Delek US Holdings, Inc.

Good day, and welcome to the DELIC US Third Quarter Earnings Conference Call. All participants will be in lesson-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 touchtone phone. 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 Rosie Zuclick, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to the DELIC U.S. Third Quarter Earnings Conference Call. Participants on today's call will include Abigail Sorik, 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 regarding forward-looking statements. We'll be making forward-looking statements during today's call. The statements involve risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings. The company assumes no obligation to update any forward-looking statements. I will now turn the call over to Abigail for opening remarks.

Thank you, Rosie. Good morning and thank you for joining us today. We delivered strong third quarter results. All segments performed well. Our team remains focused and drove improvements across our businesses. I thank each member of our DELEC team for their contribution. From a macro perspective, during the quarter, we saw a significant volatility in the markets. Gasoline crack weakened. Diesel crack remained strong, driven by inventory levels continued at five-year lows. Giving our higher distillate production relative to our peers, we are at a competitive advantage. The refining segment ran well. We achieved a record total throughput during the quarter. Joseph will provide more details on our refinery operation in his remarks. In logistic, we are investing in continued growth of our business. We benefited from our favorable permanent location. which led to another record quarter. Given our strong portfolio performance, we are confident in DKL's ability to exceed $100 million in quarterly EBITDA run rate by the fourth quarter of this year. Moving to slide four, reflecting on my first year as the CEO of DELEC. We have much to be proud of. When I return to DELEC, I outline my focus areas. Safe and reliable operations, being shareholder-friendly and having strong balance sheet, unlocking the sum of the power-up value, and improving the efficiency of our core structure. We are very focused on these objectives. Our dedication to see each one of them to completion has not wavered. We have made progress in all of them, On the operation side, we enhance our team with experienced talent. Together, we streamline the structure and process throughout our operation. This has led to strong safety results. We achieve a total record throughput in our refining system. Earlier in the year, we successfully completed a Tyler turnaround with zero recordables on time and on budget. Post turnaround, the refinery is performing at higher yield and, most importantly, record capture rates. On financial and shareholder returns, over the past year, our logistics business achieved record EBITDA quarters. In Q3, retail achieved its highest EBITDA since COVID. We continue to be shareholder-friendly. Through October, we repurchased $85 million of shares, and including the latest increase, raised the dividend five times in a row. We improved our financial position by using our strong cash flow to reduce our net debt by $476 million during the year. From a strategic point of view, our $100 million cost reduction efforts are well underway, and we are seeing early results. On unlocking value from some of the parts, we have a clear strategy, and we are well on our way to meet our objectives. As you can see, we have been consistent. This resulted in tangible progress. Importantly, the achievements I just outlined position us well for the mid-cycle market environment, both from an operation and financial standpoint. In closing, we are pleased with our strong quarter. We will continue to drive further improvements and unlock value from our business. Now, I would like to turn the call over to Joseph, who will provide additional detail on our operation.