Global Partners LP

Good day, everyone, and welcome to the Global Partners Fourth Quarter and Full Year 2025 Financial Results Conference Call. Today's call is being recorded. 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, Ms. Kristen Seabrook. At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the mean of federal securities law, including projections and expectations concerning the future financial and operational performance of global partners. No assurances can be given that these projections will be attained or that these expectations will be met. Our assumptions and future performance are subject to a wide range of business risk, uncertainties, and factors which could cause actual results to differ materially are described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements. Now, it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Flipka.

Thank you, Kristen, and good morning, everyone. Before I begin, I want to welcome Kristin to her first earnings call as our Chief Legal Officer. Kristin brings valuable business and legal experience, including her leadership roles at Pilot, and she has already made a strong impact. Her judgment and perspective will be important as we continue to execute our strategy and position Global for the future. We're very pleased to have her on our team. Our full year performance in 2025 reflects disciplined execution of a strategy we have built and refined over many years. Higher volumes across our terminal and wholesale network, along with a double digit increase in wholesale segment product margin, demonstrates the benefits of investments that expand capabilities and enhance the performance of our integrated network. Our GDSO segment delivered solid results, Strong fuel margins help partially offset a decline in volumes and lower station operations contribution due in part to a reduced site count related to site optimization efforts. As we have said before, different parts of our business will experience different conditions at different times. What defines Global's performance over time is the strength of our diversified and integrated platform. Our business spans supply, terminals, wholesale distribution, bunkering, and retail operations, providing multiple sources of earnings that help balance performance across. This is important, is how these segments work together. Our ability to source product, move it efficiently through our terminals, supply our customers, and ultimately serve guests through our owned and operated retail sites allows us to capture value across the system and deliver consistent, durable results. Our strategy remains focused on acquiring strategic assets, investing in our existing network, and continuously optimizing our portfolio. On the acquisition front, the East Providence Terminal marked its first full year as part of our network in 2025 and has already exceeded our expectations. This asset expanded our storage, marine, and truck rack capabilities and strengthened our service footprint across key Northeastern markets, enhancing connectivity and flexibility across our system. We also expanded our bunkering business into the Houston market through a lease at the Texas City Terminal, providing access to one of the largest refining and fuel hubs in the world, and establishing a strong platform for future growth. We continue to invest in strengthening our existing portfolio Our wholesale segment benefited from the continued growth of our terminal network, where we expanded capabilities and grew third-party volumes. We also strengthened our data and analytics infrastructure, improving operational visibility and enabling more informed and timely decision-making across the business. At the same time, we remain focused on optimizing our portfolio. During the year, we divested non-strategic retail locations and converted sites to higher value formats. These actions improve overall portfolio quality and position the business for more consistent performance over time. As an owner, supplier, and operator of critical energy infrastructure, we manage global with a clear understanding how each part of the system contributes to overall performance. This perspective allows us to allocate capital with discipline, strengthen our platform, and focus on long-term cash flow generation and returns. Looking ahead, our priorities remain clear. We will continue to execute with discipline, invest in capabilities that enhance our platform, and build on the strong foundation we have established. Supported by a strong balance sheet, consistent cash flow generation, and a network built thoughtfully over time, We believe Global is well positioned to deliver sustainable value for our unit holders. Turning to our distribution, last month the Board approved a quarterly cash distribution of 76 cents per common unit, our 17th consecutive increase. The distribution was paid on February 13th to unit holders of record as of the close of business on Feb 9th. With that, I'll turn the call over to Greg for the financial review.