PBF Energy Inc.

Good day, everyone, and welcome to the PBF Energy Third Quarter 2020 Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following management's prepared remarks. You may register to ask a question by pressing the star and 1 on your touchtone phone. Please note this call may be recorded. I'll be standing by should you need any assistance. It is now my pleasure to turn the floor to Colin Murray of Investor Relations. Sir, you may begin.

Thank you, Reid. Good morning and welcome to today's call. With me today are Tom Nimley, our CEO, Matt Lucey, our President, Eric Young, our CFO, and several other members of our management team. A copy of today's release, including supplemental information, is available on our website. Before getting started, I'd like to direct your attention to the Safe Harbor Statement contained in today's press release. In summary, it outlines that statements contained in the press release and on this call which express the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we describe in our filings with the SEC. Consistent with our prior quarters, we will discuss our results excluding special items. Non-cast special items including in the third quarter 2020 results which decreased net income by a net after-tax charge of $73 million or 62 cents per share consisted of a net tax expense on re-measurement of deferred tax assets, an impairment expense related to the PBF logistics write-down of certain long-lived assets offset by a lower of cost or market inventory adjustment, Thank you. Thank you. Thank you. Please refer to the supplemental tables provided in today's release. I will now turn the call over to Tom Nimley.

Thanks Colin. Good morning everyone and thank you for joining our call today. The challenges brought on by the global pandemic and ensuing restrictions imposed on the U.S. and global economies continue pressuring refining margins as a result of demand destruction. Crude oil differentials remain tight as refineries are processing less crude. A return in demand across all products and in turn a higher call on crude will result in improved market conditions. Through these challenging times, PBS focus has been on managing the aspects of our business that we can control. We remain focused on safety, both personal and operational. As you will have noted in today's press release, we continue taking a close look at our refining portfolio and are determined to emerge from the current crisis as a stronger company with increased efficiency and lower costs at all of our assets. In tandem with our ongoing system-wide cost reductions, the East Coast reconfiguration is another important step on the path to increasing our long-term competitiveness. We are putting all of our operations across the country under a microscope and committed to find additional efficiencies. We saw the largest opportunity and a rapid path to execution on the East Coast. We identified significant opportunities for further integration through preserving the greatest strengths of both Paulsboro and Delaware city refineries while significantly reducing costs going forward. Unfortunately, The positive effects of East Coast configuration will come with a burden. It will directly impact the livelihoods of many of our employees here in New Jersey. The current crisis has necessitated difficult decisions for the company and those decisions have consequences which I do not take lightly. We are committed to assisting those impacted with their transitions and hopeful for better times ahead. With our stated goal of increasing competitiveness, we continue to actively review all of our assets and all of our options. While the urgency of this is heightened given the current market conditions, the decisions will result in a stronger base business. On the positive side, we have seen demand incrementally increase over the last several months, and inventory levels have been trending down favorably. Product inventories continue to moderate, with gasoline well within the five-year average range, distillate inventory levels have come down, and while demand is still anemic, jet inventory levels are below the five-year average. We think this is a positive backdrop for demand ultimately recovering. Maintaining operational discipline is key in preserving this tenuous path to improving fundamentals. We are seeing very few signals which would necessitate increased utilization rates. The market is rebalancing and will continue to do so until there is a widely available medical solution that allows greater freedom of movement, increased business and personal travel, resulting in a return of demand. Lastly, I would like to thank all of our employees for continuing to unflinchingly rise above the current challenges and maintaining the safety and integrity of our operations, as well as for following our COVID-19 protocols. With that, I will turn the call over to Matt to provide an update on our operations during the quarter and the steps we are taking moving forward.