Thank you, good and Blake, everyone. morning,
higher and barrels other many was expenses adjusted by per fourth XXX,XXX in Williston XXXX record. reported morning, our EBITDA quarter $XX.X the that record of earlier So lower new third of segments combination and Summit a the volumes in average XXXX. relative record was driven quarter quarterly to of Basin, million, of this volumes And day this liquid nearly which a
on common distribution us $XX.X unit million. million, by cover distribution our of quarterly the Xx of for totaled coverage unit quarter to Distributable per and a generated enabled ratio our which based distribution flow cash $X.XXX $XX.X
was XXXX certainly for a Summit overall. for year and challenging really sector So the Midstream
the which XXXX, backdrop completion we in will into America. continue, drilling macro challenging result are to North Looking across think forward activities expecting in further and declines we
which, The currently forward heaving real on the The oil one and is in today's production particularly is prices. oversupply that on heavily is natural warmest situation, and we’ve market we prices. course, had are commodity and gas in impact of that winters having an time is market gas surplus on of the challenged the record witnessing
lower like spectrum, the at lower remain Across expected completion throughout bullish the to prices upstream we expect with completion Longer-term, drop even XXXX and they levels depressed activity. rig gas, respond counts should, and on activities. we will companies deferred drilling prices are are seeing natural but in with we
treadmill coming in to balance. on more and we oil markets bullish the prices Likewise, as are on dependent become accelerates the supply years U.S. shale
However, markets on are rely current is overall believe balance all softening to which OPEC an prices. keeping we surpluses, cuts more in given near-term on lid the demand, continuing to
we sector, with Given market across reduction new connects constraints XXXX. approximately in expectation compared in ongoing as systems well prices upstream gathering the expecting are of capital coupled XXXX oil an to in XX% our
facing. announced constraints the that activity currently do are that guidance commodity levels, certainly XXXX in that the reflects lower are with are we and we our we range the budget customers While disappointed believe morning environment this the
believe which this highly our XXXX time our in budgets. and in highest of and well be Many well XXXX plan are on incremental capital at approximately use to in balance and producers for scrutinized, new our system producers. locked fairly typically drilling been capital the The counterparties [indiscernible], to of activities that appears hedged well we completion are our our of the represents are XXXX total connects of XX% has
designed We around the we began wanted to cost a later half would of will and second entire the remind but both flexibility, financial plan impact to plan Board. I in rightsize on organization This of and was increase management sheet, out our express laid initiated the our structure. first, to sincere implementing in investors that provide mitigate overall more like for industry strengthen and to to call headwinds, our balance the detail guidance call, the I senior gratitude our responding my XXXX, these by
hard on work, make these and am the of back to spirit to equity to initiatives $XXX.XX by premium which do the common an by $XX XX% I been of can really transformational able at we DPPO the very today. have million payment exhibited I our sponsor market attitude, progress a partial with that the was number employees, take payment include of extension applaud pleased to a positive the remaining an XXXX roughly and XXXX. our agreement million the from DPPO, These to
next TPG shift to Double to upside annualized the E long-term at X% transactions the investments capital capital retaining a rate the project. while distribution million of financing $XX for Our
quarterly incrementally million XX.X% of cash flow annualized flexibility. to which over per will that we retain and enhance our decision financial unit, to to enable be deleveraging $XX Our by $X.XXX the accelerate will distribution reduce using us to
an and reduce margins, organization million by up we least $XX operating commitment our $XX run [XXXX] expense reducing which Our million, continued to expect will and thereafter. annual of to rate costs enhancing across at
enhanced $XX incremental our $XX as million And expectation threshold for finally, less to in a Double capital related including expenditures, capital now will return represented capital our higher by E and investments XXXX than for million. discipline be
fronts conversations constructive opportunities a our assets. and venture core having and related to are we on legacy within divestitures joint several addition, In
continue would we to disciplined to optimistic and will in increase we in financial evaluate into flexibility. debt opportunities XXXX very patient manner, will are these reduce transactions that significantly we ability a our While accretive enter improve our and that
EBITDA $XXX I XXXX have earlier. in generated EBITDA is of the XXXX, million. shifting levels to $XXX adjusted – the our primarily morning, that million down that to due So XXXX range course, adjusted touched Summit earlier This $XXX which, outlook, on slowdown in back to from upstream of disclosed this is we of million activity guidance of
I'll let Marc segment touch things behind I of the detailed a considerations XXXX kind call, later high in of and the on key to outlook. to speak level our would level like few but some assumptions
previously most our weeks. in topline assumptions recent As been on production the updated latest mentioned, volume which and from and revenue customers, schedules have the are drilling our based forecast of
We compared line are than approximately that XXX XXXX, XXX which brought was wells the were to brought expecting on XXXX. in on in more wells new
the and the and of XXXX The in our new for scheduled recently approximately already as are been this year. XX% queue have completions all been have of in However, been customer have drilled, connections remaining wells by I XX% mentioned, reaffirmed base. permitted
operating which gives we see currently confidence rigs these six have do will us new wells turned we that today, further on Additionally, line.
