly of expectations diversified of again and the in our ahead this morning, As internal our businesses. we resilient second once were earnings results
April our facility, footprint, quicker and the achieved first production steady continued expected. in Argos BP's along production which in than volumes we Notably, from because with has of across ramp ramped
plain Offshore at the Our of overcome major to anticipated our producer downtime was longer than Mexico. in segment Transportation one fields Pipeline able Gulf of a slightly host
business which During normal adequate of Wyoming, to as also levels. returned the out rail soda Green our in service levels restored River, and quarter, operating ash to
Marine In exceed part Jones by in our Transportation segment addition, expectations, Act driven to tightness our continued continued large equipment. for
primarily and anticipated Asia As as markets. our expectation Inner the in expected continued the just we by of new in previously slower soda new offshore in slowing year, in ago production with Mongolia had performance export from natural likely transportation, offset prices, half China's soda to of Latin than and somewhat Baron volumes delay work look strong activity down consumers will from ash, than ash back months America, to our the XXXX. ahead anticipated well worldwide, existing of inventories especially industrial Transportation Marine softer the has as the facility here many ash driven ultimately soda three purchases in remainder pipeline segment a we our be ash soda of economy reopening
customers then for home purchasing find delayed at potentially their The volumes or contracted volumes these contracted take otherwise total fixed full the stranded ton. per our can existing to a option so When efficient we at the activity at highest spread to average is us operate most the for price. to can minimize netback cost utilization cost price get production and of ensure tons our move we to out refused
only our full year adjusting X% which year today for this release, we range. little As full original a million to for over $XXX EBITDA morning's our adjusted a guidance of below $XXX discussed to is range are in million guidance the
and factors $XX the first outside railroad inadequate the to in service. did like due quarter weather realize exclude not control million we you of If our
income you in recall, $XX in in even we, of more after excluding may nonrecurring by annual approximately received than million XX%, exceeded As initial our we fact, guidance XXXX, XXXX.
that, said XXXX Having let's put this perspective. outlook revised and
are EBITDA the adjusted record for First, we going annual partnership. deliver still to
deliver segment are we segment. Transportation to Offshore margin for going Pipeline record Second,
Third, we for will a since we to our Transportation are likely soda is margin the And seen going even our deliver the business. XXXX. Marine the year, not outlook it ash for from contribution record have still segment deliver that business finally, of with we rest
consolidated again still delivering and midpoint excludes XX% the growth X% guidance last Furthermore, nonrecurring XXXX range performance, million this our $XX income roughly revised with which received the sequential the we of in our of is to over range stakeholders of normalized year.
to Importantly, a at by exit ratio year long-term lenders X our times. our we or above slightly senior ratio to expect calculated secured leverage the leverage with continue target also as of
we Additionally, unitholders X.X XXXX, of not our the cover common to but distribution times to some times. X.X X.X expect current year full by for X.X, or
changed and not our the say constructive to remains value long-term very for Looking Genesis flexibility I've in our the remain outlook through the in about seen noise, We today ramp I has years deliver expected here as coming resulting for long-term can the the it. and excited all ever earnings as of stakeholders. short-term sit and
steady XXXX and to in release, than expect supply-related Marine a by and Transportation offshore and driven identified sell nearly part our in greater our contracted the ramp our in known soda mentioned volumes we Granger in performance completed we we As a expansion. performance be currently the large financial expect volumes XXXX, Services from additional recovery the segment, in Sulfur to underperformance our produce ash business in from
time, volumes gives our capital both position unit change for and come our online. as expected senior are per in notes million, to secured maybe distributions growth at million, roughly capital, in a million contributions payments, common over $XXX Salamanca late expect Shenandoah earnings volatility of the Despite XXXX, our existing et a cetera. sight enviable and some an flow expected soda interest XX even on this $XXX cash including to and ash a and margins in of of accelerated Then would our offshore into clear step Maintenance year in $XXX expected line company minimus current generate we de margin cash all Started segment in ramp payments principal levels. significant XXXX, ALK size. after obligations, us preferred requirements,
briefly I individual Now, touch on business segments. would our
