Delek US Holdings, Inc.

Hello, everyone. Thank you for joining us and welcome to the DELEC U.S. First Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, please press star 1 again. I will now hand the conference over to Robert Wright, EVP. Robert, please go ahead.

Good morning and welcome to the DELEC U.S. First 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 DELEC U.S. 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 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. I'm extremely pleased with our strong execution in the first quarter. The quarter is a testament to our raising capability as demonstrated by, one, disciplined and successful execution of big spring turnouts. Second, continued progress on increase our free cash flow profile through restructuring of our intermediation agreement and continued success of EOP. Third, successful navigations of challenging macro events, such as winter storm fern and, more recently, events in Iran. The events in Iran have created many ripple effects in the markets, resulting in around 10 million barrels of crude production and approximately 5 million barrels per day of refining capacity remaining offline. This has created an environment of elevated crude and product prices. dislocation between physical and paper grades, steep backwardation, and wide ranges of good differentials. We believe the structural product shortage created in this event will continue to impact the market well after the conflict comes to an end. In the meantime, under the current environment, we believe the refining companies which will have the biggest advantage are the ones which have direct access to crude, high distillate yield, high jet, and most importantly, ability to quickly respond to changing conditions. We believe because of our access to multiple grades of domestic crude, high distillate and jet yield, and access to both Gulf and mid-continent product markets put us in a prime position to navigate the challenges and take advantage of the opportunities created by the ongoing disruption. Now, I will cover some of our first quarter highlights and strategic initiatives in detail, starting with the planned turnaround in Big Spring. Big Spring successfully completed its planned turnaround. This work was executed safely, on budget, on time, and the refinery is running at full capacity. The primary focus of the turnaround has been to improve big spring reliability, cost structure, and long-term margin capture. Post the turnaround, we expect improved reliability, good slate optimization, improvement in overall product yields, and finally, higher octane and blending capabilities. With no further planned turnaround, we have the highest spending quarter behind us. Our system is well positioned to capture the strong crack spread environment and respond to increasing demand as we move into the summer driving season. Moving on to EOP Next. Enterprise optimization plans continue to drive significant value. We are once again raising our enterprise optimization plan target to at least $220 million on an annual run rate basis. During the first quarter of 2026, we estimate approximately $60 million of POP contribution to our P&L. We are looking at ways to further advance the program and create another meaningful step change to our free cash flow profile. We'll provide more details on this in the future. Our sum of the part initiative continues to advance with rising strength of our mid-spring business. DKL today reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. DKL is currently seeing meaningful tailwinds in the business, and we are working hard to capture these opportunities in a prudent fashion. DKL is taking another meaningful step in completing its industry-leading comprehensive sour gas solution it has completed the drilling of its first acid gas injection well. The comprehensive gathering, treatment, processing, and acid gas injection solution will provide DKL the ability to fully capitalize on the growth opportunities in the dollar basin and maintain its best-in-class EBITDA growth and yield. In 2026, on a performer basis, with a continued growth in third-party cash flow, we expect DKL third-party EBITDA to exceed 80%. Achieving this level of economic separation has been cornerstone of our sum-of-the-part strategy, and it continues to bring us closer to our deconsolidation goal. We are in the process of taking additional steps to ensure the strengths of DKL third-party midstream services are fully reflected in DK share price and DKL unit price. As mentioned last quarter, We are pursuing a proactive strategy to manage our obligation under the RFS. SRE provision of the RFS serve the important purpose of mitigating the impact felt on small refineries from the RFS burden. We expect EPA to continue to provide relief for 2025 to refineries after clearing the backlog of pending petitions since 2019. We also remain actively involved in our effort to get full value for our 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. The final piece of our strategy is being shareholder-friendly and having a strong balance sheet. During the quarter, we paid approximately $16 million in dividends. Our strong balance sheet, improved reliability, EOP, and confidence in our outlook continue to support a disciplined approach to capital allocation through continued dividend and buybacks. We remain committed to a balanced and disciplined capital allocation strategy and look forward to continuing to reward our shareholders. In closing, Thank you for our team for the hard work and dedication during the first quarter of 2026. I'm proud of the progress DELIC has made and look forward to continue the progress toward the remaining of the year. Now, I will turn the call over to Mark, who will provide additional color on the quarter.