Delek US Holdings, Inc.

and Odeli Sakazi, SVP, Delic Logistics. As a reminder, this conference call will contain forward-looking statements as defined under the federal securities laws, including statements regarding guidance and future business outlook. Any forward-looking statements made during today's call 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 in our SEC filings. The company assumes no obligation to update any forward-looking statements, I will now turn the call over to Avigol for opening remarks. Avigol?

Thank you, Robert. DELEC Logistics partners had another record quarter. We reported approximately $107 million in quarterly adjusted EBITDA. We are pleased with DELEC Logistics' continued strong performance. DKL is a premier full-service crude, natural gas, and water provider in the prolific Permian Basin, and our recent actions have significantly enhanced our position. In Q3 of 2024, we closed several important transactions. First, on August 5th, we amend and extend contracts between DKL and DK for a period of seven years. Second, we completed the acquisition of DELEX portion in Wink to Webster pipeline. W2W is a premier crude oil pipeline backed by investment-grade counterparties. It increases the overall asset quality at DKL and enhance DKL permanent position. Third, on September 11, we closed the acquisition of H2O Midstream. We're excited about our combined offering in the Midland Basin. While it's still early, this combination is already a more attractive option for our customers and is presenting several cross-sell opportunities. In the Delaware Basin, we are also making good progress on our processing plant expansion and still expect to complete the expansion on time and on budget in the first half of 2025. As discussed previously, the plant is highly subscribed and we are making progress on completion. We are already seeing additional opportunities around sour gas treatment. On October 29, the Board of Directors approved an increase in the quarterly distribution to $1 and 10 cents per unit. We are very excited about the prospects of DELEC Logistics. DKL is seeing several organic and inorganic growth opportunities, and we are taking a prudent approach to growth. DKL has shown a strong track record of delivering value to unit holders. We expect to continue on our value creation path moving forward, and we will continue to grow our distribution in the future. I will now hand it over to Ruben.

Thank you. As Abigail mentioned, we are growing Delic Logistics with prudent management of liquidity and leverage. We have managed liquidity throughout the year by accessing debt and equity markets. We currently have approximately $780 million of liquidity post the recent equity offering. We are also managing our leverage as we get into core spending period on our new gas processing plant expansion. Moving on to our third quarter results. The third quarter adjusted EBITDA was approximately $107 million compared to $98.2 million in the same period of 23. Distributable cash flow, as adjusted, was $62 million, and the DCF coverage ratio was approximately 1.1 times. We expect this ratio to steadily move back above our long-term objective of 1.3 times in the second half of 2025 as we realize the benefit of the various initiatives Avigar just spoke about. As for gathering and processing segment, adjusted EBITDA for the quarter was $55 million compared to $52.9 million in the third quarter of 2023. The increase was primarily due to higher throughput from Delic Logistics' premium base and assets and small contribution from H2O post the transaction which was closed in mid-September. Wholesale, marketing, and terminaling adjusted EBITDA was $24.7 million compared with $28.1 million in prior years. The decrease was primarily due to lower wholesale margins. Storage and transportation adjusted EBITDA in the quarter was 19.4 million compared with 17.9 million in the third quarter of 23. The increase was mainly driven by higher storage and transportation rates. And lastly, the investment in pipeline joint venture segment contributed 15.6 million this quarter compared with 9.3 million in the third quarter of 23. The increase was primarily from the WIC to Webster drop-down contributions. Moving on to capital expenditures. The capital program for the third quarter was $65.2 million, of which $53.4 million was allocated to the new gas processing plant. The remainder of the spend in the quarter was the growth projects, namely advancing new connection in the Midland and Delaware gathering systems. Along with our previously announced capital budget for 2024, We expect to spend a total of 90 to 100 million in the second half of 24 on the new gas processing plant. With that, we can open the call for questions.