good Quarter and XXXX and Energy to operator, Fourth Transfer Earnings you, afternoon, welcome everyone, the Thank Call.
to team I'm McCrea also are management prepared and Mackie your here who other members after joined of the remarks. today our help answer by questions senior
as saw well press afternoon the to posted you we issued slides Hopefully, this our earlier release as the website.
based be the upon the meaning These XXE of Securities As well Act within statements current as a of our statements are reminder, beliefs as making forward-looking available and information for us assumptions December we expect XX. XXXX. Exchange in discussed more will of year certain this full in currently XX, XX-K to Form file and which we February to are our XXXX, ended details Friday, the Section
EBITDA refer distributable both measures. also or DCF, non-GAAP adjusted which I'll flow, to of cash are financial and And
measures of a reconciliation You'll our find our non-GAAP website. on
results. Let's our over financial start by today going
XXXX, our billion. for after all acquired assets XXXX, is [indiscernible], of to of across moved of the For on of legacy record in DCF included EBITDA flow record including distributions year volumes attributable we Transfer, the Operationally, the adjusted contributions over year cash from excess a resulted volumes record. is adjusted as X% we and $X.X Energy up full partnership approximately generated ended our which which which before segments assets partners billion, in $XX.X XXXX XXXX.
of a total Hook our amount out exported in and we terminals record addition, In Marcus NGLs Nederland XXXX. of
billion In pipelines as across volumes flow which had the distributions to as partners $X.X $XXX fourth record billion ET, through volumes operations, of generated excess billion our EBITDA cash million. XXXX. of resulted $X.X for to of of adjusted, included our the attributable compared $X.X we 'XX, For of we midstream our crude DCF billion after compared fractionators our was to the XXXX. and This NGL strong base for business, fourth in $X quarter well and adjusted as oil segments. the fourth performances quarter record quarter in of approximately
continued we of of unit XX, the rating quarter Fitch XXXX, that Transfer's in emphasis announced placed to we [indiscernible] a BBB Energy increase see the an or improving distribution an upgraded X.X% January has our Standard year, On leverage reducing third-party acknowledgment low our credit growth unsecured of of quarterly balancing with end per senior to the XXXX. by pleased outlook. cash have in on stable was meaningful progress annualized Poor's from rating And were senior [indiscernible] with & to basis. our towards reaching $X.XX sheet Energy represents fourth leverage. reiterates This range. also Transfer's paid outlook. unsecured stable Last made common a This week, BBB a and And we on upgraded balance distribution we while last credit
our lower now agencies' year the our our X% target X.X% half on full and for to are of forma pro Based ratios leverage of acquisitions, methodologies in calculations range. of the rating
the XXXX, $X.XX revolving our liquidity total XX, December facilities available approximately was of As billion. under credit
primarily Compression XXXX, of segments, on quarter products excluding growth CapEx. we refined year NGL spent approximately we full and fourth approximately and $XXX the growth And $X.X capital. During million for on organic organic XXXX, capital, SUN and the USA spent billion Midstream in
the notes of we purposes. January refinance of most and of junior $XXX notes partnership million a proceeds general timing to recent due used and guidance approximately relative and to aggregate reduction principal issued XXXX for of result XXXX existing In deferring from XXXX, is project needs. in amount billion $X to The senior our capital indebtedness in-service $XXX million subordinated into
preferred of this units by units. our were and preferred our In to redemption E February proceeds we Series expect May Series on all XXXX. of redeem D redeem We outstanding to Series completed all and of addition, used outstanding X, C
primarily Nederland turning refined to our This terminal million quarter transportation as East the to compared Now per per Terminal by Adjusted same to volumes I'll System. $X NGL primarily for our increased quarter. period day and as our products. increase performances operations transportation, was NGL expenses. XX% higher results to on NGL Pipeline last fourth from compared day $XXX to well billion as was and This for on the volumes as pipelines EBITDA million Mariner deliver the segment the operating Permian fourth fractionation of into across strong X.X start was lower barrels our with million for due X to XXXX. and due year. region storage, barrels the that well
Average day last year XXXX year. natural XXXX. Total period demand volumes This was and to full a increased barrels by partnership over fractionated the day volumes record X.X XX% of for XX% XX% primarily grew increased fourth compared million liquids. international quarter to over driven per for barrels XXX,XXX the same gas per export NGL
ethane million Hook. and loaded XXXX, of barrels than For more nearly out ethane XX Marcus Nederland we out million of of XX barrels of
continue XX% NGLs XXXX, maintained we export and to than more any approximately market share For worldwide NGL of company other exports.
