Murphy USA Inc.

Thank you for standing by. My name is Melissa and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA first quarter 2026 earnings Q&A call. All lines have been placed on mute to prevent any background noise. 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, Press star one again. Thank you. I would now like to turn the call over to Christian Peichel. Please go ahead.

Hey, thanks, Melissa. Good morning, everybody. Thanks for joining us. With me this morning are Mindy West, President and CEO, Donnie Smith, CFO, and Ash Alds, Director of Investor Relations and FP&A. Before we get started, I need to remind everybody to refer to the forward-looking statements commentary we included in our prepared remarks yesterday. I also assume you have all read through our earnings release and the prepared remarks. We have read your notes. I have a few comments before we open it up for Q&A. First, I hope that you noticed we are rebranding the PS&W plus RINS business and simply calling it fuel supply going forward. We provided a lengthy justification for that change along with a detailed explanation of fuel supply results, so I hope that was helpful. Second, we sent a follow-up note to our sell-side analysts, but I did want to take the opportunity to clarify Our comments on April volumes being flat to prior year, that metric is on an average per store month basis, not total volumes. So I wanted to point out that distinction. And lastly, as we will likely discuss, first quarter was strong, but we are focused on building shareholder value over the long term. We're pleased with the way the business performed in the first quarter, but our focus remains on making Murphy USA better in any environment, increasing the earnings power of the company significantly. in both favorable and unfavorable environments. So with that, Melissa, please go ahead and open us up for questions.

Thank you. As a reminder, if you would like to ask a question, please press star one on your keypad. Please stand by while we compile the Q&A roster. Your first question comes from the line of Irene Nadel with RBC Capital Markets. Your line is now open. Please go ahead.