Revenue during the quarter dropped 9.06 percent to $2,189 million from $2,407 million in the previous year period. Gross margin for the quarter expanded 5 basis points over the previous year period to 15.26 percent. Total expenses were 91.27 percent of quarterly revenues, down from 96.09 percent for the same period last year. This has led to an improvement of 482 basis points in operating margin to 8.73 percent.

Operating income for the quarter was $191 million, compared with $94 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $312 million compared with $289 million in the prior year period. At the same time, adjusted EBITDA margin improved 225 basis points in the quarter to 14.25 percent from 12.01 percent in the last year period.

"Our year-to-date financial results represent an approximate 10 percent increase in earnings and distributable cash flow, including an approximate 25 percent increase in blue bar results, despite a very challenging macro environment," said Michael J. Hennigan, president and chief executive officer. "Despite the loss of red bar opportunities, our latest expansion projects in the Permian and Marcellus basins generate sustainable cash flow that more than offset a reduction in market-related earnings. We believe we can continue to differentiate ourselves by growing earnings in any market."