Sunoco LP

Greetings and welcome to Sunoco LP's second quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Scott Grishow.

Thank you. You may begin. Thank you and good morning, everyone.

On the call with me this morning are Joe Kim, Sunoco LP's President and Chief Executive Officer, Carl Fales, Chief Operating Officer, Austin Harkness, Chief Commercial Officer, Brian Hand, Chief Sales Officer, and Dylan Bramhall, Chief Financial Officer. Today's call will contain forward-looking statements. Please refer to our earnings release and SEC filings for risk factors and reconciliations of non-GAAP financial measures. including adjusted EBITDA and distributable cash flow as adjusted. Our second quarter financial and operating results continue the good start to the year that we reported last quarter. The partnership delivered a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses and distributable cash flows as adjusted of $300 million. In the second quarter, we spent approximately $120 million on growth capital and $40 million on maintenance capital. This includes the partnership's proportionate share of capital expenditures related to our two joint ventures with energy transfer of $15 million for growth capital and $2 million for maintenance capital. We remain on track to meet our 2025 projected capital spend, which includes at least $400 million of growth capital and approximately $150 million for maintenance capital. Turning to the balance sheet, as of the end of the second quarter, our $1.5 billion revolving credit facility had approximately $200 million in outstanding borrowings. Leverage at the end of the quarter was just under 4.2 times. On July 24th, we declared a distribution for the second quarter of 90.88 cents per common unit, or approximately $3.63 on an annualized basis. This represents an increase of 1.25% compared with the previous quarter and resulted in a trailing 12-month coverage ratio of 1.9 times. This marks the third consecutive quarterly increase in Sunoco's distribution and is consistent with our capital allocation strategy and 2025 business outlook, which includes an annual distribution growth rate of at least 5%. I would like to conclude my remarks by stating that our financial position remains strong and we are on track to achieve our full year EBITDA guidance. Looking at the business over the long term, we expect to continue our record of generating increasing distributable cash flow per unit, which will position us for ongoing distribution increases and additional growth. With that, I will turn the call over to Carl to discuss our operational results.