PBF Energy Inc.

Good day, everyone, and welcome to the PBF Energy third quarter 2026 earnings conference call-in webcast. At this time, all participants have been placed in a listen-only mode, and the floor will open for questions following management's prepared remarks. If anyone should require operator assistance during this 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, Jeannie. 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, Joe Marino, 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 expressing 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. I'll now turn the call over to Matt Lucey.

Thanks, Colin. Good morning, everyone, and thanks for joining our call. Third quarter earnings speak for themselves. We intend to convert those earnings into lasting improvements in our business. The company reduced net debt by more than $1.2 billion during the quarter, and by more than $2 billion this year. As Joe will detail, our balance sheet transformation has put the company on strongest financial footing since our formation. Over the last seven years, markets have become increasingly volatile with shorter cycles, as evidenced by the three once-in-a-generation events over that period. Prudence Inc., Prudence dictates a deeper balance sheet to navigate this new reality. The company's focus is to execute, execute, execute. Execute our base business and do so efficiently. And importantly, through our business improvement initiatives to improve the competitive positioning of each asset we own. Extract incremental profitability through all cycles. up or down. We are investing our assets to improve utilization, reliability, and yields, which will translate into stronger through the cycle cash flow and make our system more resilient. By executing well on these priorities, we will maximize the resilience of our system, create greater long-term shareholder value, and increase our ability to return capital to shareholders. Turning to the market, the biggest disruptions to the oil market have materialized in the availability of refined products. The disruptions have coincided with what was an already structurally tight refining market. On the crude side, the market has adapted reasonably given the circumstances. Flows through the Strait of Hormuz have recovered to roughly three-quarters of pre-war levels, with some recent weekly reports higher. But product flows remain well below pre-war levels. Recently, the dramatic increase in freight rates has really put pressure on the Asian refiners. Freight, coupled with rising natural gas costs overseas, is raising the cost to run international capacity. Headwinds that U.S. refiners are less exposed to due to our shorter transit times and abundant domestic supply of natural gas. Freight dynamics paired with growing production of heavy crudes has widened the light heavy differentials. PBF's crude slate flexibility and close proximity production is a real tailwind going into the fourth quarter for our cost of crude. The freight realities raise the bar for delivery of imports needed in our product short coastal markets. PBF sells the majority of our products domestically, thereby avoiding costly transits. The story on products remains a supply story. More than 5 million barrels a day of global capacity is offline. a portion of which with physical damage. With global inventories roughly 500 million barrels below pre-war levels, there is essentially zero cushion in the system. Policy responses can be helpful on the margin. However, at the core, the world is simply short refined products. Benchmark cracks reflected the tightness. The New York Harbor 211 averaged nearly $65 a barrel in the third quarter, compared with about $26 a year ago. Nowhere are current product dynamics more clear than our coasts, which are structurally short refining capacity and dependent on imports. California alone imports roughly 250,000 barrels a day of gasoline, about 30% of its demand. The situation reinforces a point we have made for some time. U.S. refining is critical infrastructure. Looking ahead, demand has proven resilient, holding up well domestically. Peace may, and hopefully will, normalize trade flows, but it will not restore damaged capacity, rebuild depleted inventories, or reverse years of capacity rationalization. Crude normalization will happen much quicker than stabilization in the product markets. Taken together, we believe that refining has entered a new, higher cycle characterized by higher volatility with a bias towards wider crude differentials. Given our high complex coastal refining system, PBF is well positioned for this market environment. None of this changes what we can control. To be successful and enhance value for our investors, we must operate safely, reliably, and responsibly, and we must execute on our process improvement initiatives to maximize market capture. With that, I'll turn the call over to Mike.