Delek US Holdings, Inc.

Now, let's turn the conference over to Robert Wright, Senior VP of the U.S. Branch. You may begin.

Good morning, and welcome to the DELIC-US First Quarter Earnings Conference Call. Participants joining me on today's call will include Abigail Sorek, President and CEO, Joseph Israel, EVP Operations, and Mark Hobbs, EVP and Chief Financial Officer. Today's presentation material can be found on the Investor Relations section of the DELIC-US Slide 2 contains our safe harbor statement regarding forward-looking comments. Any forward-looking information shared 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 here as well as within 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. Abigail?

Thank you, Robert. Good morning, and thank you for joining us today. Despite continued challenging refining margin environment, which was around $4 below mid-cycle, DELEC continued on its transformational journey. On the first quarter, we made further progress in improving our operational performance by conducting two important plant outages at Tyler and Big Spring. We continue to make strong progress on our EOP plans. We also continue to advance our sub-department efforts to additional intercompany agreements between DK and DKL. Let me highlight the progress we have made on our key priorities. First, safe and reliable operations. We have made further progress in improving the operations throughout our company. We successfully completed an high-key turnaround at Tyler and maintenance at several units at Big Spring. The Big Spring Refinery continues to make good progress in improving its operations, and we expect our reliability investment to serve us well into the future. After these Q1 outages, we look forward to a cleaner runway into the summer driving season. Now, I would like to discuss some of the past strategy. We continue to make progress towards our midstream deconsolidation goal. This week, we have announced another intercompany transaction, the transaction further increase third-party cash flow at DKL to around 80%. The transactions also improve financial liquidity at DK by around $250 million, which will allow us to maintain our balance sheet strength. DKL to water acquisition are performing well. And along with the new gas processing plant, we will support DKL cash flow and distribution growth. DKL has a strong runway of growth in its gas processing business, led by its prime location in Lee County, New Mexico. DKL is also enhancing its position by being one of the few midstream companies with sour gas gathering and acid gas injection capabilities. These steps highlight DKL's progress in becoming an attractive, high-growth, midsize midstream company benefiting from the natural gas growth in the Permian Basin. Delft Logistics is also on track to meet its strong 2025 EBITDA guidance of $480 to $520 million. Despite these great moves, DKL remain undervalued compared to its peers, with minimal, if any, of this value reflected in DK shares. We will continue to take additional steps such that the value of approximately $400 million in third-party EBITDA at DKL is fully reflected in DK share price and DKL unit price. We remain confident that we will complete the DKL deconsolidation in a methodical manner that will create value for both DK shareholders and DKL unit holders. I'm also excited about the progress we are making on our enterprise optimization plan, or EOP. As a reminder, we started EOP with an aim to improve DK cash flow by 80 to $120 million starting in the second half of 2025. On our last earning call, we announced that we expect to be closer to the top end of the original cash flow improvement guidance. We remain confident in achieving at least $120 million in cash flow improvement through EOP annually. The final piece of our strategy is being shareholder-friendly and having a strong balance sheet. During the quarter, we paid $16 million in dividend and bought back $32 million of our shares. Our strong balance sheet, improved reliability, and confidence in EOP has allowed us to do counter-cyclical buyback in the first quarter. We remain committed to a disciplined and balanced approach to capital allocation. Now, I would like to make a comment about small refinery exemption. As you know, last year, the DC Circuit Court overturned the EPA denial of our SRE petition. We're excited about the support of domestic energy production by both the Carleton administration and EPA. We are confident that the EPA, under the leadership of President Trump will provide needed support to small refineries by granting exemption under RFS. In closing, I would like to thank our entire team for their hard work and dedication. We are excited about the prospect of decay in 2025 and beyond. Now, I will turn the call over to Joseph, who will provide additional color on our operations.