particularly We of the of of and have initial development rates activities, second amount to discount delays, year. potential production each completions, activity the half a timing customers in for and to risking our This in also plans incorporated address well to those the significant levels. intended is reductions
that the this are and and just level general crude plus warranted given gas oil, unstable natural of customers in market We facing. outlook the many risking prices, constraints certainly capital NGLs is appropriate our of believe
$XXX the plans, their will guidance were customers high our range recently of of us, if believe million. our that to provided which end we latest hit context, provide achieve To we
an comes severe play to we've risking into be reality the range. than end of our substantial the guidance As into already range the of if that example, incorporated proves lower midpoint more
activity online new accommodate to As well second complete we come an half guidance, in the that example, regions the scheduled Marcellus during could in the deferral of a are low year. end on of the Utica and our currently
we it from reflects believe customers, the and commentary we the think do baked our believe range. is unlikely very While plans conservatism outcome that that are we have into we hearing guidance our given we
XXXX of million The XXXX Basin. incorporates million a the EBITDA step-downs, a Piceance, of also lower in MVC $X.X $X decrease contractual to million decrease including million approximately the a in as result and Barnett, guidance in the a decrease in $X.X $X Williston compared
in Finally, by XXXX, million fourth of incorporates associated believe potential we implemented our but the million the we not of rate quarter does achieve late the $XX upside to up with that that cost include savings XXXX. run $XX can outlook were
to we our we be the be I transparent if bright face, remiss didn't am is to critical with spots that with I challenges public I touch about think excited beyond. the of stakeholders on respect would and it While some on XXXX
the markets highlight So having first like diversified really of today, value a ones we model. business choppy are enduring the
are less high volatility particular underpinnings flow mature to wedge much prone of areas production legacy and declining low cash XXXX. throughout PDP MVC in of given levels Our the
continue a roughly combined to to and free $X be Marcellus business generated this Summit $XXX CapEx. A&D Piceance, XXXX. business to option of high deleveraging units These will These We in our also only and our believe of going instrumental our XXXX, we ongoing levels combined in of million cash spent In Barnett, generate represent EBITDA with call process. respect program. for flow is assets million
North relative Williston us annualized and view quarter, which has our in basins, how the when Williston record $XX fourth particularly unit rig Permian. base to production out, belief represented have other business for in held and look the the many the as a the Second, rate certainly throughput We unconventional remains the you steady America proved attractive counts that at most run including strong has by liquids over million. resilient EBITDA generated of
that with with the longer past well inventory economics encouraged Williams trend are to are activities South largely much highly we XX generates well river, we system of see by over area the in many the and the seeing favorably delineated North County, runway. traditional which complete on a months. We are results become drilling has core believe This and the of excited the Central
that growth We have this view and that attractive can believe platform. the on notables the at a given Williston the currently as operating for we we execute leverage existing long-term we on Summit investment engine
ramp complex Summit was a or transformational well additional and customer we on continue XXXX the in volume growth expectations, Permian result gathering slowdown terms the in of excited upstream that course major sector. will in for we to year the beyond which processing results both despite XXXX are over areas two meet bringing XXXX our in systems basin. of in in DJ the Both and the nicely Third, believe and exceed the
will Waha. the out remain at this we capture worthiness the are some Double about We our base. built project being of which takeaway upside and are of project the enthusiastic the to with end ability and shipper gas validates XXXX. the Mexico, addition, thrilled quality nature volumes of believe of In our on partnership the that the of further feed E announce existing high pipelines of We financial natural long-term New in project new the TPG the growing credit to
Additionally, continue we make the great progress on to project.
certificate from ability financing quarter of to costs, the X(c) our will we while to majority institutional milestone receive raise This FERC in facilitate from balance cost capital. to obligations our will E remaining development the the of expect the We projects overall lowering believe away further third shift XXXX. project which sheet Double Summit’s for
while gets and we've generation and firm of believe downside we cash within a we and range this outcomes this quarterly in very more customers market, the are flow often for else, particularly In brush with risk region accounted appropriately painted on anywhere commitments. a handle we really broad Northeast acknowledge productions focused have the XXXX, the so that our the on think our managing than transportation guidance. free Finally, a we is good challenging for
which and drilled necessitate exclusively upstream foundation a the economic either new on is concepts believe has in the most capital. customers wells production from been and are of oftentimes that that provides belief PDP use declines, focuses validated This drilled our our Both of by production offset being converting to flowing plan, been almost we presently. activity the XXXX or DUCs have
creative our to on team enhance while capital spend. system, Additionally, our commercial I'd minimizing like being for to applaud ways
to earlier we new of a site this relatively an agreement pad compared lower the volumes this rest new facilitate the example, half from fee a that For XXXX. with new in earn gathering will customer system. month of Throughput the from second executed four-well will a site pad
will However, the be XXX% incurred a by capital a expenditures of third-party.
out, diligently We but capital and generate of to growth EBITDA expect there customers of over Utica think our work capacity continue period to given at to systems the optimize the fully we the and that work upstream our built are other use in activity of system stimulate so. other existing to with efficient also And on the backbone is a time. will multi-year midstream do ways to peers
is in and I certainly one CapEx items. As controlling are going focus control of mentioned those we to on what earlier, is our
to from Double expenditures capital $XX in range We which includes million million expect XXXX in total to $XX E. investments
guidance that of in excludes $XX E. about Our capital all Double expect we million invest CapEx to XXXX
projects, in new of in account Xx are in construction pad DJ, completing of had vast connections, some There all at of being been Williston multiples. well a will projects and and number looping all and primarily the spend line which majority investment for are substation the developed general new the power sub highly scrutinized, this
me the that, to hand review let our results. with financial over Marc So to call
