Global Partners LP

Good day, everyone, and welcome to the Global Partners First Quarter 2023 Financial Results Conference Call. Today's call is being recorded. There will be an opportunity for questions at the end of the call. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slivka, Chief Financial Officer, Mr. Gregory Hansen, Chief Operating Officer, Mr. Mark Romain, and Chief Legal Officer, Mr. Sean Geary. At this time, I would like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir.

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities laws. These statements include projections, expectations, and estimates concerning the future financial and operational performance of global partners. which are based on assumptions regarding market conditions, demand for liquid energy products, and convenience store products, the regulatory and permitting environment, the forward product pricing curve, and other factors which could influence our financial results. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties, and factors which are described in our filings with the Securities and Exchange Commission. and which could cause actual results to differ materially from the partnership's historical experience and present expectations or projections. Gold Partners undertakes no obligation to revise or update any forward-looking statements. Any material comments concerning future results or 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 my pleasure to turn the call over to our President and Chief Executive Officer, Eric Sliska.

Thank you, Sean, and good morning, everyone. Let me begin by thanking the entire global team for propelling us to a solid start in fiscal 2023. Our performance reflects the great work being done across our liquid energy terminal network and convenient markets every day to deliver quality products and superior service to our customers and guests. Q1 was another strong quarter for our GDSO segment, which posted a 6.1% higher product margin. This increase helped more than offset the effects of warmer than normal temperatures on distillates and other weather sensitive products. Our results speak to the diversification of our business model, which serves us extremely well in what is frequently a dynamic weather environment. On our year end call, I spoke with you about three acquisitions we completed in 2022. These transactions have strengthened the earnings power of our GDSO portfolio, adding more than 60 company operated convenience markets and related fuel operations, along with fuel supply arrangements at more than 55 additional sites. In March, we signed a joint venture agreement to invest alongside ExxonMobil to acquire 64 convenience and fueling facilities in the greater Houston area. The agreement is expected to close in the second quarter of 2023. We're excited about the opportunity to expand our footprint into the fast growing Texas market and look forward to operating these sites on behalf of the joint venture. On the corporate governance front, During the first quarter, we were extremely pleased to welcome Claire McGlory to our board of directors. As CFO and COO at Ataros, a $6 billion strategic investment firm, Claire has been instrumental in guiding growth-oriented businesses across a wide range of industries. She also brings more than 13 years of energy experience to our board, having served as CFO, EVP, and treasurer for Sunoco LP. We look forward to benefiting from clear strategic experience, industry perspectives, and leadership background. Turning to our distribution, in April, the board agreed upon a quarterly cash distribution of $65.50 or $262 on an annualized basis on all our outstanding common units for the period from January 1 to March 31. The distribution will be paid on May 15th to unit holders of record as a close of business on May 9th, 2023. Let me conclude my remarks by updating you on the status of our agreement with Gulf Oil Limited Partnership to acquire five of Gulf's refined product terminals in Connecticut, Maine, Massachusetts, and New Jersey. We are continuing to work through the regulatory review process and will share any material developments as appropriate. Now let me turn the call over to Greg for the financial review. Greg?