good Thanks, and everyone. John, afternoon,
our good to As John and and to described, are support while we the to of strategy, we executing in Hess' deliver our continuing ongoing consistent shareholders. of are excited return development in strategy Bakken accelerated capital progress our on making
greater our XXXX. executed every record consistent coverage XX Over including than in of billion second $X annual distribution increases X.Xx, we months, the and our per distribution share expected our XXXX. announced share growing X.X% at quarter separate past least greater IPO level growing have in quarter distribution excess distribution track our X A in announced through continued accretive than X.Xx our coverage since in X% We buyback, share with annual distribution with recently Class targeted growth XXXX, to XXXX quarterly, distribution of
as execute the XXXX, strategy over we clear by Based organic above second throughput, addition adjusted our of to we pass-through expected gathering MVCs years visibility to growth of excluding a EBITDA. to XX% revenues, expect We of at XXXX, by by have set growth to affiliate expected have to recent increasing our in XX% the of volumes expected our half approximately the in of revenue to MVCs processing relative our XX% the XXXX supported fourth at end as rig. approximately operating visibility grow Hess' are Hess' growth, financial coming revenues comprise and followed EBITDA XXXX in underpinned XXXX continued and continue on MVCs adjusted MVCs. gas total and by XXXX our nomination XXXX revenues, part Gas of emphasizing
with to optimization, expected Looking XXXX, remain and Hess' XXXX to through development activity deliver of tightly phase connects with build-out system capital aligned are forward, annual stable plan. to compression, expenditures this relative on plan focused growth well
adjusted As allowing and free capital continued a with financial incremental to strategy. financial flexibility, cash CapEx, and for return result, sufficient of our growing support adjusted with shareholders, EBITDA stable we growing growing to expect consistent distribution our flow
to results. Turning our
$XXX net for by change primarily Adjusted For gathering million, excluding million to MVC million, adjusted activities primarily lower quarter. revenue driven and above by approximately guidance and compared attributable an was revenues revenue offset first million. EBITDA primarily Total $X for processing to approximately partially the G&A levels, of in was the of Total million, certain to $X The relative million $XXX by increased quarter of for second increase the was our quarter, $X in quarter. costs increased $X and earnings, share infrastructure activity million to LMX approximately approximately and follows: Higher net $X to our resulting revenues, second for proportional segment of cost of the an first as of EBITDA million pass-through third second to revenues, pass-through deferral $XXX as approximately following: in operating higher first quarter. on expenses, increase by million million, in quarter income follows: the EBITDA $XXX in depreciation the quarter resulting $XXX of compared expanding of gathering the and of maintenance million amortization, excluding $XXX $X million, our maintenance the due adjusted approximately
adjusted gross is the operating our quarter EBITDA for Our than XX%, leverage. greater second margin continued strong highlighting
million decline of finance XXXX, covering $X completion result end representing expenditures for to adjusted our $X million. the cash of interest, year-end, were unit quarter expect of $XXX target quarter The billion, million, adjusted approximately in debt target our maintenance our on flow Xx for approximately approximately providing quarter, was the incremental of $XX EBITDA $XXX capital flow million. flexibility capital approximately leverage return expenditures we free capital EBITDA and net second approximately shareholders. XX-month to million. in a At in second were approximately resulting of amortization quarter And by Expansion costs, recent cash Second and leverage to excluding adjusted X.Xx. X.Xx distribution was deferred was the distributable following this was By $XX basis. the trailing return below that approximately repurchase,
Turning guidance. to
to billion. and We EBITDA cash adjusted million which million. $XXX previously generate full announced expected capital the year total of million million, expenditures our at for expect $XXX $XXX of net are XXXX, $XXX With midpoint free flow million to $X we $XXX income of we to guidance reaffirming of expect adjusted
of half, guidance, implied to through our by supported be year. adjusted MVCs the the second in the higher As generally the anticipate in year first we to increasing relative EBITDA half
activities second quarter flat MVCs are revenues We offset second higher the higher operating maintenance quarter. were results increasing driven including costs, deferred EBITDA adjusted approximately from expect third by to as relative quarter be seasonal that by to
net to to approximately For expect million the XXXX, million $XXX we to EBITDA third $XXX of income approximately million. adjusted to million, be and quarter $XXX be $XXX
OpEx. of of In higher pleased to we coverage closing, In distributable financial excluding approximately relative look activity, adjusted with happy lower expected million, and to EBITDA are flow very Third capital interest, strategy concludes continued expect expected call the making we focus to a return million the net a of quarter expenditures business MVCs our costs on capital. unique in finance trajectory answer maintenance X.Xx. are approximately distribution in quarter, financial $XX progress growth quarter we visible deferred $XXX midpoint delivering forward in operational of cash with and to to and that turn will any maintenance consistent of the my expected fourth be at be differentiated and our seasonal over resulting now and on the underpins metrics million, and amortization This We'll our operator. I $XXX growth approximately third on range the remarks. the ongoing questions. the to