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Good day, everyone, and welcome to the Global Partners First Quarter 2026 Financial Results Conference Call. Today's call is being recorded. With us from Global Partners are President and Chief Executive Officer Mr. Eric Slifka, Chief Financial Officer Mr., Gregory Hansen, Chief Operating Officer Mr, Mark Romain, and Chief Legal Officer Ms., Kristen Seabrook. At this time, I would like to turn the call over to Ms. Seberg for opening remarks. Please go ahead. Good morning, everyone, and thank you for joining us. Today's call will include forward-looking statements within the meaning of federal security laws, including projections and expectations concerning the future financial and operational performance of global partners. No assurances can be given that these projections will be attained or that these expectations will be met. Our assumptions and future performance are subject to a wide range of business risk, uncertainties, and factors, including supply and demand, which could cause actual results to differ materially as described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements. Now it's my pleasure to turn the call over to our President and Chief Executive Officer Eric Slipka. Eric? Thank you, Kristen. Good morning, everyone, and thank you for joining us on today's earnings call. We started 2026 with a strong first quarter driven by solid execution across our operating segments and supported by the continued strength of our integrated liquid energy platform in a dynamic commodity environment marked by heightened geopolitical tension and global supply disruptions. Our business is built to perform across a wide range of market conditions, and given the current volatility, we remain focused on managing risks and opportunities, while continuing to optimize our asset base to enhance returns. Our results this quarter were driven by a colder-than-normal winter in the Northeast and more favorable market conditions in wholesale and commercial, along with improved fuel margins in our gasoline distribution and station operations segment. Importantly, these results reinforce the resiliency of our model. We do not rely on any single commodity, geography, or market dynamic to generate cash flow. Instead, we manage a diversified portfolio of assets and adjust our operating approach to reflect the conditions in front of us. That flexibility remains a core strength of Global. Whether markets are volatile or more stable, our focus is the same – disciplined execution, prudent capital allocation, and maintaining a strong balance sheet to support long-term value creation for our unit holders. Turning briefly to our distribution, last month our Board approved a quarterly cash distribution of 7650 per common unit or 306 on an annualized basis this mark marks our 18th consecutive quarterly increase supported by healthy coverage and the cash generating capacity of our business the distribution will be paid on May 15th to unit holders of record as of May 11th now let me turn the call over to Greg for the financial review thank you Eric and good morning everyone As we review the numbers, unless otherwise noted, all comparisons will be with the first quarter of 2025. Net income in the first quarter of 2026 was $70.1 million versus $18.7 million. EBITDA was $142.1 in the 1st quarter versus $91.9 million in 2025. And adjusted EBITD was $140.4 million in 2026 compared with $91,3 million. Distributable cash flow was $96.4 in the quarter of 26 compared with 45.7 and adjusted DCF was 96.8 million versus 46.5 million. We maintained healthy distribution coverage at the quarter end of 1.96 times or 1.9 times after including distributions to our preferred unit holders. Moving to our segment details, GDSO segment product margin increased 11.4 million in the quarter to 199.3 million. Product margin from gasoline distribution increased 10.9 million to $136.7 million, primarily reflecting higher fuel margins year over year. On a cents per gallon basis, fuel increased, fuel margin increased by six cents to 41 cents in Q1-26 from 35 cents in Q1 2025. Station operations product margin, which includes convenience store and prepared food sales, sundries, and rental income, increased $0.5 million to $62.6 million in the first quarter of At the quarter end, our GDSO portfolio of fueling stations and C-stores consisted of 1,513 sites, exclusive of the 68 sites under our Spring Partners Retail Joint Venture. Turning to our wholesale segment, first quarter product margin increased $60.5 million to $154.1 million. Product margin from gasoline and gasoline blend stocks increased $44.1 to $101.2 million, and product margin from distillates and other oils increased $16.4 million to $52.9 million. These increases in our wholesale segment product margin are primarily due to more favorable market conditions in gasoline and residual oil. We are pleased with the performance of the wholesale segment, which delivered strong results in the heightened commodity price volatility during the quarter. We do expect the current steep backwardation in the forward product pricing curve to increase the cost of carrying our hedged inventory in future periods, and we remain focused on disciplined inventory management. In our commercial segment, product margin increased 4.6 million to 11.7 million, primarily due to more favorable market conditions. Operating expenses increased 2.5 million first quarter to 129.2 million, reflecting expenses associated with our GDSO and terminal operations. SG&A increased 25.6 to 99.3 million, primarily reflecting higher performance based incentive compensation expense. We We expect SG&A expenses to normalize in the remaining quarters of 2026. Interest expense was $35.5 million, compared with $36 million in the same period of 2025. CapEx in the fourth quarter was $31.9 