Although we believe that the expectations expressed today are reasonable, we can give no assurance that the expectations will prove to be correct. And we caution you that projected performance or distributions may not be achieved.
Factors that could cause actual results to differ materially from their expectations are included in the periodic reports we file with the SEC. We encourage you to carefully review and consider the cautionary statements and other disclosures made in those filings, particularly those under the heading, Risk Factors.
With that, I will turn the call over to Frank Semple, Chairman, President and Chief Executive Officer.
Frank M. SempleGood morning, and thanks to everyone for joining us on the call today. As indicated in our earnings release, we had another solid quarter. We continue to enjoy strong volume growth and performance from our high-quality Midstream assets despite the challenging natural gas liquids pricing environment. Our total year-over-year processed volumes have increased 18%, driven largely by our Liberty operations. We continue to focus on our announced organic growth projects including the expansion of our Liberty segment and the completion of the first phase of our Utica projects, which we expect to drive future cash flow and distribution growth for years to come. We continue to maintain a strong balance sheet and remain well positioned to execute on our development plans going forward. Now during the call today, I'll discuss our financial performance, provide a commercial and operational update, including an update on our Marcellus and Utica growth projects. I'll also discuss the recent press release regarding our new agreement with XTO Energy in the Marcellus and our northeast propane exports. Due to recent NGL market conditions, I'll take a few minutes to also discuss our view of the supply and demand environment for NGLs and their current pricing. And finally, I'll review our balance sheet and discuss our current 2012 DCF forecast and CapEx guidance. As always, we're going to leave time at the end to respond to your questions.
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