Delek US Holdings, Inc.

Thank you for standing by. My name is Jael, and I'll be your conference operator today. At this time, I would like to welcome everyone to the DELEC U.S. Fourth Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. I would now like to turn the conference over to Robert Wright, EVP, DELEC. You may begin.

Good morning and welcome to the DELIC-US Fourth Quarter Earnings Conference Call. Participants joining me on today's call will include Abigail Sorek, President and CEO, Mark Hobbs, EVP Chief Financial Officer, as well as other members of our management team. Today's presentation material can be found on the Investor Relations section of the DELIC-US website. Slide 2 contains our Safe Harbor Statement regarding forward-looking information. As a reminder, this conference call will contain forward-looking information as defined under the Federal Securities Laws including statements regarding guidance and future business outlook. Any forward-looking statements made during today's call will 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 Abigail for opening remarks. Abigail?

Thank you, Robert. Good morning, and thank you for joining us today. was a transformational year for DELEC. We have made progress on all fronts, including improving the free cash flow profile of the company and increasing the economic separation between DK and DKL. The year also concludes with strong fourth quarter results. In Q4 2025, excluding SRE, DELEC reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million. These results highlight the accelerating momentum at DELEC and the stability of our strategy. Now, I will cover some of the achievements in 2025 in detail. Starting with EOP, I am proud of how we have created a culture of continuous improvement through our enterprise optimization plan. UOP drove substantial value throughout the year with a strong execution and measurable progress across all business units. As a result of continued success, we are once again raising our enterprise optimization plan target to at least $200 million on an annual run rate basis. Our Sum of the Parts initiative continues to advance 2026 is expected to have highest economic separation between DK and DKL. 2025 was the record year for DKL with approximately $536 million in adjusted EBITDA. DKL continues to build on its premier position in the Permian Basin to its full suite of service and a strong organic growth. Continuing the momentum, DKL today announced its 2026 EBITDA guidance to be in the range of $520 to $560 million. DKL is close to the finish line on its industry-leading comprehensive sour gas solution, including gathering, treatment, processing, and acid gas injection, providing market access for residue gas and NGLC. These capabilities will provide DKL the ability to fully capitalize on its growth opportunity in the dollar basin and maintain its best-in-class EBITDA growth and yield. In 2026, on a performer basis, with continued growth in third-party cash flow, we expected DKL third-party EBITDA to exceed 80%. Achieving this level of economic separation has been cornerstone of our sum-of-the-part strategy. We are taking additional action to ensure the strengths of DKL third-party midstream service are fully reflected in the share price and unit price. As I always do, I will now give an update on our key long-term priorities. First, safe and reliable operations. We had a strong operational quarter in our refining system with solid performance from our four refineries. At Big Spring, our first quarter 2026 planned turnaround is progressing well and remains on track. The focus of this turnaround is to further enhance reliability and operational flexibility, positioning the refinery for improved cost structure and margin capture. We expect this enhancement to drive meaningful performance improvement once the refinery returns to full operation. This is our only plan turnaround in 2026, which sets our refining system up well for the remainder of the year. Second, I would like to add a little more context on our enterprise optimization plan. As a reminder, We started EOP with an aim to improve DK cash flow by $80 to $120 million on a run rate basis, starting in second half of 2025. As a result of the strong buy-in from the organization, we have been able to continue to increase our EOP range. We are again increasing our expectation for EOP-related cash flow improvement to at least $200 million annually. During the fourth quarter of 2025, we estimate approximately $50 million of EOP contribution in our P&L. The success of EOP is clearly visible in the performance of Eldorado Refinery, supply and marketing, results, and G&A. These improvements are here to stay and have set us up for long-term success. I'm confident that EOP will remain a core strength well into the future. As mentioned last quarter, we pursued a proactive strategy to monetize the 2023 and 2024 REINS granted after the EPA cleared the backlog of pending 2019 to 2024 SRE petitions. I'm pleased to announce that we were able to monetize a large portion of our 2023 and 2024 REINS faster versus our original plan, and have been able to use the proceeds to reduce our inventory intermediation agreement. The restructuring of the IIA will improve our free cash flow generation on the top of EOP by at least $40 million on a yearly basis. We remain actively involved in our effort to get full value for the 2019 to 2022 REINS for which we were provided invalid relief. Finally, we believe that the current administration, Senate, Congress, and EPA realize the importance of SREs, not only for the refineries which qualify under the program, but also to the local communities they serve. We believe SREs will remain a core part of the current administration energy policy as it advanced its energy dominance agenda. The final piece of our strategy is being shareholder-friendly and having a strong balance sheet. During the quarter, we paid approximately $15 million in dividend and bought back approximately $20 million of our shares. Our strong balance sheet, improved reliability, and confidence in EOP enable us to do counter-technical buyback in 2025. I'm proud to continue our strong shareholder return, dividend, and buyback through the cycle. We remain committed to a disciplined and balanced approach to capital allocation and look forward to continue rewarding our shareholders. In closing, thank you for our team for the hard work and dedication to 2025. I'm proud of the progress in DELEC over the last year and look forward to continue this progress in 2026. Now, I will turn the call over to Mark, who will provide additional color on the quarter.