Global Partners LP

Good day, everyone, and welcome to the Global Partners Third Quarter 2020 Financial Results Conference Call. Today's call is being recorded. There will be an opportunity for questions at the end of the call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka, Chief Financial Officer, Ms. Daphne Foster, Chief Operating Officer, Mr. Mark Romain, and Executive Vice President and General Counsel, Mr. Edward Fenwell. At this time, I'd like to turn the call over to Mr. Fenwell for opening remarks. Please go ahead, sir.

Good morning, everyone. Thank you for joining us today. Before we begin, let me remind everyone that this morning we will be making forward-looking statements within the meaning of federal securities laws. These statements may include but are not limited to projections, beliefs, goals, estimates concerning the future and financial and operational performance of global partners. Forward-looking statements are based on assumptions regarding market conditions, such as the crude oil market, business cycles, demand for petroleum products, including gasoline and gasoline blend stocks and renewable fuels, utilization of assets and facilities, weather, credit markets, demand for C-store offerings, the regulatory and permitting environment, and the forward product pricing curve, which could influence quarterly financial results. These statements involve significant risks and uncertainties, some of which are beyond the partnership's control, including without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States, which will impact the demand for the products we sell and the services we provide, Uncertainty around the impact of COVID-19 to our counterparties and our customers and their corresponding ability to perform their obligations and or utilize the products we sell and or services we provide. Uncertainty around the impact and duration of federal, state, and municipal regulations and directives related to COVID-19 and assumptions that could cause actual results to differ materially from the partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information and our assessment of historical trends. Because our assumptions and future performance are subject to a wide range of business risks and uncertainties, we can provide no assurance that actual performance will fall within any guidance ranges. In addition, such performance is subject to risk factors including but not limited to those described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements that may be made during today's conference call. With Regulation FD in effect, it is our policy that any material comments concerning future results of operations will be communicated through news releases, publicly announced conference calls, or other means that will constitute public disclosure for the purposes of Regulation FD. Now, please allow me to turn the call over to our President and Chief Executive Officer, Mr. Eric Slifka. Thank you, Edward.

Global continues to perform well, executing on market opportunities associated with COVID-19. Our vertically integrated portfolio of supply, terminaling, storage, and retail assets are part of the essential infrastructure necessary to power everyday life as we continue to deliver goods and services to people, communities, and businesses across the markets we serve. I use the term essential infrastructure because much of our volume is consumed as a basic everyday need. Families are home now more than ever and we provide the fuel that warms this increasing demand. We also power commercial, industrial, and government customers, including federal, state, and local fleets, utilities, first responders, and others whose vehicles are on the road every day. In addition, our network of convenience stores has become critical markets for those wishing to stay close to home and secure their basic goods in a smaller setting. We have adapted to ensure we have the products to meet these customers' needs. Our strong network and adaptability enable us to take advantage of opportunities in the market to grow our business organically and through acquisitions. To that point, the M&A pipeline is very active, and we continue to evaluate opportunities with the potential to expand our geographic footprint, complement our service offerings, and drive profitability and growth. We continue to prioritize the safety of our employees, guests, customers, and suppliers. Our office-based employees successfully transition to a remote work environment with no disruption to our business. All of our gas stations, C-stores, and fuel terminals are open and fully operational. Turning to recent highlights, last week the Board of Directors of our general partner increased the quarterly cash distribution on our common units to $0.50 per unit or $2 on an annualized basis. The distribution will be paid November 13th to unit holders of record as of the close of business on November 9th. On our Q2 call, we discussed the signing of a long-term contract with a leading downstream energy company to throughput renewable diesel at our rail and waterborne terminal on the West Coast. I'm pleased to announce that the first shipments of renewable diesel are expected to come through the terminal this quarter. This business is a natural extension of our years of expertise in throughputing, sourcing, and distributing renewable fuels and our commitment to providing a bridge to low carbon fuels. We continue to increase our flexibility to move renewable fuels to serve growing demand and doing so at scale. For example, we continue to introduce modifications to our terminal infrastructure to increase the ability to supply renewables. Before turning it over to Daphne, I want to note the appointment of Robert Owens as the newest member of our board. Bob was elected in October, served as President and Chief Executive Officer of Sunoco LP from 2012 until his retirement in 2017. He brings to the board more than 40 years of entrepreneurialism, innovation, and success in leading and growing energy sector businesses, and we look forward to benefiting from his perspective. With that, now let me turn the call over to Daphne for her financial review. Daphne?