million regions. to NGL day offset Mid-Continent and and by MMBtus growth day natural last fourth of volumes compared volumes volume the same assets We MMBtus to as for the Crestwood lower addition strong $XXX which period quarter, year. result million $XXX Texas in XXXX. as record existing increased was gas was the The per million EBITDA adjusted Gathered partially from this of gas X% the XX.X of million saw the the customers to quarter midstream, throughput prices. well compared primarily South was For XX.X Permian, for higher per
] and $XXX last LOTUS and was [ segment, primarily as quarter higher crude of of well oil our was $XXX the several For in assets of This year. fourth the volumes Crestwood pipelines, adjusted May terminal to million throughput acquisitions compared to EBITDA of due XXXX. higher million on the as the for November
pipelines XX% This EBITDA of systems volumes result Crestwood LOTUS compared X.X per fourth well and for increased record crude crude transportation higher barrels additions X%, of day the oil Bridge and day transportation volumes XX% a the and respectively, million the oil on X.X a adjusted volumes as the of period which to to acquisitions XXXX. have and LOTUS Texas Crestwood. Bakken and as and compared barrels our pipeline was oil gathering million Crude last Bayou per to increased Without quarter same the increased of volumes, year. still
Run the in as December EBITDA In increase several of higher well primarily the contracted into of XXXX. our adjusted quarter last volumes was This and venture wholly to placing and pipeline was as many service $XXX of our XXXX year Interstate compared segment, for million Gulf to fourth $XXX million Rover interstate on our over of Transwestern, joint pipeline service due owned Volumes to Run placed the Gulf the including as well utilization into same pipelines, increased period Trunkline. being X% as on pipelines. higher due
Zone Gulf continue X maximizing pipeline capacity also Trunk on We are and deliveries Line our utilize we to from into Run, X. fully Zone
phase transportation Coast continues to Louisiana Our gas team next based work from the to facilitate of potential demand. upon the capacity Gulf a natural Northern of customer to expansion on the
were pipelines segment, the operating optimization by from quarter $XXX adjusted on intrastate more well million was year. expenses than Benefits last lower fourth decreases compared of as our EBITDA for contracts as And several from for $XXX lower opportunities. new offset Texas our million to of
us we our Now the with allow footprint. XXXX. combination opportunities synergies additional our is of complementary synergies. $XX $XX going customers million we in Equity will approximately turning pursue of provide to We assets This benefits financial reliable these to and Crestwood expect before acquisition utilizing very our as services XXXX any been additional November million improved The connectivity which for completed operations XXXX. flexibility, to to and commercial now anticipated Partners, of of from by in generate competitive or annual has Integration combined well. cost continue commercial of expanded
We given profitability and of the of the our assets. that pipeline Coast. New expected gathering into of working West number and capabilities solutions. to to efficiencies move in for These of utilizing are more by capacity the and synergies newly Texas combined a the operational and We're West include improving Mexico water are pipeline optimizing processing increasing with producers opportunities enhance also synergies looking the process in barrels as our systems NGL our Texas identifying our of utilization Basin acquired out spare and system operational commercial Crestwood additional evaluating well and provide Gulf plants to the as capacity Bakken to Delaware at transport
And Northeast, we Mariner in transported previously transition by pipeline truck LPG products options system. evaluating our are into East to the
to the construction terminals export U.S. expansion piles our based the export continue expect to to NGL projects customers. turning starting on expansion and Now customer To and is us of flexibility end be we our from the both well finished demand this our demand. at in from with demand, from and upon various driving expected growth terminals, to as by benefit products month. capacity is This underway increased address the to NGL give international the load Marcus our Nederland as to Nederland
expect service in project We continue in the to mid-XXXX. be to
new ability increase double ships will capacity. on storage This time. propane which to Nederland, storage our further customer increase our at capacity building keep will are refrigerated our and we by will addition, XX% In storage loaded butane
