to the to morning call. thank you everyone, Good Dwayne. Thanks, and for listening
to realized we most I'm running in from complete a XXXX be time this year starting change reiterate we morning, sustaining here excess be capital in our to of to when cash program, earnings cost in operations to major move in away and, cash as expected current thesis. position generate we closer As closer have a segment will always in the release today our our importantly, short accelerating and of and half central from in this the be point and 'XX. into step notable margin a of we my confidence businesses, XXXX back a mentioned spending transition inflection the
be reasonably we Having did not has as said that, XXXX it expect turned certainly to to challenging out as be.
the our items been year X has in of below has believe the impacted a our majority Genesis first outside has our and expectations, this the of year performance quarters factors other original we financial what well been of onetime of While result control.
most a will challenges expect leading by these operating be remedied we of Importantly, forward. moving more hopefully constructive environment year-end, to
opportunities challenges. in number and any evaluating near-term to efficiency cost-cutting these help a are, We of offset event,
coming months the in flow We available quarters stakeholders our years alignment our in maximizing taking full and come. commitment the representative to our also to with actions cash believe are are only will we continue not of and the to take reflect but
segment. our resulting scheduled steady our certain existing a from performance Onshore issues Transportation our driven as improving a growth improvement of meaningful segments sequential XXXX of over steady well midyear to getting as market and segment, docks us, offshore We Marine to our at of the the operational by improving dry believe behind fewer fundamentals fields contracted will deliver the performance number technical for from offshore in financial Facilities certain developments XXXX in startup and
XXXX. Soda our As see continuing into certain do and Services we sit here in challenges today, businesses we Sulfur
least to expect headwinds, better soda Granger early which consistently prices we likely will year. next seeing at of operations are pressure the more achieve ash macroeconomic Westvaco at year, efficient in and we and part While next
our the side competitive host are in largest have pressures our on business, from Chinese production In have refinery and we challenges at America. continued Sulfur to flake South facing Services
We would a expect we when February. idea have for outlook on these to items or detail XXXX next discuss in more better our January
growth turn and capital year, continue these giving cash However, even in us spending, challenges, flow become will, limited positive begin growth flexibility combined on we earnest. in with fact, over capital XXXX allocation EBITDA believe we with focusing the expect to corner in When XXXX. we next the to adjusted in
we combination to from improvement a volumes drive and offshore infrastructure, towards and results. when, will Onshore return more a which normalized of increasing beyond setting if, If price all increasing ash is XXXX, a segments, our Marine Transportation marginal our environment, combine soda believe across only we of not matter look the a Facilities
not Importantly, adjusted over near the in the and essence, because no term, higher believe the for have the growth next we EBITDA meaningful committed have remain to pursuing future. projects laid any for meaningfully sustainable years, and we few we foreseeable growth identified projects foundation in capital
cash We capital financial pull continue cash our affording capital actions flexibility high-cost and value. a cost to strengthen we of and These can future will to to paying long-term by in reduce our believe simplify in preferred to unitholder position time the running and and structure flow we be down excess should, convertible levers of our and and partnership over terms. flexibility us more absolute annual liquidity, utilize has adequate lower even the our in our maximize cost debt ultimately turn, businesses, redeeming
we circumstances, able in the unforeseen for value coming everyone confident create be long-term foundation the capital absent structure years. in the remain summary, to In have to we laid
segments. briefly individual Now business I'll on touch our
negatively for volumes a versus infer, the as earnings downstream higher-margin as couple once and multiple via in alternative our and are the as both Offshore segment handle just oil mentioned we As well touch at might operational gas lingering fields which, molecules release, times you where our continued to transportation. transportation, be we our gathering the technical volume of issues large affected downstream where can by
world-class and of multiple dropping its occur reservoirs, all control involved technical fields and In of on Gulf of never feet on whether umbilical of years operators lines multiple a the across addressed; Mexico string able have hydrocarbon-bearing of almost top deepwater XX failure in a failure to needing string a casing issues operating remotely twin production failure right screen, tubing joint a get a a water; allowing another, the in not off of a it the in being of I focusing to with seen lines activated one the separation X,XXX and be on completion the of and in of up. flow completion; the inflows the water well a string sleeve production well, choke XX,XXX-foot multi-zone tubing sanded or be to preemptively flow to
affected rare to unexpected turn, negatively Needless our say, customers this which, obviously financial of number year. producer has and items, recently unfortunate, in performance have experienced our a
