PBF Logistics LP Common Units representing limited partner interests

Good day, everyone, and welcome to the PBS Logistics LP First Quarter 2022 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 your 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 that this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray, Vice President of Investor Relations. Sir, you may begin.

Thank you, Maria. Good morning and welcome to today's call. With me today are Matt Lucey and Eric Young from our management team and several other members of the Partnership Senior Management. If you would like a copy of our earnings release or TANQ filing, they are available on our website. Before we begin, I'd 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 partnerships 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'll 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 Lucie.

Thanks, Colin. PBF Logistics operated well in the first quarter. Our operations continue to be driven by the reliability of our assets and our safety-oriented workforce. In addition to our strong relationship with our sponsor and high percentage of contracted volumes, these are the foundations that provide for our consistent financial performance. We expect partnership full year 2022 revenue to be approximately $320 to $340 million. As mentioned on previous calls, the 2022 partnership revenues reflect the lower minimum volume commitments for the East Coast rail facilities, which took effect as of January 1. Revenues in this range are expected to generate EBITDA of approximately $200 to $210 million. The partnership's consistent revenues and cash generation provide strong distribution coverage and the ability to continue reducing our net debt. We will remain focused on our balance sheet. In doing so, we maintain flexibility and increase our ability to potentially grow the partnership in the future. Today, we announced a distribution of 30 cents per unit. We will continue to review our distribution policy going forward with respect to company performance, market conditions, and alternate use of funds. With that, I'll turn it over to Eric.