If you'd like a copy of the earnings release associated with this call, please download it from our website at www.bwpmlp.com.

Following our prepared remarks this morning, we will turn the call over for your questions. We would like to remind you that this conference call will include the use of statements that are forward-looking in nature. Statements in this earnings call related to matters that are not historical facts are forward-looking statements. These statements are based on management's recent assumptions using currently available information and expectations. Actual results achieved by the company may differ materially from those projected in any forward-looking statement. The company expressly disclaims any obligation to update or revise any forward-looking statements made during this call. I'd also like to remind you that during this call today, we may discuss certain non-GAAP financial measures, such as EBITDA and distributable cash flow. With regard to such financial measures, please refer to our earnings release for a reconciliation to the most comparable GAAP measures.

Now I'd like to turn the call over to Mr. Stan Horton.

Stanley C. Horton

Thank you, Allison. Good morning. I hope you've had a chance to review the earnings press release that we issued this morning. We also announced a quarterly distribution of $0.5325 per unit, or $2.13 annualized. The distribution this quarter is unchanged from the amount paid last quarter.

Over the past several quarters, we've been increasing our distribution per unit by a relatively modest $0.0025 per unit, or approximately 2% on an annualized basis.

As you can see from our earnings release, earnings for the quarter were positive. So let me give you some background as to why we made the decision to maintain the distribution rate at the $0.5325 per unit this quarter.

As you are well aware, new shale gas basins have developed and are continuing to develop in areas not traditionally associated with natural gas production. Over the past several years, the industry has constructed significant new pipeline infrastructure to provide transportation from these natural gas basins to market. These developments have caused changes in natural gas transportation dynamics and have increased the overall amount of transportation capacity.

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