So I’ll take you through before we get into talking about the company specifically a few kind of macro-picture setters here to put — help place our company in context. One thing is it that individuals didn’t really understand we’re going through a power renaissance in America. We are producing hydrocarbons significantly, natural gas liquids, crude, and gas in increasing amounts and more of that is being consumed not only in America but internationally.
So we’re growing our creation of U.S. Therefore the U.S. is advantaged to service the preferred trading partner to meet those growing demand markets. Which means for an ongoing company like us higher usage of our existing infrastructure, but also the chance to spend money on incremental capital extension tasks to help provide that growing demand.
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So our business has a years’ long runway. If you think about us as opposed to many of the other industries and sectors that you may be looking maybe looking into or studying or hearing about as you’re at this conference, we’ve years’ long runway. I believe that’s particularly true in natural gas, which is exactly what we are weighted towards.
It’s increasing its role in power generation, it has an irreplaceable role in home and customer heating, in commercial use, in patches applications, et cetera, and its share of power generation is growing. We’re producing greater quantities here. So is how exactly we play in this here. We’re a leader in energy infrastructure. Again, a leading position mainly gas rate awaited. So we’re — our role in all of this is to get the gas and other commodities from where these are to where they may be needed.
We generate a lot of cash flow in this business. 3 billion available to us to enhance shareholder value. 525 million that we have used. So, let’s talk about capital allocation. We’ve spent the last several years getting our balance sheet to that triple B toned ranking. 8.3 billion values of debt, we’ve reduced our debt-to-EBITDA multiple by just a little over a turn over that period of time. Therefore, the way we make these capital-allocation decisions is our between ever-capital projects and the talk about the buyback is based on returns.
So we compute the returns and they’re not quite the same thing investing in a person project on an unlevered after-tax return basis versus investing in a levered portfolio of assets when you’re buying back again your stocks of stock. We take a look at those on a return basis as modified for those variations and we put our profit the place that people can generate the highest available come back.