was offshore host Our in well partially fields. from offset major volumes from our pipeline other if by in load internal base facility not slightly BP's from Key Argos transportation ramp set volumes this anticipated operated segment King's operated performed anticipated than Despite quicker our as volumes as than host existing and of extended at line Murphy's of one producer ahead longer downtime with our expectations. downtime platforms, planned
wells. for towards disclosures, ramp barrels nameplate volume shore. XX supporting last receive day chops mid-April, XXX% currently with producing XX owned XX% production from of BP's just to of and first we operated its we approximately operated four their completed operated we XX,XXX delivery Mad As the mentioned capacity in barrels quarter ultimate and over of oil from floating remainder our of BP's to a publix's existing from Consistent slowing which volumes started is Argos Argos facility, wells pre-drilled the XXX,XXX XXXX a BP's Dog to the of would two pipeline through expect Argos is oil per field. with
come. facilities. Dog could an recently addition a announced developed tieback field in another and flowing is extension that to footprint Mad base In at example subsea opportunities. the or through economic Atlantis once coming and either to our Dog production volumes leading existing All Dog facility three oil is Argos, to decades through This the volumes Mad and our the the steady of or to industry wells is Atlantis add successful crude of the exists It host to additional across Mad place. is, appraisal, decades of for complex a to production five of tieback Central XX Argos Dog BP well will Mexico be mad well Gulf of existing in midstream two continue perhaps the a yet to
of 'XX of we incremental volumes production provide underpinning Genesis schedule barrels contracted both with to with second will on completion remain in and half Nando construction early sync our ahead an 'XX, approximate with combined new importantly to investment the on pipeline and the for the it is our and from expansion look we new important and expected Salamanca that As per chops of know is late XXX,XXX day XXXX, budget capacity multiple. handling oil the in Xx and
based XX% of is solely approximately a the the multiple operators volumes Xx actually which expect the This produce. reminder to commitments, to minimum set volume is is XX on at firm
are confident accordingly. assets, extent if or we them. construction fields contracted is the on installing these we secure unquote first Therefore, will, as anchor we all we levels, these currently minimum third-party capacity the expanded fields Additionally, able two of with expect, I'm exceed new the incremental quote our like volumes to call we which will anchor to multiple would volume go down are to our and not
as perceived discussion on result, majority can I in the of in Mexico it's to said focusing of production full getting Gulf the to know basins of plateauing. shale a some acreage that in before, recent There's I've I seeing development. the Tier I've you industry that important as is levels to been them are onshore reiterate years And the short-cycle see as Gulf. levels the closer activity X feel seen robust we this that continue my but be XX-plus
Whether believe I this, you not or this. you tell can
cycle, seeing in production only to with long-term deepwater, the both short-cycle in longer shale lower the are of vast Mexico. and carbon new acreage onshore basins, prospects with positions existing of intensity other adds to supplement future Gulf We the cost-efficient their in onshore Permian and and looking production scale, larger operators the which
ago two increase XX repeatedly are activity can of breakthrough Gulf we've shale there driving share this technological Mexico technological that XX that in fracturing. in years significant the I became with referenced. dramatic to really onshore deepwater basins are years The the of breakthroughs hydraulic exciting that
algorithmically salt reservoirs. costs these have and geologic significant and thereby obtaining been world-class seismic in an there define prospects, risk data below significantly and especially producing identify that community reducing First, the processing better allows to advancements development of exploratory
technologies Second, in that reach by opened high-temperature Gulf to years required significant advancements responsibly four of ago. simply high-pressure PSI. now and Mexico entire a number there new proven in development three reservoirs, up were These being safely exploit some out technology as the and hydrocarbons of or technologically been just years have the And horizons produce from have of exceeding a operators. pressures are result, and XX,XXX with been
independent foundation leading believe steady provider the the the continue about crude with volumes growth combination provide combined business, pipeline core cash expected deepwater future the excited projects for oil super offshore described we As to and by the and our for and decades underpinned midstream base Central are the of stable resilient, agreements growing from we producing segment strong, all growing above transportation take-or-pay future decades of and contracted prospects of flows and Mexico, Gulf of firm ahead. for activity areas will
Turning our and to services now soda sulfur segment.
