Valero Energy Corporation

Greetings and welcome to Valero Energy Corp. First Quarter 2026 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 requires operator assistance during the conference, 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 Investor Relations. Thank you. You may begin.

Good morning, everyone, and welcome to Valero Energy Corporation's first quarter 2026 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 questions after reviewing these materials, please feel free to reach out to our investor relations team. Before we begin, I'd 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. Good morning, everyone. I am pleased to report that Delaware had an excellent first quarter, demonstrating our team's ability to optimize our refining system and deliver strong financial returns. In a period marked by considerable disruption in the commodity markets, our operations and commercial teams executed well. Early in the quarter, the availability of incremental Venezuelan supply resulted in wider crude differentials. Our Advantage Gulf Coast refining network was well positioned to benefit from the discounted heavy sour feed stocks. Market conditions shifted sharply in March as the global supply of crude and refined products tightened. Our operations team responded decisively, adjusting the product slate to reflect market signals, delivering a record monthly jet yield. At the same time, our commercial and financial teams proactively managed commodity risk to mitigate any adverse impacts of a highly dynamic pricing environment. Financially, we maintained a strong balance sheet while continuing to honor our commitment to shareholder returns. On the strategic front, we continue to make progress on the FCC unit optimization project at our St. Charles refinery. This $230 million initiative will enhance our ability to produce high-value products, including output. We expect the project to begin operations in the third quarter of 2026. Looking ahead, constrained global refining capacity and low product inventories in key markets should continue to support refining fundamentals. Our concentration on high-complexity coastal refineries provide significant feedstock flexibility and direct access to global markets, which are especially beneficial in the current environment. Additionally, our disciplined financial strategy and capital allocation framework position us to perform well across market cycles. In closing, our strong performance in the volatile first quarter underscores Valero's operational, commercial, and financial strength. We remain focused on things we can control, operational excellence, system-wide optimization, and disciplined financial decision-making. Consistent execution across these priorities positions us to benefit from the current margin environment and will continue to differentiate Valero. With that, I'll turn the call over to Homer.