PBF Energy Inc.

Good day, everyone, and welcome to the PBF Energy Second 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's prepared remarks. If anyone should require operator assistance during the 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, Mike. Good morning and welcome to today's call. With me today are Matt Lucey, our President and CEO, Mike Lukowski, our Senior Vice President and Head of Refining, Karen Davis, our CFO, and several other members of our management team. Both 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 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. 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 our call. While PBF's second quarter was a marked improvement over the prior few quarters, we definitively see constructive tailwinds ahead, specifically on the crude side. The Martinez Refinery was partially restarted in late April, and now, with much better discovery, we're working towards a full restart by the end of this year. The work our team in Martinez is doing is commendable. They continue to work diligently to maintain safe operations and produce much needed products for the California market, while at the same time managing the significant project to restore full operations. The rest of our refining system has largely operated to plan. Second quarter product margins were supported by strong demand while the light heavy crude differentials continue to be a significant challenge. Close to 4 million barrels of medium and heavy crude were taken off the market between 2022 and 2023 timeframe. Based on announcements to date and projecting forward, we should see between 2 and 2.5 million barrels per day coming back by this autumn, which will coincide with seasonal refinery maintenance. With this, we expect to see light heavy spreads wind out as we move deeper into the third and fourth quarters. Looking ahead, the product markets are looking attractive. Distill in particular looks quite strong. Global distillate supply and demand balances remain in deficit, and with long inventory, distillate cracks should remain supported. With already high refinery utilization, it will be difficult for distillates to restock with continuing strong demand. Longer term, we continue to see incremental product demand growth exceeding net refining capacity additions. Recent research indicated only approximately 500,000 barrels a day of net refinery capacity additions in 2025. This does not keep up with growing global demand And as we have seen, capacity rationalization can happen quickly and unexpectedly. We are seeing more rationalizations than expected in 2025 and 2026, with fewer new additions as we look further out. Europe recently lost 113,000 barrel a day Lindsay refinery in the UK. And we still have the pending shutdowns of Field 66 in Los Angeles and Valero's Benicia plant over the next 10 months or so. This is a constructive setup for the global refining environment. PBF remains focused on controlling the aspects of our business that we can control. As Mike will update shortly, I'm very pleased with our progress on the business improvement initiatives that we've initiated. This effort will result in improved efficiency and reliability across our system, which should, in turn, drive superior refining performance. To be successful and enhance value for our investors, we must operate safely, must operate reliably, and responsibly, but we must do it as efficiently as possible. With that, I'll turn the call over to Mike Bukowski for comments on operations.