Delek US Holdings, Inc.

Good morning and welcome to the DELAC U.S. Holdings 2023 First Quarter Conference Call. All participants will be in a listen-only mode for the duration of the call, and should you need any assistance during that time, 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 a question, please press star, then two. We ask in advance that you please limit yourself to one question and one follow-up for today's call. And please also note that this event is being recorded today. I would now like to turn the conference over to Rosie Zuklik, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to the DELIC U.S. First Quarter Earnings Conference Call. Participants on today's call will include Abigail Sorek, President and CEO, Joseph Israel, EVP Operations, Reuven Spiegel, EVP and Chief Financial Officer, Mark Hobbs, EVP, Corporate Development. Today's presentation material can be found on the Investor Relations section of the DELIC U.S. website. Slide 2 contains our Safe Harbor Statement. We'll be making forward-looking statements during today's call and actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings. With that, I'll turn the call over to Abigail.

Good morning and thank you for joining us today. We reported a strong first quarter. Adjusted EBITDA was $285 million, a first quarter record for DELEC-US. We generated $395 million cash from operation. In addition, we reduced consolidated debt by $281 million. Our team executed well in the quarter. We generated significant earning in the refining segment. This was achieved despite the refinery major plan turnaround during the quarter. With this turnaround behind us, we are well positioned to capture market opportunities as they present themselves. We do not have a major turnaround in our system scheduled until late Q4 of 2024. Our logistics segment delivered strong in adjusted EBITDA. This is the result of the investment we have made in our midstream businesses. As an example, compared with last year, we have more than doubled the volume in the midland gathering system. We remain focused on our key priorities. I will now take a few minutes to provide an update on each and every one of them. First, returning value to shareholders and optimizing our balance sheet. During the first quarter, we used excess cash to do what we committed to do. At the Delac US holding, we paid down $327 million of debt. Given the strong performance, we started buying back our shares in the second quarter. we have, up to today, we have repurchased $40 million of DK shares. Also, on May 2nd, our board of directors approved 4.5% increase to the regular dividend. Second strategic is the vision to create a long-term value to our shareholders. Our team is dedicated. We are working night and day on the sum of the parts initiative. We continue to make progress. We are committed to make a long-term good decision that drives shareholder value. A key focus area since becoming a CEO has been safe and reliable operation. We moved in the right direction during the first quarter. The Tyler turnaround was completed with zero recordable and on time and on budget. As of the end of March, DKL employees and contractors have worked combined four million man hours with zero lost time injuries. We are being proactive in our approach to improve safety. We are developing and implementing plans that will drive the improvements toward our long-term goal of a top quartile safety and reliability performance. Our final key priority is improving efficiency in our cost structure. We remain focused on this goal. Rosie will provide additional updates on this effort. To accomplish our key priorities, we must make sure we have the right people in the right roles. Over the past several months, we have made strategic additions to our team that will position ourselves for future success. In March, we welcomed Joseph Israel as EVP of Operation. Joseph is a well-rounded industry veteran with over 25 years of energy experience and proving track records of driving safe and reliable operation. Please join me in welcoming Joseph to the call today. Patrick Riley has joined us as EVP and Chief Commercial Officer. He brings wealth of experience from best-in-class businesses. His experience and background align well with our vision for future growth. We have also pranked our team with Tommy Chavez, joining us as SVP refining operation. Tommy brings over 35 years of refining experience. Our team is strong and well positioned to execute on our strategic plans. In closing, I would like to thank our entire team of over 3,500 employees. Their hard work and dedication are driving our success. I appreciate their effort and look forward to a strong future together. I would also like to thank our investor and board of directors for their continued support. Now, I will turn the call over to Joseph, who will provide additional color on our operation.