Phillips 66

Welcome to the third quarter 2026 Phillips 66 earnings conference call. My name is Hillary and I will be your operator for today's session. At this time, all participants are in a listen only mode. Hello, everyone. Good morning, and thank you for joining the Phillips 66 Third Quarter 2026 Earnings Conference Call.

Participants on today's call will include Mark Lashier, Chairman and CEO, Kevin Mitchell, CFO, Don Baldridge, Midstream and Chemicals, Rich Harbison, Refining, and Brian Mandell, Marketing, Commercial, and Renewable Fuels. Slide 2 contains our safe harbor statement. We will be making forward-looking statements during today's call. Actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings. We will also discuss both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures are included in today's presentation and the Phillips 66 earnings release. Today's presentation, the earnings release, and supplemental financial and operating information can be found on the investor relations section of the Phillips 66 website. With that, I'll turn the call over to Mark.

Thank you, Sean. At Phillips 66, we're focused on operating our assets safely and reliably, enabling us to supply the products that our customers depend on and to help the U.S. and global economy grow. In today's remarks, I'll focus on three strengths that define Phillips 66, operating performance, capital allocation, and future growth. Thank you for joining us. Wellhead volumes of 4.6 BCF per day and 105% utilization at the Freeport LPG export dock. These results demonstrate our strong operating performance. Second, we remain committed to disciplined capital allocation and to returning greater than 50% of net operating cash flow, excluding working capital to shareholders. We will also fund a disciplined capital program including sustaining capital while retaining flexibility for additional share repurchases and debt reduction. Third, we have a clear path for future growth. All projects must compete on a risk-adjusted basis. This discipline keeps us focused on increasing return on capital employed by building the best business, not simply the biggest business. Thank you for joining us. Finally, our Western Gateway project creates an integrated value chain opportunity that is expected to generate returns across multiple segments. Through these midstream projects, we're positioned to achieve our stated targets and deliver mid-single digit adjusted EBITDA growth through the decade. In refining, the Humber Gasoline Quality Improvement Project will enable production of higher quality gasoline for premium markets. We're delivering record operating performance in the Central Corridor, supported by the full integration of the Wood River and Borger refineries. Additionally, strong financial results have benefited from greater than $50 million of near-term operational and commercial annual synergies from the WRB transaction, and we have line of sight to more. In chemicals, CP Chem's Golden Triangle Polymers and Ross Lafon Petrochemicals projects remain on track for full operations in 2027. These projects add earnings capacity while leveraging CP Chem's advantage feedstock position. Our integrated liquids portfolio is built to meet growing global demand. Thank you for joining us. Together, these strengths deliver high return opportunities and enable us to increase cash returns to shareholders. We're prepared to compete in any environment and generate durable economic value. We strengthen the foundation of the business and build a culture of continuous improvement. We're moving forward as a stronger, more agile company. Now, I'll turn the call over to Kevin.