PBF Energy Inc.

Good day, everyone, and welcome to the PBF Energy Fourth Quarter and Year End 2024 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 questions following management's prepared remarks. If anyone should require operator assistance during the conference, please press star zero or 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, Brittany. Good morning and welcome to today's call. With me today are Matt Lucey, our President and CEO, Mike Bukowski, our Senior Vice President and Head of Refining, Karen Davis, our CFO, and several other members of our management team. Copies of today's earnings release and our 10-K 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 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. Consistent with our prior periods, we'll discuss our results excluding special items which are described in today's press release. Also included in the press release is forward-looking guidance information. For any questions on these items or other follow-up questions, please contact Investor Relations after today's call. For reconciliations of any non-GAAP measures mentioned on today's call, please refer to the supplemental tables provided in the press release. I'll now turn the call over to Matt Lucie.

Thanks, Colin. Good morning, everyone, and thank you for joining the call. Before commenting on the fourth quarter and 24 in general, I would like to address the fire that we experienced at the Martinez Refinery on February 1st. I personally want to thank all the first responders, including our own employees, the Contra Costa County Fire Department, Martinez Police, and the mutual aid responders from our local industrial peers who successfully battled the fire and established control. I'm thankful there were no injuries beyond first aid on a few folks. We cannot ignore the impact that this incident had on the surrounding Martinez community. PBF Energy earns the right to operate in the communities where we have facilities by being a responsible, safe, and reliable operator. We apologize to everyone affected by the incident. We need to maintain a cooperative partnership with the state, county, and city to move forward constructively. The fire began as refinery workers prepared for planned maintenance of a process unit. We were in the process of isolating shutdown equipment when the fire began. We are still early in the recovery process. Access to the point of origin is limited until the completion of ongoing investigations. We are in the process of assessing the extent of the damage and we have experienced personnel set up to determine the necessary next steps. Looking ahead, while we don't have all the answers, we fully understand the importance of the products that we manufacture for the people of California. While California is a difficult regulatory environment, the California market, with its unique specifications, is short refined products and thus relies on imports. The situation is set to compound itself with the announced shutdown of LA Basin Refinery scheduled for this fall. While the full impact from this incident is not yet known, it's important to note that PBF is properly insured for an event such as this. Moving on to the fourth quarter, results reflect the challenging markets faced by refiners, comprised mainly of a weak margin environment and poor crude differentials, which is a continuation of the conditions that dominated the second half of 2024. For the most part, our refineries operated well during the quarter. We successfully executed a major cap turnaround on budget at Chalmette. The turnaround work did adversely impact capture rates in that region. The operating performance of our assets reflects the dedication and focus of our outstanding employees who work 24-7 in all market conditions to supply the refined products that are still very much in demand. The weak margins and market conditions experienced recently do not reflect our longer-term view that global refining supply and product demand remain tightly balanced. We believe this provides a constructive backdrop for refiners as demand for our product continues to grow globally. Indeed, forward cracks look constructive. We expect to see a balancing of the disproportionate capacity additions we saw 2025 net capacity additions are expected in the 700,000 to 800,000 range, with product demand growth in the 750,000 barrels per day range. This assumes new capacity operates near an ounce capability, something we have yet to see in some regions. Additionally, narrow light heavy sweet sour spreads have been a headwind to our capture rate. This rewards lower complexity assets in the near term. That said, we like our predominantly coastal system and access to a broad variety of feedstocks that it provides. As the global crude picture continues to evolve, if we see a shift in the market conditions that allows incremental heavy and sour barrels to become economically available, that will benefit our system. There's a lot of turbulence in the markets, and PBF is focused on controlling the aspects of our business that we can control to best position ourselves going forward. One of PBF's strengths is our financial position. In this current market cycle, PBF's balance sheet provides us with flexibility to weather challenging markets and look ahead to the next market cycle. To be successful and enhance value for our investors, we must operate safely, reliably, and responsibly, and we must do it efficiently. With that in mind, our team has been developing a business improvement initiative across our refunding footprint. And as promised, we'll now turn the call over to Mike Bukowski for comments on our cost savings program.