Delek US Holdings, Inc.

Hello, everyone. Thank you for joining us and welcome to the DELIC US Second 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, press star 1 again. I will now hand the conference over to Robert Wright, EVP and CFO. Robert, go ahead.

Good morning and welcome to the DELIC US Second Quarter Earnings Conference Call. Participants joining me on today's call will include Avigal Soreq, President and CEO, Mohit Bhardwaj, EVP New Energy, Strategy, and Investor Relations, 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 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 Avigal for opening remarks. Avigal?

Thank you, Robert. Good morning and thank you for joining us today. I'm extremely pleased with our strong execution in the second quarter. The quarter further demonstrates our enhanced execution capabilities. First, we successfully navigate the volatility in crude and product markets caused by the event in the Middle East. Second, we made further progress in increasing our free cash flow profile and reducing our overall cost structure. This quarter reinforced the importance of discipline in maintaining safe and reliable operations and making thoughtful capital allocation decisions. This is especially important during periods of strong margins. We will continue to apply the same prudent approach across our business, capital deployment, and corporate culture as we are creating sustainable long-term shareholder value. As I mentioned, During the last earning call, the events in the Middle East and East Europe have created many ripple effects in the markets. We continue to see steep backwardation, swing in crude differentials, and shortage of transportation fuels. In the current environment, we continue to believe that access to crude, high distillate yield, and most importantly, the ability to respond quickly to changing in the market condition are critical to maintaining operational flexibility and delivering strong performance. We plan to continue navigating this environment with measured approach by first, mitigating risk, and second, capturing the opportunities offered by the market. Now, I will cover some of our second quarter highlights and strategic initiatives in detail, starting with refining. Our refining system operated well demonstrated by all four refineries. Big Spring has been running to our expectation since its turnaround. Post turnaround, we are seeing improved reliability, higher crude slate flexibility, improvement in overall product yields, and higher octane and blending capabilities. We are very pleased with this improvement and are looking at finding additional opportunities to further improve this important asset in our portfolio. With no planned turnarounds for the rest of the year, our refining system is well positioned to capture the strengths in the market. Moving to EOP. Enterprise optimization plans continue to drive significant value. As a reminder, our enterprise optimization plan target to increase our cash flow by at least and more. We are currently working on further advancing EOP to create an additional meaningful step change to our free cash flow profile. We'll provide more details on this in the near future. are some of the part initiative also continue to progress with raising strength of our midstream business. DKL today reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. The tailwind we have been seeing in DKL business continue to rise and we are working hard to capture these opportunities. DKL is close to completing its comprehensive gathering, treatment, processing, and acid gas injection solution. This sour gas solution will provide DKL the ability to fully capitalize on its growth opportunities in the Delaware Basin and maintain its best-in-class EBITDA growth and yield. In 2026, on a performer basis, we continue to expect DKL third-party EBITDA to exceed 80%. This level of economic separation is a cornerstone of our sum of the parts strategy and continue to bring us closer to our deconsolidation goal. DKL is on the right path and we continue to work hard to write the next chapter in its growth story. As mentioned last quarter, we are pursuing a proactive strategy to manage our obligation under the RFS. The SRE provision in the RFS served the important purpose of mitigating the impact felt on small refineries from the RFS burden. RVO costs remain elevated, and the absence of SREs created a significant burden on small refineries like us. We expect the EPA to continue to provide relief to small refineries for the year of 2025 and beyond. Finally, we believe that the current administration, Senate, Congress, and EPA realize the importance of small refinery exemptions. Not only for the refineries which qualify under the program, but also for 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 dividend and $20 million in buybacks. 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 to our team for the hard work and dedication. I'm immensely proud of the progress DELIC has made and I look forward to building on the momentum for the remainder of the year and beyond. Now, I will turn the call over to Robert, who will provide additional color on the quarter.