PBF Logistics LP Common Units representing limited partner interests

Welcome to the PBS Logistics fourth quarter 2020 earnings conference call and webcast. At this time, all participants have been placed in the listen-only mode, and the floor will be open for your questions following management's prepared remarks. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the floor over to Colin Murray, Investor Relations. Please go ahead, sir.

Thank you, Melissa. Good morning and welcome to today's call. With me today are Matt Lucey, our Executive Vice President, Eric Young, our CFO, and several other members of the partnership's senior management team. If you'd like a copy of our earnings release, it is available on our website. Before we begin, I would like to direct your attention to the forward-looking statements disclaimer contained in today's press release. In summary, it outlines the statements in the press release and on this conference call that state the partnership'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. There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the SEC. As noted in our press release, we will be using certain non-GAAP measures while describing the partnership's operating performance and financial results. For reconciliations of non-GAAP measures to the appropriate GAAP figure, please refer to the supplemental tables provided in today's press release. I'll now turn the call over to Matt Lucy.

Thanks, Colin. Good morning, everyone. Even with 2020 now behind us, the pandemic near-term challenges, even as we see signs of improvement in terms of progress of vaccine rollouts and the prospect of eventually being able to return to a more normal daily routine. Despite the challenges, PBF Logistics continues to operate well as can be seen in the consistency of our earnings in 2020. Our assets operated well, and we were able to reduce operating and capital expenses. We have seen an overall modest decline in throughput levels, but much less than what can be seen in a drop in demand nationally for the products we move, store, and deliver. One of the highlights of the year was the processing agreement at our East Coast storage assets with Maersk. We were able to support Maersk for the duration of the one-year agreement. However, as a result of the pandemic, Maersk did not extend the agreement beyond its initial term, which ended in the fourth quarter. That being said, Maersk remains a valued customer, and we continue to provide processing services on a spot basis. Last October, our sponsor and partner, PVF Energy, announced a strategic restructuring of its East Coast refining system whereby the Paulsboro Refinery idled several major processing units and expected output from the refinery will decrease. For 21, the impact of this configuration change is expected to equate to less than 1 percent of partnership EBITDA. Going forward, with changes I just mentioned, we expect partnership revenues for 21 to be in the $330 to $350 million range, with 21 EBITDA in the $210 to $220 million range. This will allow the partnership to maintain healthy distribution coverage and continue generating ample cash flow to deliver the business. Debt pay down and strengthening liquidity are the priorities. Today, we maintain our distribution of 30 cents per unit. We will continue to review our distribution policy going forward with respect to the company performance, market conditions, and alternate use of funds. I'll now turn it back over to Eric.