Question-and-Answer Session
Operator
(Operator Instructions). And our first question comes from Josh Golden.
Gregory L. Ebel
Good morning Josh
Josh Golden – JPMorgan
You mentioned in your commentary here a solid investment grade balance sheet. And I do see that you issued the equity in the fourth quarter. My question is are you looking for a low triple B rating or a higher triple B, mid-triple B, where do you want to be within the triple B spectrum?
Gregory L. Ebel
I think triple B flat is a good spot to be. Obviously triple B would be great. And I think what you have seen is just concerns by agencies with respect to commodity prices. I understand. I think it is sector wide. But as we keep bringing on the earnings from fee based businesses and that is where we are making our investments I think that will set us up well to be in that spot.
Josh Golden – JPMorgan
Have you had any conversations with them recently the agencies?
Gregory L. Ebel
Well, you may have known noticed yes they we are always in conversation with them or at least every quarter and just have an update. But yes that has been very recent as you saw since they made a move to a negative outlook from the S&P side last week.
Josh Golden – JPMorgan
Right. Do you plan to have that outlook stabilized in the future?
Gregory L. Ebel
I would sure hope to. Obviously they’ve got to make their call. Our belief is that the Company is set up very well for a continued stable cash flow. And as I said continue to invest in the businesses that are non-commodity based I think that puts us in an increasingly stable position.
Josh Golden – JPMorgan
Okay, excellent. Thank you.
Gregory L. Ebel
Thank you.
Operator
And your next question comes from Carl Kirst.
Carl Kirst – BMO Capital Markets
And thank you for the added color on the slides. That is very, very helpful. Greg you had mentioned on DCP Midstream on the volume side that obviously we are all trying to watch the rig count here. And I kind of don’t have my numbers in front of me, but can you with respect to the volumes that we saw in the first quarter can you compare I guess perhaps to what you are seeing in April if you happen to have that? And also I don’t unfortunately remember what was sort of embedded in the original guidance expectations, but just trying to get a sense of any kind of volume delta if you would.
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