PBF Energy Inc.

Good day, everyone, and welcome to the PBF Energy fourth quarter 2021 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. If anyone should require operator assistance during a conference, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Thank you, Bikram. 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 earnings release, including supplemental information, is available on our websites. Before getting started, I'd like to direct your attention to the safe harbor statement contained in today's press release. Statements in our press release and those made on this call that 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. For information, our PBF Energy and PBF Logistics 10-K report should be available in a week's time. Consistent with our prior periods, we will discuss our results today, excluding special items. In today's press release, we described the non-cash special items included in our fourth quarter 2021 results. The cumulative impact of the special items increased net income by an after-tax benefit of $9.8 million, or 8 cents per share. Included in that number are the effects of the re-measurement of deferred tax assets, which resulted in a tax benefit for the quarter. There are a number of other notable items included in our results that Eric will highlight in his remarks. For reconciliations of any non-GAAP measures mentioned on today's call, please refer to the supplemental tables provided in today's press release. I'll now turn the call over to Tom Nimley.

Tom Nimley Thanks, Colin. Good morning, everyone, and thank you for joining our call. Today, we reported fourth quarter earnings of $1.28 per share and adjusted net income of $157 million. Before commenting on the macro environment, I would like to thank all of our PPF employees and all those who worked alongside us inside and outside of our refinery and terminal gates for their dedication and efforts that allowed us to strongly finish what started out as a very challenging year. Through the fourth quarter, we continued building on the positive momentum generated by strong demand for our products. Our high-complexity refining system benefited from improving crude differentials as OPEC Plus continued their measured supply increases over the course of 2021. We expect that trend to extend into 2022. We are seeing strong demand for light crude in certain regions, which is also contributing to favorable differentials for lower quality feedstocks. Having said that, crude markets remain tight. And in part, this has led to tight product markets. As we exited 2021, inventories were low across the board. Domestic gasoline, diesel, and jet stocks are all currently below 2019 levels and trailing five-year average lows. Perhaps more importantly, from a demands perspective, gasoline, diesel, and jet inventories are all below 2019 levels in terms of days of forward cover. We view this as a very constructive setup for 2022. Product inventories are low, demand continues to strengthen, and low refinery capacity due to global capacity rationalization should all support favorable refining margins. Demand remains the key driver. We expect demand in 2022 will continue its strong recovery and exceed 2021. With that, I will now turn the call over to Matt.