Valero Energy Corporation

Greetings and welcome to Valero Energy Corp. Third 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 of Investor Relations. Please go ahead.

Good morning, everyone, and welcome to Valero Energy Corporation's third quarter 2026 earnings conference call. Today I'm joined 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, and several other members of Valero's senior management team. If you have not yet received a copy of our earnings release, it can be found 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. During the third quarter, our business teams executed well in all reporting segments. The market volatility and tight product inventories we saw in the prior quarter continued through the third quarter. Our teams remained focused on execution, running our refineries at near record levels of utilization, and helping keep the markets supplied with critical transportation fuels. Our ethanol segment also achieved a quarterly record for production during the third quarter, supplying fuel and contributing to our overall performance. Financially, we remain in a strong position. During the quarter, we continue to honor our longstanding shareholder commitments while also strengthening our cash position. As we look ahead, we remain constructive on the long-term outlook for our business. Refining fundamentals remain favorable, supported by low product inventories, Limited excess refining capacity and continued demand for transportation fuels. Compared to other regions around the world, the United States is well positioned in the current market environment. And the U.S. Gulf Coast continues to be one of the most advantaged regions globally, supported by abundant domestic crude production and access to cost-competitive feedstocks. Combined with our strategically located refining system and the flexibility of our commercial These advantages support our ability to respond to changing market conditions and resilient customer demand. Turning to strategic capital projects, we completed the FCC Unit Optimization Project at St. Charles Refinery during the third quarter on schedule and within budget. This $230 million investment has already increased production of higher-valued products, including alcohol and gasoline. We continue to evaluate additional strategic opportunities to further strengthen the competitiveness and long-term value of our refining system. However, as we assess these opportunities, we remain committed to our disciplined investment process that has served us well for more than a decade. In closing, our third quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance. This is a result of a long-term strategy that we've been committed to for well over a decade. With that, I'll turn the call over to Homer.