HF Sinclair Corporation

conference call and webcast. Hosting the call today is Tim Goh, Chief Executive Officer of HF Sinclair. He is joined by Atanas Atanasov, Chief Financial Officer, Steve Ledbetter, EVP of Commercial, Valerie Pompa, EVP of Operations, and Matt Joyce, SVP of Lobricants and Specialties. At this time, all participants have been placed in a listen-only mode. and the floor will be open for your questions following the presentation. If you would like to ask a question at this time, please press star 1 on your touchtone phone. If at any point your question has been answered, you may remove yourself from the queue by pressing the pound key. If you should require operator assistance, please press star 0. We ask that you please limit yourselves to one question and one follow-up. Additionally, we ask that you pick up your handset to allow optimal sound quality. Please note that this conference is being recorded. It is now my pleasure to turn the floor over to Craig Berry, Vice President, Investor Relations. Craig, you may begin.

Thank you, Kate. Good morning, everyone, and welcome to HF Sinclair Corporation's first quarter 2025 earnings call. This morning, we issued a press release announcing results for the quarter ending March 31, 2025. If you would like a copy of the earnings press release, you may find it on our website at hfsinclair.com. Before we proceed with remarks, please note the safe harbor disclosure statement in today's press release. In summary, it says statements made regarding management expectations, judgments, or predictions are forward-looking statements. These statements are intended to be covered under the safe harbor provisions of federal security laws. There are many factors that could cause results to differ from expectations, including those noted in our SEC filings. The call also may include discussion of non-GAAP measures. Please see the earnings press release for reconciliations to GAAP financial measures. Also, please note any time sensitive information provided on today's call may no longer be accurate at the time of any webcast replay or rereading of the transcript. And with that, I'll turn the call over to Tim.

Good morning, everyone. For the first quarter, we delivered strong results in our marketing, midstream, and lubricants and specialties businesses. and saw encouraging sequential improvement in refining. I am proud of our employees and their ability to navigate the extreme volatility and uncertainty around tariffs, producers' tax credits, and other market headwinds. We remain focused on the things in our control, such as commercial and operational excellence, turnaround execution, and capital discipline. Now let me cover our segment highlights. In refining for the first quarter, we delivered sequential quarter improvements in capture and operating expenses, despite a tough economic environment across the period. We began to plan turnaround work at our Tulsa refinery, which was completed on schedule and on budget, and is now operating at planned rates. In renewables for the first quarter, we focused on lowering total operating expenses and optimizing low CI feedstocks. to help mitigate the economic impacts surrounding the uncertainty of the producer's tax credit. At this time, we have not taken any credit for PTC in our financials. We estimate that we would have been close to breakeven EBITDA for the quarter with the inclusion of PTC. Our marketing segment delivered a record quarter of $27 million in EBITDA and achieved our highest quarterly adjusted gross margin of 12 cents per gallon. We also grew our branded supplied stores by a net of 37 sites and have a backlog of over 170 additional supplied branded sites signed and targeted to bring online by year end. In lubricants and specialties, we reported another strong quarter of $85 million in EBITDA supported by our product mix optimization efforts focused on sales of high margin specialty and finished products. We are in the process of completing the planned turnaround work at our Mississauga facility and expect to be back to planned operations within the week. In our midstream business, we delivered a record quarter generating $119 million in adjusted EBITDA as we benefited from higher pipeline revenues in the period. Today, we announced our board of directors declared a regular quarterly dividend of 50 cents per share payable on June 3rd, 2025 the holders of record on May 15th, 2025. Looking forward, we are encouraged by the recent strength of refining margins as we head into the summer driving season and are focused on the execution of our strategic priorities to capture value across all of our business segments. With that, let me turn the call over to Ed.