our to ash has into a in second soda did broader somewhat seems normal While more operating oversupplied have market well-balanced business soda to return our a and moved macro quarter, from quarter the primarily quickly global during for export the story markets. to ash continued soften now a market,
demand pricing back combined look and saw soda market record months over supply ash, XX global seen unprecedented months, XX drove all-time we higher the and we growth energy costs, beneficiary all synthetic the ultimately producers of we're structure cost As with increasing result to a have of last which that as for lower margins to of a high. input for and ultimately an
time we levels this ultimately margin those retrospective we return knew and forever hoped margins historical at soda averages and for prices expect an realistic was in While last continue to the had and extended would to some of point environment period at future. would to all ash never
industrial of averages here pricing suggests later. production, global return margins -- sooner of reopening economy, anticipated that new to than China's natural As the combination we and sit global will, which rather historical and supply, slower natural gas slower today, fact, a in
the the achieve revised we remainder the of year. outlook contribution believe this in year, with business history are ash still this likely of Even the soda our highest to for we
substitutes. important It a costs far an is known footprint that relative a our as own no is much environmental our production. has competes product and soda in ash to that Rather, applications that produces soda synthetically a product to to produced inferior with manufacture manufacturing twice identical remember generally ash that business most natural has
production. soda advantage, cost by this XX% is supply cycles. ash is of result which for a we market supplied As is throughout ash, the the produced do to baseload soda of the normal demand naturally worldwide Less natural all world's economic than
of other The global produced XX%-plus is synthetically soda demand ash. supplied by
to of must the its higher enough producer the structure. margin, synthetic natural lower at prices high ultimately receive will and So, market and cost relatively a of margin a high benefit relatively producer a cost cover because clearing be
a If to you're this position kind be going to commodity of is in. be in economic you the business, want
pro that we and during business per As years great Recession in XX XXXX includes last through XXXX. the the pandemic of average Swan COVID has approximately generated forma stated an of this the of for ton the and years, Granger the release $XX XXXX expansion, and margin down the XXXX years Black and for
over believe Pro experienced maybe and tons year average forma of in we $XXX $XXX million as year as Around a normalized expansion, last off for million year. a or an Swan approximately $XXX us, million good our million approximately much $XXX should event absent per like a million cycle. production we generate in X.X this the Granger year plus to for year minus, per on Black
life expected given have peers that segment will always that also this our is gas has commodity substitute, nat prices, subject out of something basin to in commodity these or make spreads that portion in price there XXX While be a the reserve peers NGL of of business its prices, a a crude that ash midstream has a face soda a twice to much volatility, I have I competes and is differentials, not gas volatility XXX guarantee unlike would natural earnings as of their of prices, that or none some costs commodity, advantages only generally market some years. whether on being the NGL performance, with leader point as no-no
or extremely a soda we building regardless remains a long-term North volatility. that energy of to and of electric remain play energy, vehicles increasing an to As economic solar the global America's the ash, batteries fundamental transition annual on in for of bullish any from natural role producer continues largest commodity of activity panels and the fundamentals renewables quarterly business, ash soda price block
to quarter. the soda Granger will incremental expand of to effectively in the tons tons XXX,XXX XXXX, quarter as into total will on X.X this soda structure margin will reduce tons of expansion will not ash be towards third schedule the only end also Granger's into ash per original the year. annual fixed and or The Granger production. have further of absorb XXX,XXX tons help production approximately starting remains able additional soon approximately we to the cost incremental later be sell of free early Our first tons tons belt on instead X.X year Granger's but the of its they to million over cost fourth These million capability
the would Granger ultimately to gradually We required. able reasonably cost to expect and increase and also further expanded continue its over to operating optimize investment production the facility with debottleneck coming minimal be to years lower
