Revenue during the quarter went up marginally by 1.24 percent to $1,652.30 million from $1,632.10 million in the previous year period. Gross margin for the quarter contracted 272 basis points over the previous year period to 26 percent. Total expenses were 96.88 percent of quarterly revenues, up from 92.94 percent for the same period last year. That has resulted in a contraction of 394 basis points in operating margin to 3.12 percent.

Operating income for the quarter was $51.60 million, compared with $115.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $245.30 million compared with $311.30 million in the prior year period. At the same time, adjusted EBITDA margin contracted 423 basis points in the quarter to 14.85 percent from 19.07 percent in the last year period.

“We continue to see strong results for our businesses in the Permian and are encouraged with operational performance across the company. The third quarter drop in LPG export volumes has been more than offset by recent export activity, and we now expect to exceed our full year guidance for average export volumes,” said Joe Bob Perkins, Chief Executive Officer of the Company. “With this performance, coupled with the receipt of the first annual payment related to the crude and condensate splitter, Adjusted EBITDA for the fourth quarter will likely be the highest of the year. We expect fourth quarter dividend coverage approaching 1.2 times and full year coverage consistent with our guidance of slightly above 1.0 times. Looking forward, our Field Gathering and Processing volumes should grow with improving prices, and our Downstream businesses will benefit from similar trends.”