Delek Logistics Partners LP

Thank you for standing by. My name is Jael, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delic Logistics Partners first quarter 2025 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, and Chief Financial Officer. You may begin.

Good morning, and welcome to the Dellick Logistics Partners First Quarter Earnings Conference Call. Participants joining me on today's call will include Abigail Sorek, President, and Ruben Spiegel, EVP. 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 information shared 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. Dellec Logistics Partners had another record quarter. We reported approximately $117 million in quarterly adjusted EBITDA, facing DKL on track to deliver on its full-year EBITDA guidance of $480 to $520 million. After transformational 2024, Delac Logistics continues to make substantial progress in improving its position as the premier full-service crude, natural gas, and water provider in the most prolific area of the Permian Basin. As we have communicated in the past, we are in a process of increasing our economic separation from decay. This week, we announced intercompany transactions which further increase this economic separation, bringing third-party contribution to our cash flow from 70% to around 80% on a pro forma basis. This intercompany transaction, along with our acquisition of H2O and Gravity, significantly enhance our competitive position in the Midland Basin. In the Delaware Basin, we are in the commissioning phase of the new Libby plant expansion, and we expect to fill the plant to capacity in the second half of 2025. We are also making progress on acid gas injection and sour gas handling capabilities in the Libby complex. We expect to start spotting our AGI gas well shortly. AGI wells and sour gas treating capabilities enhance our competitive position in the Delaware basin and will provide good runway of growth for DELEC logistics in the future. Despite the near-term volatility in crude prices, we like our competitive position in the Delaware basin, which we believe will continue to grow. As the Delaware basin grows, we will continue to grow the partnership to prudent management of leverage and coverage. I'm also pleased to announce that the Board of Directors has approved a 49 consecutive increase in the quarterly distribution to $1.11 per unit. To conclude, we are very excited about the prospects of direct logistics. We expect to continue our value creation path moving forward and will continue to grow our distribution in the future. I will now hand it over to Ruben, who will provide more details on our operations.