PBF Energy Inc.

Energy first quarter 2025 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 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 is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Thank you, John. 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 10Q 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 will 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. 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. To say the first quarter was tumultuous would be an understatement. Between the uncertain economic environment and our Martinez event, there's been a lot to digest. I'm happy to report that phase one of our restart plans for Martinez were recently completed. Consistent with our March update, we safely restarted a number of the unaffected units, including the crude unit, hydrocracker, and delayed coker. The refinery will be running in this limited configuration in the 85 to 105,000 barrels per day range. Getting to this point was no small lift for the Martinez team, especially given they were simultaneously continuing their initial work to rebuild the fire damaged areas, conducting the planned FCC turnaround, and preparing and successfully executing the startup. In the current configuration, we'll be supplying limited quantities of finished gasoline and jet fuel to the California markets. We will also be producing intermediates, which we intend to further process into finished products at Torrance. Our business interruption waiting period ended on April 3rd, and we expect that from that date forward, we'll see the portion of our insurance program respond as well. As mentioned in our press release, our insurance have agreed to pay a first installment of $250 million, which we expect to receive this quarter. We are appreciative of the willingness of our insurance carriers to provide interim payments. This goes directly to the quality of our program and the relationships that have been established, in many cases, more than a decade ago. Despite the broader concerns in the market, the fundamentals are improving as we approach driving season. Demand is resilient and showing signs of strength. Gasoline stocks are below the five-year average, and distillate stocks are at the bottom of the range, and cracks are constructive. That said, differentials for our preferred heavy and sour feed stocks are definitively a headwind. These narrow differentials reduce capture rates for complex refiners such as PBF. We are encouraged, however, with the reintroduction of incremental OPEC plus barrels with the prospect of more to come. As these tight differentials begin to loosen, PBF will be a direct beneficiary. Longer term, we continue to see incremental product demand growth exceeding net refining capacity additions. This is a constructive setup for the global refining environment. We're seeing more rationalizations than expected in 2025 and 26, with new additions declining as we look further out. PBF is focused on controlling the aspects of our business that we can control to best position ourselves going forward. In this current cycle, PBF's balance sheet provides us with the flexibility of 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 as efficiently as possible. As part of our ongoing review of our portfolio of assets to maximize value for investors, today we announced the sale of our Knoxville and Philadelphia terminal assets for $175 million. This process began last year and we expect the transaction will close in the second half of this year. I'll now turn the call over to Mike Lukowski for comments on operations and our cost savings program, which are tracking ahead of plan.