Delek US Holdings, Inc.

Good morning and welcome to the DELAC U.S. Holdings Incorporated second quarter 2021 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Blake Fernandez, Senior Vice President of Investor Relations. Please go ahead.

Thank you, and good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss Dellick U.S. Holdings' second quarter 2021 financial results. Joining me on today's call is Uzi Amin, our Chairman, President, and CEO, Ruben Spiegel, EVP and CFO, and Luis Labella, EVP and President of Refining Investors. as well as other members of our management team. Presentation materials used during today's call can be found on the investor relations section of the DELWC-US website. As a reminder, this conference call may contain forward-looking statements as that term is defined under federal securities laws. Please see slide two for the safe harbor statement. In addition to reporting financial results in accordance with generally accepted accounting principles or GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which can be found in the press release, which is posted on the investor relations section of the website. Our prepared remarks are being made assuming that the earnings release has been reviewed and we are covering less segment and market information than is incorporated into the second quarter release. On today's call, Ruben will review financial performance. I will cover capitalization and guidance. Louis will cover operations and CapEx, and then Uzi will offer a few closing strategic comments. With that, I will turn the call over to Reuven.

Thank you, Blake. On an adjusted basis for the second quarter of 2021, DELEC-US reported a net loss of 65.2 million, or a loss of 88 cents per share, compared to a net loss of 121.7 million, or a loss of $1.66 per share in the prior year period. Our adjusted EBITDA was $2 million in the second quarter, compared to a loss of $100 million in the prior year period. The second paragraph of the press release highlights $25 million of after-tax tailwind, or 34 cents per share, of items included in adjusted results. Page 10 of the release provides a breakdown of inventory hedging impacts, and page 14 provides other inventory impacts in the quarter. Separate from these items, Multiple factors impacted operation during the quarter, including residual effects of the first quarter freeze and fire, as well as the Colonial Pipeline shutdown. While we cannot know what our EBITDA would have been, these events caused us to experience operational disruptions and incur incremental costs related to property damage that significantly affected our results. The incremental expenses combined with second quarter related business interruption insurance claim prepared to date totaled roughly $40 to $45 million. We're actively working with insurance carriers on both our property damage and business interruption claims recoveries, which will be recognized in the coming quarters. On slide four, we provide the cash flow waterfall. In the second quarter of 2021, we had positive cash flow of approximately $169 million from continuing operations, which includes a working capital benefit of $227 million. With that, I will turn it over to Blake.