Valero Energy Corporation

Greetings and welcome to Valero Energy Corp. 4th Quarter 2025 Earnings Call. At this time, all participants are on a listen-only mode. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Donovan, VP of Investor Relations. Thank you. Please go ahead.

Good morning, everyone, and welcome to Valero Energy Corporation's fourth quarter 2025 earnings conference call. I'm joined today by Lane Riggs, Chairman, CEO, and President, Gary Simmons, Executive Vice President and COO, Rich Walsh, Executive Vice President and General Counsel, Homer Buller, Senior Vice President and CFO, as well as several other members of Valero's senior management team. If you have not yet received a copy of our earnings release, it is available on our website at InvestorValero.com. Included with the release are supplemental tables providing detailed financial information for each of our business segments, along with reconciliations and disclosures for any adjusted financial metrics referenced during today's call. If you have any questions after reviewing these materials, please feel free to reach out to our investor relations team. Before we begin, I would like to draw your attention to the forward-looking statement disclaimer included in the press release. In summary, it says that statements made in the press release and during this conference call that express the company's or management's expectations or forecasts of future events are forward-looking statements and are intended to be covered by the safe harbor provisions under federal securities laws. Actual results may differ from those expressed or implied due to various factors, which are outlined in our earnings release and filings with the SEC. I'll now turn the call over to Lane for opening remarks.

Thank you, Brian, and good morning, everyone. I'd like to begin by highlighting some of our team's accomplishments in 2025. Last year was our best year for personnel safety and environmental performance, building on personnel and process safety records we set in 2024. Our continued commitment to safe, reliable, An environmentally responsible operation has resulted in a record refining throughput and record ethanol production for both the fourth quarter and the full year. We also set a record for mechanical availability in 2025. These accomplishments reflect the hard work, expertise, and dedication of our entire team. We delivered strong financial results in the fourth quarter, reinforcing our consistent track record of operational and commercial excellence. We captured favorable refining margins during the quarter, driven by strong product cracks and widening sour crude discounts, and our fourth quarter performance capped off excellent financial results for the year. Strategically, we continue to make progress on our SCC unit optimization project at our St. Charles refinery. This $230 million initiative will enhance our ability to produce high-valued product yields, including alkylate. We still expect the project to begin operations in the second half of 2026. Looking ahead, we believe refining fundamentals should remain supported by continued demand growth and tight supply environment driven by limited capacity additions. Our crude differentials are also expected to benefit from increased Canadian crude production along with additional Venezuelan crude supply into the U.S. In closing, Laurel's strong financial results and record operating performance highlight our operational and commercial excellence. We remain committed to our disciplined capital allocation framework that prioritizes balance sheet strength, disciplined capital investments, and shareholder returns. With that, I'll turn the call over to Homer.