Earlier today we announced 2020 fourth quarter earnings of $0.37 per share.
Across the company, we have tightly managed costs, which has helped maintain overall Marine Transportation margins near 10%, and distribution and service margins near breakeven.
During the quarter, refinery utilization averaged 77%, compared to a previous five-year fourth quarter average of 90%, and it ended the quarter at 80%.
Chemical plant utilization modestly improved 1% sequentially, but remained below 2019 levels.
Active frac crews, which bottomed around 50 in the second quarter, improved every month during the fourth quarter, and finished the year in excess of 150.
In the fourth quarter, Marine Transportation revenues were $299.4 million, with an operating income of $29.2 million and an operating margin of 9.7%.
Compared to the 2020 third quarter, marine revenues declined $21.2 million or 7%, and operating income declined $3.2 million.
During the quarter, the inland business contributed approximately 75% of segment revenue.
Average barge utilization declined modestly into the high 60% range as a result of the second wave of COVID-19, continued weak refinery utilization in an extended hurricane season.
Long-term inland marine transportation contracts are those contracts with a term of one year or longer, contributed approximately 70% of revenue, with 62% from time charters and 38% from contracts of affreightment.
Spot market rates declined approximately 10% sequentially, and 25% year-on-year.
During the quarter, coastal barge utilization was in the mid-70% range, unchanged sequentially but down from the mid-80% range in the 2019 fourth quarter.
During the fourth quarter, the percentage of coastal revenues under term contracts was approximately 85%, of which approximately 85% were time charters.
Moving to Distribution and Services; revenues for the 2020 fourth quarter were $190.3 million, with an operating loss of $2.9 million.
Compared to the third quarter, revenues improved $14.4 million or 8%.
During the fourth quarter, the commercial and industrial businesses represented approximately 78% of segment revenue.
During the fourth quarter, the oil and gas related businesses represented approximately 22% of segment revenue, and had a negative operating margin in the mid-teens.
Turning to the balance sheet; as of December 31, we had $80.3 million of cash, total debt was $1.47 billion, and our debt to cap ratio was 32.2%.
During the quarter, we had strong cash flow from operations, of $85.1 million, and we repaid $109.8 million of debt.
We also used cash flow and cash on hand to fund capital expenditures of $18.8 million.
For the full-year, we generated $296.7 million of free cash flow, defined as cash flow from operations minus capital expenditures.
This amount was slightly below the low end of our previously disclosed guidance range of $300 million.
This guidance range contemplated a significant income tax refund related to the CARES Act of over $100 million, which was not received as expected prior to the end of the year.
At the end of the year, we had total available liquidity of $684 million.
For the full-year, we expect capital expenditures of approximately $125 million to $145 million, which represents nearly a 10% reduction compared to 2020, and is primarily composed of maintenance requirements for our marine fleet.
As a result, we expect to generate free cash flow of $230 million to $330 million, which includes the tax refund previously discussed.
In 2021, we expect our income tax rate will be around 25%.
In Marine Transportation, refinery utilization has steadily improved into the low 80% range.
And our barge utilization has bounced off of the bottom into the low to mid 70%.
In the near-term, we expect tough market conditions to persist into the second quarter particularly in Marine Transportation where industry barge utilization is very low and we are experiencing very competitive pricing dynamics.
All of this should help improve the market and is expected to contribute to a meaningful improvement in barge utilization likely into the high 80 to low 90% range by the end of the year.
Similar to inland, we expect coastal market conditions will improve as the year progresses, resulting in higher barge utilization and reduced operating losses in the second half of 2021.
Elsewhere, demand for new installations, parts and services and power generation is expected to grow as demand for electrification and 24/7 power intensifies.
Industry analysts have predicted the average active frac crew count could climb back to near 200, which is a notable improvement from 2020 levels.
Overall, in Distribution and Services; we expect 2021 revenues and operating income will materially improve as compared to 2020 with commercial and industrial representing approximately 70% and oil and gas representing 30% of segment revenues for the full-year.
Inland operating margins were near 20% and prices were materially increasing in both inland and coastal.
When you consider our inland fleet expansion over the last three years, which is approximately 40% higher on barrel capacity basis, as well as our recent efforts to improve the efficiency of our inland and coastal fleets, we believe there is a significant earnings potential in Marine Transportation.
Finally, from a liquidity perspective, we generated strong free cash flow of nearly $300 million in a very difficult year, and we made significant progress in paying down debt.
We expect 2021 will be a strong cash flow year, with expectations of $230 million to $330 million of free cash flow for the full-year.

Summary:
Earlier today we announced 2020 fourth quarter earnings of $0.37 per share.
In the near-term, we expect tough market conditions to persist into the second quarter particularly in Marine Transportation where industry barge utilization is very low and we are experiencing very competitive pricing dynamics.
Similar to inland, we expect coastal market conditions will improve as the year progresses, resulting in higher barge utilization and reduced operating losses in the second half of 2021.