Delek US Holdings, Inc.

Good morning, and welcome to the DELWC U.S. Third Quarter 2022 Earnings 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 questions, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Blake Fernandez. Please go ahead.

Good morning. I would like to thank everyone for joining us on today's conference call and webcast to discuss Dellick U.S. Holdings' third quarter 22 financial results. Joining me on today's call is Abigail Sorg, President and CEO, Reuben Spiegel, CFO, Todd O'Malley, EVP and COO, as well as other members of our management team. The presentation materials used during today's call can be found on the investor relations section of the U.S. 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 our 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 posted on the investor relations section of our website. Our prepared remarks are being made, assuming that the earnings release has been reviewed, as we are covering less segment and market information than is incorporated into the press release. On today's call, we'll begin with comments from Avagol. then Reuven will review financial performance and capitalization. Todd will cover guidance and CapEx, and then we'll turn it over to Q&A. With that, I'll turn the call over to Avgal.

Thanks, Blake, and good morning. We had another quarter of strong operational performance due to consecutive quarters of record refinery utilization and solid results excluding inventory FIFO movement. Additionally, the outlook for downstream energy industry is positive, I'm proud of the team execution and the focus on safety and reliability. Switching gears to talk about the priorities we laid out last quarter. First, returning cash to shareholders. We expect to repurchase 75 to 100 million dollars of our outstanding shares during Q4. We increased regular quarterly dividend to 21 cents per share. In the third quarter, we exceeded our share repurchase guidance with a total of $40 million of buyback. Second, focus on capital allocation. We plan to retire between 100 to $150 million of debt during Q4. This reduces our debt level and maintain a flexible balance sheet. Third, we started our initiative to unlock the sum of the part value of our assets. We hired a head of corporate development and engage bankers to advise us on strategic options. We will communicate our plan to the market once complete. After one full quarter in my role as a CEO, I continue to be impressed with the depth of our team and the strength of our operation. I'm excited by the many opportunities we have in front of us to deliver additional value to our shareholders and remain focused on execution on our key priorities. I look forward to updating you over the upcoming quarter. With that, I will turn it over to Rufus.