Delek Logistics Partners LP

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Dell Ecologistics Partners fourth 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, Chief Financial Financial Officer. You may begin.

Good morning, and welcome to the Dellick Logistics Partners Fourth Quarter Earnings Conference Call. Participants joining me on today's call will include Abigail Sorek, President, Ruben Spiegel, EVP, as well as other members of our management team. 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 statements made during today's call involve risks and uncertainties that may cause our actual results to differ materially from today's comment. 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. 2025 was an exceptional year for Dellec Logistics, highlighted by the achievement of a record adjusted EBITDA of $536 million. These results are a reflection of a strong execution across our businesses and the addition of high-quality business such as H2O and Gravity, but most importantly, because of our hard work of our great employees. During the year, we continue to advance our key initiative across our natural gas, crude, and water businesses, increasing our position as a premier full-service provider in the permanent basin. Now, let me talk about each one of those businesses in detail. Starting with natural gas, during the year, we successfully commissioned the new Libby II processing plant, increasing the capacity of the complex to around 160 million scuffs per day. The expansion in the processing capacity is being enhanced by the comprehensive acid gas injection and sour gas handling solution we are building. We are very excited about providing this comprehensive capability to our customers, further supporting long-term oil and gas production growth in the Delaware Basin. Moving to crude, both DPG and DDG crude gathering operations delivered strong performance during the year. We have increased our overall gathering capacity and look forward to further optimize and grow the business in 2026. Our water business is also doing very well. We have largely completed the integration of H2O and gravity into our operation. The combined gas, crude, and water offering in the Permian Basin has increased our competitive position and built a strong platform of growth. With strategic foundation, strong operation, and record result in 2025, we are well positioned for 2026. Today, we announced a 2026 EBITDA guidance range of 520 to 560 million dollars. This reflects the growth opportunity we have while managing leverage and coverage. We also intend to remain good steward of our stakeholder capital. Our board of directors have approved our 52nd consecutive quoted distribution increase, raising the distribution to $1.125 per unit, marking 13 consecutive years of distribution growth. This is an extraordinary achievement, and we are extremely proud of our team and financial prudence that brought us here. As we close the books on 2025 and begin 2026, Delac Logistics firmly positioned as a strong, independent, full suite midstream service provider. With the foundation we have built and the opportunities ahead, we are confident in our ability to continue delivering sustainable growth and long-term value for our unit holders. I will now hand it over to Ruben, who will provide more details on our operations.