PBF Energy Inc.

Good day everyone and welcome to the PBF Energy first quarter 2022 earnings conference colon 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 the conference please press star zero on your telephone keypad. Please note that this conference is being recorded. It's now my pleasure to turn the floor over to Colin Murray of Investor Relations. Thank you. You may begin.

Thank you Melissa. 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. Copies of today's earnings release and our 10-Q filing, including supplemental information, are 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. Statements in our press release and those made on this call that express a company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by 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 periods, we'll discuss our results today, excluding special items. In today's press release, we describe the non-cash special items included in our quarterly results. The cumulative impact of these special items decrease net income by an after-tax amount of $64.4 million, or 53 cents per share. 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.

Thanks, Colin. Good morning, everyone, and thank you for joining our call. Before commenting on PBF results and the macro environment in general, I would like to comment on current events. The war in Ukraine has caused shockwaves across the world. However, any impact outside the borders of Ukraine pale in comparison to what is being endured by the Ukrainian people. Our thoughts and prayers go out to those who are suffering, and we hope to see the conflict end soon. Prior to the events in Ukraine, global oil markets were delicately balanced. Crude supplies were tight but meeting demand, while product supplies and refining capacity were struggling to keep up with post-COVID demand strength. We are seeing volatility in global crude markets, driven by supply concerns. Trade flows have shifted in response to sanctions, but the crude markets remain adequately supplied despite increasing demand for incrementally more crude. Strength in global product prices is being driven by a combination of increased demand and low product inventories. Global refining capacity is more than 4 million barrels lower today than in 2019. Even with relatively high utilization, current refining capacity can barely keep up with demand and is incapable of concurrently increasing global product inventories. U.S. refining utilization is operating at near capacity as we are about to enter the traditionally peak summer demand period. For the first quarter, PBF reported earnings per share of 35 cents. and adjusted net income of $43.3 million. To put this in context, the first quarter is generally a seasonally low point for demand and a high point for industry maintenance. Through this, PBF generated positive earnings. Our valued employees are working tirelessly to keep our assets running safely and reliably. We completed a significant amount of maintenance in the first quarter As we get the bulk of our planned turnarounds behind us in the first half of 2022, our assets are well positioned to benefit from the favorable market conditions we are seeing. With that, I will now turn the call over to Matt. Thanks, Tom.