a our our Sulfur or of we a lot services lot as time time Recently, haven't refer we refinery used Services to what spent to business. -- spent we've of discussing
we largest in everyone, and by America. well North are producer of the in far of hydrosulfite the also America hydrosulfite supplier remind as by as sodium to North largest Just the South far sodium
hydrosulfide XX has XXXX with we've and difficulties make of the in will of turn, refineries, that our issues operating segment take and which around host to margins recent we have in supply averaged sulfur This contribution the for of kind by worst issues where sell. $XX driven host the for be one we, years years memory the strictly handle a number facilities at sodium contribution the business, financial it. and owned from has million in this for is that
we operating refineries. as as We everything We to make. much to due make can just been at host sell able haven't we can sell can various issues our
market-leading Our million the business $XX its XXXX reduction this and around in million a around average. reflects $XX from guidance contribution XXXX of historical from from
can back we next and We several business years. trend are address the supply doing on this that over to we issues, our everything we can average believe get
Our fundamentals meet to remain demand or market steady. continue expectations Marine as and to Transportation continues exceed segment conditions
our for shortage near or Act classes at large by Jones utilization operate XXX% driven to tonnage. continue in continued all We of part of vessels,
ongoing Act vessels, longer-term be to day new continues exceeding contracted and of during steady soon of lack demand, retirements hopefully with we ownership our our across rates and to This Marine supply spot older and combined Jones drive levels fleet of the highest rates seen have approaching business. the
year the XXXX, and recently have American we'll begin late immediately three contract into we that half the contract As its entered we the our following since we term the with Genesis earnings purchased Phoenix for on a American day The mid-January provide Phoenix in current XXXX. creditworthy and contract we vessel new with mentioned through first will release, rate counterparty. a new received highest ever in runs a
Act contract over looking Gulf the is broader West Coast. move from of Coast potential into today East indicative or the market along refined This the and crude customers new adequate multiple vessels Coast, to products oil the Jones Coast, years for and Heartland and to multiple secure tonnage Gulf to with
makes We provide of profile industry should to fundamentals the opportunities and portions and favorable believe with sense. larger broader to term the continue blue-water marine earnings from the more transportation foreseeable out for these for our to fleets remain our both can us this future, extent brown it
segment Regardless, few earnings conditions, of contract being our Transportation for to Phoenix middle higher steady with deliver years. up these the market combined the when to next the and set should XXXX and effectively American to Marine
induce to the significant As is early must of transport classes are across the where increase competitor day tonnage rates said innings an all construction of in and cycle meaningfully vessels. upward today new very marine the business we recently, from of
position. our We like
program XX in continue look focused losing XX capital As on completing focus all while on months, next ratio. we the remain to our leverage ahead, not our to we
Genesis mentioned I earlier, story never As brighter. reiterate we'll and long-term the again, has for been
program, generating of our $XXX expect flow million approximately Upon capital after all. to $XXX the growth start per completion we $XXX maybe of year current million, cash
I accelerated potentially to on and XXXX. cash balance while into earlier, flexibility after with sheet. This Let everyone as financial as in maintaining and me starting increasing repeat capital our our structure, for provide well mentioned our all opportunity late XXXX value deliver simplifying obligations strengthening will us ample
details quarter on like again that would to to review highlights supplement time. everyone extent earnings the to from I presentation second and earnings you that listening have our to call key encourage this website takeaways our our the
Finally, the are Directors remain I'd and commitment like and the for building Genesis to long-term all in to say team we Board we value moving making this reflect commitment confidence that forward. believe decisions the of our our management stakeholders, of and our steadfast in
one like recognize work unwavering responsible efforts for and with I'd associated and every to you. to I'm commitment be and operations. each once again And proud individual of our their to extremely safe entire
back With I'll that, moderator turn to it for questions. the
