For the second quarter of 2021, the partnership recorded net income of $166 million.
Adjusted EBITDA was $201 million compared to $182 million in the second quarter of 2020.
Volumes were 1.93 billion gallons, a sequential increase of approximately 10% from the first quarter as the reopening trend in the U.S. took off Q2.
Year-over-year volumes increased approximately 28%.
Fuel margin was $0.113 per gallon versus $0.135 per gallon in the second quarter of 2020, which Karl will hit on further in his remarks.
Total operating expenses in the second quarter were up slightly compared to the first quarter at $102 million versus $100 million and were up from $97 million in the second quarter of 2020.
Second quarter distributable cash flow as adjusted was $145 million, yielding a current quarter coverage ratio of 1.67 times and a trailing 12-month coverage ratio of 1.41 times consistent with our long-term target of 1.4 times.
On July 22, we declared an $0.8255 per unit distribution, the same as last quarter.
We continue to maintain a stable and secure distribution for our unitholders, which remains the #1 pillar behind our capital allocation strategy.
Leverage at the end of the quarter was 4.27 times, which we expect to continue to decline toward our 4.0 target as the year progresses.
For the full year 21, we expect adjusted EBITDA between $725 million and $765 million.
Operating expense guidance is unchanged at $440 million to $450 million.
We continue to expect maintenance capital of approximately $45 million and target growth capital expenditures of $150 million in 2021.
These assets have approximately 14.8 million barrels of storage and are accessed via pipeline, truck, rail and marine vessels.
We expect the $250 million purchase price to result in a sub seven times multiple on expected EBITDA, including synergies in the second year of ownership.
The Cato terminal is a gasoline and distillate terminal with 140,000 barrels of storage located in Salisbury, Maryland, and is accessed via truck and marine vessels.
We expect the $5.5 million purchase price to result in a sub-6 times multiple on expected EBITDA, including synergies in the second year of ownership.
Starting with volumes, we were up about 28% from last year, but the more relevant comparison continues to be performance relative to 2019.
Looking at it through that lens, we were down about 6% from 2019 volumes, meaningfully better than last quarter.
Even though prices rose another $0.25 per gallon or so in the second quarter, the increased volatility, coupled with our continual margin optimization strategies, resulted in our margins rebounding and returning to our full year 2021 guidance range.
As we look forward, I still feel confident that $0.11 to $0.12 per gallon fuel margin is appropriate for the full year 2021 as we expect similar volatility to persist in the commodity markets through the back half of the year.
Fuel volume grew roughly 10% versus the first quarter of this year, while our fuel margins remain very healthy.

Summary:
We continue to expect maintenance capital of approximately $45 million and target growth capital expenditures of $150 million in 2021.