the line. While necessary challenges and the the the we recent the expected complete the Mexico in Gulf the had caused providers weather repairs operators has delays of originally third to site to original repairs time equipment appropriate on quarter, on necessary getting the service various during complete in
the told effective production now said, not to seen are we completed being complete expected until of restored to mitigation year. portion have being but be date end repairs small That the a of are the
on fourth our result, a negative quarter have these impact will interruptions a As results. also
year. reiterated each certainly impacts producer expect year end long-term reservoirs these by no early with to or In underlying by of the volumes our effective to conversations operators, the expect the and have next they see return the negative
of benefit from ultimately go away. these the us recognition We will through a just volumes will offshore to our infrastructure. economic the little It to the It benefit be right. shifting moving doesn't
excited of the with the executives whether can X weeks Given around at the Gulf Mexico. to Mexico. identified more remedy expectations their their personally infrastructure, as X leases future their But or possible. confident for of meet in about exploratory projects; mechanical additional of those developments the have with the the key existing them shipper working or some importantly, most valid customers remain as opportunity the recent infill go well opportunity; I volumes they of these already challenges, diligently very lost as for issues I senior existing potential our relay opportunities newly Gulf are and subsea the of sanctioned to that as quickly under in last all producer over took
expansion by on Our complete to schedule, continue project offshore end the we expect work year. to and construction remains of the the of most
production remain the the such capacity expect barrels begin sink second system once connection XXX,XXX quarter Both the on We to Gulf to in their final at the Mexico, per with first online the XXXX. day be floating the of and and to Shenandoah of almost XXXX. arrives production location in it completed developments be in Salamanca incremental work its finalize handling pipeline expected of to of new new of oil schedule the quarter and Shenandoah of combined
the Similarly, continue and internal sooner. other respective their at perhaps developments, the to of producing our higher anticipate recent within very each they initial to their of if expectations than even project. new quickly not these sanctioned months production, reach of expect cases, up to to X when dates In operators ramp than materially X we take-or-pay original both or rates production higher first levels
to tieback could facilities subsea X are increase sustain as which to floating host cash serve flows and for or future the us into for also years years future. additional production these These expected new or platforms developments opportunities,
In sink that to incremental pipeline. other announced addition we last and/or is the to quarter, utilize discussions lateral producers a in on Shenandoah with we to the capacity subsea the on the CHOPS Monument Field, tieback prebuilt active which remain
Importantly, around secondary production few not development certainly the incremental turn part infield would year and capital early could recovery next any as the to and subsea our over next additional on these connection or years. ongoing as opportunities require discussions of
Act and ruling XXXX. protected National judicial could District Fisheries wanted thus take parties Mexico. issued comment from requirements Gulf BiOp, Opinion, risk put meet in XXXX such that to the also events BiOp or liability issued certain certain not December order an to could have the I the of moment and In mid-August, recent Endangered of as of judge Maryland activities XXXX vacate by species at for the found stemming permits did a surrounding Species the to invalidated Service. Marine on harm XX, existing Biological the a theoretically BiOp This
this and XX, extended cater community October the upstream Fisheries compliant the the of May new date. to Furthermore, expected, the [ XXXX was same district Marine on court. we judge in National ] publicly as a committed date XX, with XXXX, champion the BiOp dealing the fully the has in with BiOp issue matter forward, Fast to XXXX. of And Maryland this before Service
and we will the continue our producer risks In any the waters not matter, of the future the the will we be BiOp with which monitoring confident this While we surrounding situation. continue anticipate compliant to we do fully and we new in that environment will operate end, together. be customers once and be to stewards in remain constantly issued
Turning now to Services segment. and Soda our Sulfur
business higher maintenance Our to underperformed quarter significantly as we spending ash production at expectations experience and soda facility. during continue challenges Westvaco our production the our
further a the production root causes performance months never largest first soda to of to commitment to as operating team responsible such the cost initiatives future maintenance Alkali to while operations. measures to our cost reduce over us compromising focused new and the As leadership and and of our streamline of the our in X position the implementing result identifying and and is producer operating safe keenly challenges, allow the and America's lowest of proactive lower mitigate year, on our spending our maintain operations ash cost
on term, near we must the In focus cost.
