Thank you for standing by. My name is Lee, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter 2025 Summit Midstream Corporation Earnings Conference Call. [Operator Instructions] Thank you. I would now like to turn the call over to Randall Burton. Please go ahead.

Thanks, operator, and good morning, everyone. If you don't already have a copy of our earnings release, please visit our website at www.summitmidstream.com, where you'll find it on the homepage, Events and Presentations section or Quarterly Results section. With me today to discuss our first quarter of 2025 financial and operating results is Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, our Chief Financial Officer, along with other members of our senior management team. Before we start, I'd like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy and other plans and objectives for future operations. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct. Please see SMC's annual report on Form 10-K for the fiscal year ended December 31, 2024, which the company filed with the SEC on March 11, 2025, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results. Please also note that on this call, we use the terms EBITDA, adjusted EBITDA, distributable cash flow and free cash flow. These are non-GAAP financial measures, and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release. And with that, I'll turn the call over to Heath.

Thanks, Randall, and good morning, everyone. Thank you for joining us today to discuss our financial and operating results for the first quarter of 2025. We had an active first quarter, both from a corporate and operational perspective, and we remain on track to continue to execute on our strategic objectives for the remainder of the year. Combined with the various strategic activities we implemented in 2024, Summit is positioned with a strong balance sheet to remain resilient despite the latest macro down cycle while opportunistic on the M&A front. In January, we raised $250 million of additional senior secured second lien notes, the proceeds of which were used to repay revolver borrowings and position the company with over $350 million of liquidity. In March, the Board of Directors reinstated a cash dividend on the Series A preferred stock, which is the first step as we continue to work towards the reinstatement of a common dividend in the future. Also in March, we closed on the accretive acquisition of Moonrise Midstream, which further expands our DJ Basin footprint while providing additional operating synergies and capacity to help meet future growth in the basin over the years to come. Operationally, we connected 41 wells during the first quarter, which was in line with expectations, and we continue to have an active customer base with 6 active drilling rigs and over 100 drilled but uncompleted wells currently behind our system. Now obviously, there has been a significant reduction in crude oil prices since we released guidance in 2025 back in early March, and that does have some potential to dampen activity levels in the second half of the year in our crude-oriented Rockies segment. However, the outlook on the natural gas side remains strong, which, from an overall Summit portfolio perspective, has…

Thanks, Heath, and good morning, everyone. Summit reported first quarter adjusted EBITDA of $57.5 million and capital expenditures of $20.6 million, with the majority of the CapEx spend in the Rockies and Mid-Con segments associated with pad connections and the previously announced optimization project in the Rockies. With respect to SMC's balance sheet, we had net debt of approximately $959 million, and our available borrowing capacity at the end of the first quarter totaled approximately $354 million, which included $1 million of undrawn letters of credit. Now moving on to the segments. The Rockies segment, which is inclusive of our DJ and Williston Basin systems, generated adjusted EBITDA of $24.9 million, an increase of $1.6 million from the fourth quarter, primarily due to an 8.8% increase in liquids volume throughput, higher freshwater sales and the acquisition of Moonrise Midstream in the DJ Basin on March 10, 2025. This was partially offset by a 1.5% decrease in natural gas volume throughput. Liquids volumes averaged 74,000 barrels a day, an increase of 6,000 barrels a day relative to the fourth quarter, primarily due to 17 new wells connected to the system late in the fourth quarter of 2024, 8 new wells connected to the system during the quarter and a partial month contribution from Moonrise Midstream. Natural gas volumes averaged 129 million cubic feet per day, a decrease of 2 million cubic feet per day relative to the fourth quarter, primarily due to natural production declines from wells brought online during the second half of 2024 behind our DJ Basin system, partially offset by 22 new wells connected during the quarter and partial month contribution of Moonrise Midstream. The Rockies segment currently has 4 rigs running behind the systems, including 3 in the Williston and 1 in the DJ and more than…

Thank you, Bill. In conclusion, Summit is well positioned with a strong balance sheet and active customer base to navigate the current market environment and capitalize on growth opportunities. We will continue to focus on executing our strategic initiatives, maintaining financial discipline and delivering value to our shareholders. We thank you for your continued support and confidence in Summit, and I look forward to updating you on our progress in the coming quarters ahead. And with that, operator, I'd like to open up the call for questions.

[Operator Instructions] There are no questions at this time. This concludes today's conference call. You may now disconnect.