The partnership has a stated financial policy to maintain leverage in the 2.75x-3.25x range, which is among the lowest leverage targets among large midstream companies. Through 2024, we expect the partnership to maintain leverage of about 3.0x and distribution coverage of greater than 1.6x. The partnership has a manageable debt maturity schedule, with $850 million of unsecured debt maturing in 2024 and $1.15 billion in 2025, as of Sept. 30, 2023. its 2024 growth capital spending budget to be $3.0 billion-$3.5 billion. As of Oct. 31, 2023, the partnership had $6.8 billion of growth projects under construction. We also assume sustaining capital spending of about $400 million per year. We expect the partnership to use its discretionary cash flow to
