NGL Energy Partners LP

from this segment occurs in the back half of the fiscal year. With that, I would now like to turn the call over to our CEO, Mike Krimble.

Thanks, Brad. Good afternoon. I have just some brief comments. With respect to the first quarter results, as Brad said, we have exceeded our expectations. Water Solutions experienced a strong quarter, continues to reduce its cost per barrel. We expect strength in the back half of the year from our crude oil logistics segment as volumes on Grand Mesa ramp up. The remaining liquid logistics business generates enough adjusted EBITDA to cover our corporate costs. If our results continue to exceed expectations, we will consider raising guidance at the time of our second quarter earnings call in early November. Now, as you can see from our first quarter actions, we are exercising an opportunistic strategy with regards to the use of our free cash flow. Cash is being used to purchase, repay debt and equity that provides the highest return and greatest benefit to the partnership while considering liquidity and leverage. These opportunities may change as the markets continue to move. So first, during the quarter, we purchased 19 million of our outstanding 2032 notes at a discount as our bond prices temporarily declined due to the tariff announcement in early April. We paid off 72 million of debt that was outstanding on our ABL at March 31st. We then repurchased 70,000 units, or approximately 12% of our outstanding Class D preferred units. The successful refinancing in February last year and the full payment of the preferred A rearages allows us to purchase any of our preferred classes, B, C and D in the open market or call them at our discretion. We have a couple of years to redeem the Class D preferred, so we are beginning that process now and anticipate additional purchases this fiscal year. And finally, under the board authorized common unit repurchase plan, we have purchased a total of approximately 4.7 million common units at an average price of $4.30 per unit. This represents approximately .5% of the outstanding common units. So in conclusion, as we move forward, the balance sheet remains a priority, but we are very focused on growing our adjusted EBITDA as it reduces leverage and provides additional cash for the balance sheet improvement. And so with that, Operator, let's open up the line for Q&A.

Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Your first question for today is from Tariq Hamid with JP Morgan.