a the China better soda market pretty increased. recently last both for levels the quarter, lack sloppy. of inventory description, export and of ash out has, of since availability Chinese Just gotten exports domestic have for
XXXX. In in September the of were since exports fact, July China highest from
Baron The softening increase been the such development demand Mongolia within as availability China, inventory exports. have to and There totally indications by in must that are increased recent supply of appears natural in evidenced be soda until consumed recently. at least of from domestic Chinese
monetary in will these policies policy take stimulate are, economy, encouraged but rumored designed effective. additional the fiscal to the Chinese by become and We changes however, time recent to
to the availability increased In of customers of lower China expect export meantime, prices. apparent ash soda out is the our leading
were would into sequentially, we prices second over the last this will the least fact, the balance. this prices quarter quarter up over lower though that expect to were and until up quarter comes fourth global current XXXX, early even see second In until the at in market prices We export of year. first the closer quarter quarter, year, third in softness expect
business, production commodity believe know reminded I'm revenue regard, of to we are Buffett's fixed that, that "In dumbest cost. In we competitor." is some marginal hard at their no than the best, a with the a prices At cost are being it sellers, look of smarter saying lot their marginal offered, Warren to cover contribution seeing your
in behavior run. As all can but economics, in principles sustainable occur is not we the it run, the learned of long this short in
result, we ultimately expect help prices. lead a producer which As to suppliers market production, obviously and tighten the would curtail certain to higher will
in earlier, facilities, cost ELDM and said America's soda optimized are lowest the brine-based world. we are I and Granger the ash As at producer, Westvaco lowest facility, our production facilities our among cost
competitors, term more bring and carry to abroad, balance. higher domestically Our the soda response both market into the needed ash near have cost supply of will load to the
and rather than more further to structure Europe necessary China to our We strengthen if any Regardless we rationally, work of of competitive committed such ash to to act to synthetic timing the business. in rationalizations, remain soda intend to make production were cost sooner our the and advantage. adjustments happen begin diligently producers later high-cost would ultimate and maintain optimize which
that follow. help enhance us prices benefit but ability the balancing only confident sooner commodity in costs the undoubtedly term the market our the evaluating will the inevitable will we regarding from to and steps are and of our not that I'm higher sustainable production will short
Transportation Marine favorable. market with to line expectations Our conditions remain continues operate in as our broader the segment very
to spot of classes remain capacity continue our and not remainder expect near over utilization slightly our and and XXXX. or term rates as operate renew existing rates the for with year if at day charters We all sequentially, of strong, XXX% practical vessels to increased available throughout of the
regulatory in X sequential with for offshore of vessels, for required these our of year, for in we at smaller Importantly, have dry-dockings vessels our to dry-docking available such events, Upon go we X in XXXX. drive we water are to any also on a expect By certainly nearing year of the our fleet. by operating record year-end, expect runway work and work simply day improvement heaviest offshore completion completion our quarter completed of scheduled blue to of X clear XXXX higher rates. more vessels first relative unforeseen and the XXXX almost early to our realized have absent days to next for
the XX% be Transportation segment a be around assets, equipment, to more number These retirements we scenario where relatively of so look year's next be they'll see As or year-over-year, to before higher. could given not significant the sustain need there older fundamentals up a see another for increase the the a result, our likely by by ours, well and reasonably market program. could in is rates into young age Marine and way, future of a than the if XX% not anyone net like newbuild to of years undertake expected day future with
come of in our previous with year to range. expect to we full summary, the EBITDA In below XXXX, unforeseen guidance the in our challenges the adjusted end
than to the negatively in we least at of in the will future while, as arithmetic for lower deal Additionally, a bank-calculated such increase total such with debt-to-EBITDA Xx challenge EBITDA greater affecting our ratio. calculated ratio denominator periods,
take will that in itself care to growing adjusted we debt time of realize as EBITDA pay over down and future However, periods. begin
cash lower running overall This and on at intact, our will flows capital inflection We in have our for unchanged have our we significant value to half past of of and maintain stop value the getting cost the keenly and capital, to our and many to excess mentioned where growth harvesting ability in to and proposition remain Genesis back point sustaining drive least and allow I leverage and remains As start prudent perspective. our structure, reiterate XXXX simplify again, cash spending ahead. will unitholders the opportunistically the flow of capital of us businesses. excess the growing cash cost from the for long-term years focused
management the are the the We and to forward. where say this moving Directors regardless stakeholders value of to to we team confidence you that like making structure. commitment management for Genesis in capital steadfast our building in commitment the our the reflect are of decisions remain all would believe I our Finally, Board team and in long-term
like be once operations. unwavering commitment efforts to and individual to responsible safe I'd every extremely and associated recognize entire one with their again to and you. I for proud our workforce am each of
turn that, I'll the it questions. With back for moderator to