X from from Mont X Belvieu closed Belvieu to Mont recently Channel. of the we and to our Also, on the terminal X Ship Nederland acquisition pipelines,
and on in in near have from to will We which to high Belvieu demand, needed pipeline for to XX,XXX future, will transportation expect have day. at barrels commitments to in on least Mont that extends the per Mont both Belvieu much Nederland provide transportation This domestically. capacity the international to products provide are multiple potentially flow products for the pipeline And several Houston. we the discussions ability
have ethane would and of capacity. Marcus that at project on commenced add storage the our we incremental an first Hook And terminal, optimization construction phase refrigeration
to have and several existing a capacity day million West compared Texas favorable per regions cubic total, we addition, we XXX building to processing processing our million of processing begun at feet at feet our XXX approximately XXX In opportunities processing cubic cryogenic South plants. per capacity to expanding cost at capital see when million of our add plant. day In new
or for crude offtake offshore from In Heads a [indiscernible] Agreement, Energy's with proposed of our XXXX, project. November HOA, announced [indiscernible] we
loading that in VLCCs Additional execution the underutilized customers value fully and with reduced of the risk project, and comes repurposing engaged assets. interested remain existing very recognizing our
Next, update Charles Lake project. on for LNG an our
studies you the similar Biden on LNG while approval by of on interest. local projects. exports imposed on based recently impact conducted facilities communities. As gas whether a Biden studies prices administration and are results the in the Energy, DOE export natural that studies these DOE determine on public would and are climate of focus studies, exports LNG conduct cumulative change, XXXX subsequently U.S. in the impact exports the of Department most administration the stated The to these LNG LNG moratorium the of approved aware, of on most The the LNG DOE of recently several the
export Lake In coal gas LNG compared won't applied DOE U.S. for export continue exports announced beneficial natural in will light of from requested to it whether uncertainty of studies the recently when low to will in a U.S. conclude be LNG approvals for studies of Charles these interest. be of extremely criteria gas and natural are LNG XXXX, prices completed February power the August to LNG the climate believe currently impacts changed. LNG difficult authorization new public moratorium approving and and the of in XXXX. be the use approval on as the would the export to creates projects The for by new generation, that that
continues project for Lake thankful extremely uncertainties, and of LNG these Charles support is Despite its the to the pursue customers. development of LNG continued the
now on other And for an projects. update
to ammonia On sequestration, loading We're storage at marine on Lake to COX include we services, near of third-party evaluate facilities. the to would ammonia front, Nederland and provide sequestration looking gas Charles property facility and transport ammonia feasibility with to and including working companies opportunity opportunities ammonia transport projects. sites. and several also natural our deepwater transport other to infrastructure supply the blue the and That to are the
And carbon emitters COX are projects evaluating sequestration Texas. on site. would projects West Additionally, working are connect we Louisiana, pipeline and we Texas treating facilities that capture COX in COX to sequestration our processing and to other North plants South and
another to address discuss guidance, wanted topic. our moving Before quickly XXXX to we
Our on pending comment litigation. practice to is not
X including pipeline Transfer Louisiana given like of we However, pipes received context. matter, several the have number that various about a we to Recently, Louisiana, some important would These within about way as well proposed parties XXX and of common of crossing in we other questions own and to approached parties pipe third secure systems segments as operate X proposed provide Energy pipelines, and our parallel long our existing carrier workspaces. crossings of lines. between gathering rights XXX and seeking
these we technical consequence, potential pipes allow requested our and parties evaluate these largely information us issues from pipes, a the proposed requests The certain crossings technical to rejected As feasibility very X existing between they these these their parties to us would and on not. ignored regarding whether on new we crossings or at construction they told agree occasions, request. these making new Instead, a to reasonable or least operations. begin
