During our discussion, we'll use various non-GAAP measures, which are reconciled to the nearest GAAP measures in schedules provided on our website. We ask that you review that information as well.
Also with the closing in March 2012, the acquisition of the remaining two-thirds interest in DCP Southeast Texas Holdings GP or Southeast Texas from DCP Midstream LLC and in accordance with accounting treatment for entities under current control, our results include the historical results of Southeast Texas for all periods presented. For comparison purposes, we have also included our 2011 historical results as reported in 2011 prior to the transaction, which will be the emphasis of our discussion today.
And now, I will turn it over to Mark Borer. Mark?
Mark A. BorerThanks, Jonni. Good morning everyone and thanks for joining us today for a discussion of our second quarter results. As you saw in our press release last evening, we reported second quarter results which were in line with our 2012 DCF guidance, excluding a non-cash lower cost or market inventory adjustment in our wholesale propane business.We raised our distribution again this quarter, representing a 1.5% sequential quarterly increase, in line with our forecast of 6% to 8% distribution growth in 2012. This distribution increase reflects our confidence in the future cash flows from our visible growth despite the recent weakness in the NGL market. Our distribution coverage ratio for the trailing 12 months is approximately 1.0 times adjusted for the timing of the actual distributions paid. Although this coverage is a little lower than our target range of 1.1 to 1.2, this ratio includes the non-cash lower cost or market inventory adjustment and reflects the financing lead time impact of ongoing organic growth projects, such as Eagle Plant and Keathley Canyon.We continue to execute on our growth objectives with an eye toward increasing our asset and business diversity as well as our fee-based margins. To this end, we completed a previously announced dropdown by our general partner of the interest in the Mont Belvieu fractionators as well as a smaller but strategic acquisition of the Crossroads system in East Texas from Penn Virginia, which I'll discuss a little later.
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