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Data source: Energy Transfer.
Earnings dipped during the fourth quarter, pulling down full-year results. Overall, adjusted EBITDA slumped 5.5% in 2020, while DCF declined by 8.1%. That weakness forced the master limited partnership (MLP) to reduce its distribution, freeing up the associated cash flow to finance expansion projects and reduce debt.
While the company s diversification and relatively stable business model helped cushion the blow during the fourth quarter, several of its business segments were under pressure during the period:
Data source: Energy Transfer.
Energy Transfer s crude-oil transportation and services business was the biggest weak spot. Earnings slumped 23.5% during the period. The primary issue was lower volume on its Texas and Bakken pipeline systems. Also, due to lower oil prices, the company didn t make as much money on the spread between the price it could buy oil in production basins and sell it into market centers.
Operator
Good day and welcome to the USA Compression Partners First Quarter Earnings Conference Call. Today s conference is being recorded.
At this time, I would like to turn the presentation over to Mr. Chris Porter. Please go ahead, sir.
Christopher W. Porter
Vice President, General Counsel and Secretary
Good morning everyone and thank you for joining us. This morning, we released our financial results for the quarter ended December 31, 2020. You can find our earnings release as well as recording of this call in the Investor Relations section of our website at usacompression.com. The recording will be available through February 26, 2021. During this call, our management will discuss certain non-GAAP measures. You will find definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures in the earnings release. As a reminder, our conference call will include forward-looking statements. These statements include projections and expectations of o
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