unfair of but In request At by the to the the the pending our or filing to the an enforce competition to our to that the and in gas of moving in rights our pipeline ability capacity, details expansion pipeline requesting practices point, is legal to prevent Louisiana of evaluate process and enforcing choice, these effort threatening X alleged has these property we had Haynesville practices anticompetitive pipeline that property using in all no Transfer infrastructure from of the crossing. monopolize crossings are block parties stifle technical rights, actions Energy Louisiana. crossings,
We to our These gathering. high-pressure we and state parties this seeking filed forth want on across the District do this in in false. calling skirting on XXXXX opinion, are them we law. to Judicial matter quickly XXnd and To call. lines federal facts DeSoto submission positions not # the regulations state oversight encourage read regulatory litigate pipe, unfounded on statements and to and docket Louisiana, in are diameter which the the the and Parish, you set pipelines earnings our build In end, large these Court by
that bad Energy its faith operate law. property takes property its court rights. to Louisiana However, Energy has legal simply its ETE to single somehow assets seeking that is safely a and in obligations Transfer to seriously under defending we Indeed, in underscore Transfer very rights want found not protect reliably. its acted lawful
any never agree is the others or seeks to federal Energy taken as that condemnation cross rights is unable to accomplish law, under do crossing free of Transfer To so Nonetheless, pipeline just that on the or cannot crossings that to at in cost us, of as has expropriation and pipeline exercise compliance terms to us under it ever and they environmental state applicable. unjustifiably our they reviews. for to lines, not affect create existing additional will must efforts including, us, put adversely us with certificate off satisfy our that our pipelines federal state risk existing in FERC significant build piggyback rules, position some cases,
that We than that appreciate environmental lines opposition. Transfer. to entrenched become have distance particularly build, given X long better No transmission Energy knows difficult increasingly
by embraces clear, this Energy rights competition, but also we been As Transfer have respecting playing and and markets property means rules. the vigorous
XXXX, ] is station our facilities of tanks Hook, from at work products $X.X will expenditures which our [ at Now $XXX midstream billion and between segments. the looking storage to ahead refined expect to export growth increase up capital for capacity capacity guidance, the and primarily from in our million and This inclusive and Marcus made organic to NGL NGL crude new deferral billion the $X.X spent oil of Haynesville. XXXX growth connections at new capital the we XXXX, be be expansions optimization Permian, pipeline in and treating new Nederland, and pumping takeaway capital
improved projects, systems large including work. capital compression as emissions gathering laterals In blocking as compression addition, existing includes processing and this and additions, build-out to number and and reductions efficiencies a of additional capacity tackling plant well pipeline
bring potential hope also a that to to other evaluate continue to FID. We we projects of growth number
expect billion continue rate approximately capital we we look at high-returning run our of be billion. However, to backlog $X to potential our $X growth to long-term annual growth as projects,
we and within and expect $XX.X assets In and growth assets XXXX our to billion. strong EBITDA market to expect turning our billion synergy as market acquired guidance, to of remain provide our flows Now operate opportunities. well stable of will that adjusted ability outlook, through business our adjusted core recently our and to EBITDA given cycles between various $XX.X the XXXX, segments as be cash we utilization provide
Worldwide this generate ourselves demand and and to natural products will for returns to continue services. expansion crude for and continues enhance meet projects price existing our demand strategically by meet that grow, attractive and gas position liquids and asset optimization targeting refined we oil to this demand growing base, our
will prepared position As a us on new the strongest Transfer sheet, result growth This returns financial open this of we first up history, in maintaining the unitholders. our flexibility the with and strengthening continued balance emphasis to in opportunities our our remarks. concludes Operator, reduction, our increasing are for the equity balance allow Energy and question. pursuing rate our leverage targeted distribution please line to growth further
