Global Partners LP

Good day, everyone, and welcome to the Global Partners Second 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, 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, Mr. Gregory Hansen, Chief Operating Officer, Mr. Mark Romain, and Chief Legal Officer, Mr. Sean Geary. At this time, I'd 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, a regulatory and permitting environment, a forest 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 fines with the Securities and Exchange Commission, which could cause actual results to differ materially from the partnership's historical experience and present expectations or projections. Global Partners undertakes no obligation to revise or update any forward-looking statements. 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 purpose of regulation FD. Now my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slivka.

Thank you, Sean, and good morning, everyone. Let me begin this morning by recognizing the terrific work of our entire team in contributing to a solid second quarter with our wholesale and GDSO segments performing above our expectations. From our fueling stations and convenience markets to our liquid energy terminals, the relationships created by our team members with customers and guests every day is a key differentiator that allows us to maintain a competitive advantage across our businesses. From an operating perspective, we bring an exceptionally high level of technical, marketing, and M&A expertise amassed over decades in the energy industry. This expertise powers the three core tenets of our growth strategy, acquire, invest, and optimize. We continue to advance our strategy in the second quarter. In June, the joint venture owned by subsidiaries of Global and ExxonMobil completed its acquisition of 64 convenience and fueling facilities in the greater Houston area, which expands our footprint into Texas. We invested approximately $69.5 million in cash for a 49.9% ownership interest in the joint venture, and under an operations and maintenance agreement, We operate and manage these locations. Our planned acquisitions of five of Gulf's refined product terminals in New England and New Jersey continues to work its way through the regulatory review process. We remain hopeful that the acquisition will close in the second half of this year. Including Gulf, in less than two years, we will have announced or completed more than $570 million of acquisitions while maintaining the strength and flexibility of our balance sheet. Applying our target midteam's returns, these deals are transformative for global, building on our competitive position and driving increased value for unit holders. We continue to put our energy to work in the clean fuel space. In June, we were the title sponsor for the inaugural Northeast Hydrogen Infrastructure Summit held at the Federal Reserve Bank of Boston. Through our team's vision, The event brought together a dynamic group of leaders in the hydrogen infrastructure, transportation, and policy space, as well as potential users to develop solutions to scale the Northeast hydrogen economy. We also recently brought in our first cargo of renewable diesel to our Albany terminal. From Albany, the product can be distributed throughout the Northeast. New York's ambitious climate goals coupled with sustainability-oriented customers eager to decarbonize their footprint, made Albany the perfect location to test the product. We are encouraged by the early demand and interest from customers, both existing and new. Our infrastructure is positioned to play a vital role in storing and distributing fuels that will help our country decarbonize. We will continue to create opportunities in the low-carbon transportation and power sectors through cultivation of relationships policy advocacy and problem solving. Turning to our distribution in July, the Board agreed upon a quarterly cash distribution of $67.50 or $2.70 on an annualized basis on all our outstanding common units for the period of April 1 to June 30, 2023. The distribution will be paid on August 14 to unit holders of record as of the close of business on August 8, 2023. Now let me turn the call over to Greg for the financial review. Greg.