million, consisting of maintenance CapEx of $10 million and expansion CapEx at $21.9, primarily related to investments in our gasoline station business. For full year 2026, we expect maintenance CapX in the range of $60 to $70 million and expansion capex excluding acquisitions in the range of 75 to 85 million our current capex estimates depend in part on the timing of project completions the availability equipment and labor weather and any unforeseen events or opportunities that require additional maintenance or or investment our balance sheet remains strong at March 31st with leverage as defined in our credit agreement as funded debt to EBITDA at 3.1 times and ample excess capacity in our credit facility. As of March 31st, we had $408.3 million borrowings outstanding on our working capital revolver and $103.5 million outstanding on our revolving credit facility. On our IR calendar this month, we'll be participating in the 23rd Annual Energy Infrastructure CEO and Investor Conference. For those of you participating, we look forward to seeing you. Let me turn the call back to Eric for his closing comments. Eric? Thank you, Greg. We delivered an exceptional quarter, and the entire global partners team executed at a high level across all segments. We also recognize that a portion of these results reflect market conditions shaped by the ongoing conflict, which continues to drive volatility across global energy markets. We are managing the remainder of the year with the same discipline that drove this quarter, while planning for a range of scenarios as the conflict evolves. With that, Greg, Mark, and I will be happy to take your questions. Operator, please open the line for Q&A. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would want to ask another question. You may also press star 3 if you want to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Selman Ackle with Stiefel. Please proceed with your question. Thank you, Selman. First of all, congratulations on very nice results. That was very impressive. Thank you so much. Let me ask you this. Are you seeing any changes in customer patterns, any signs of demand destruction at all, given the higher fuel prices yet? I mean, nothing noticeable in the quarter in March. You know, obviously, one thing we track is average fill-ups and average gallons per fill-up, and we have seen some decline in that through March and April. But overall, I mean the consumer continues to be pretty healthy. I do think, obviously, that, you know, higher gasoline prices will impact the share of wallet going forward. So it's something we continue to lean in on promotions and loyalty in our C-Store to drive customers into our stores. But, you Know, depending on how long this prolong goes on, it could have a further impact on potential demand at the pump. Got it. And then, you Now, nice uptick year over year in your fuel gallon CPG. How how's that going in given the volatility? And I'm really kind of thinking, you know, March, you had one month of the volatility, but, you know, you've seen certainly more of that in as we've gone into the second quarter. I'm just kind of wondering how CPG is holding up. Yeah, Selvin, it's Eric. margins continue to show the same historic resiliency that they have. And if there is a decline in volume, you know, margins historically have expanded, right? So I, you know, I think that that is going to hold true. And I think That's what we're seeing now. But generally too there's a lot of price volatility in the market and so you're waking up you know certain days and the product prices are moving 15 20 30 cents to me that volatility represents an opportunity the amount of price changes that we're making somebody quoted me internally here we've made the same amount of price changes already that we typically make in a year Wow that's in the tens of thousands that's the tens-of-thousands wow that's quite a stat thank you for sharing that so in this environment how do you think about about acquisitions? Are they easier? Is it you'd rather pause and see how things shake out? Is there anything that's changed? Yeah, no, we continue to look at everything that's out there. I would say the landscape is as competitive as it's ever been, but we're trying to be involved in every process that is out there um and it'll be interesting to sort of see if anything or what gets done or what gets sold gotcha but are you seeing sellers expectations come in at all uh you know it's interesting it's based more on cash flow and multiples right but like multiples are still strong right so yeah it's competitive gotcha you you guys reference sort of the higher carrying costs for inventories like it wholesale um but i guess just in general but is there any thoughts of carrying lower inventories given the carrying costs or is that just cost of doing business and and we're not having a problem getting any products so we'll keep inventories robust yeah hey someone good morning it's mark um yeah that that's actually you know and something that we've done historically it's part of our playbook and it it does kind of highlight the benefit or the value of the storage capacity that we have and we can tailor our inventory levels based on market conditions as you might expect when markets get extremely backwards we're able to reduce inventories down significantly during that during that run-up capture additional margin and then mitigate some of the risk associated with holding inventory so we're at a point now where we're you know we've drawn down inventories in this environment we'll continue to manage them tightly You know, on the flip side, if a market's contango, obviously, we're building inventory. So that is a key risk mitigation lever that we're able to pull and really kind of tailor to the market conditions of the current environment. Got it. Thank you for that. Let me just ask you one macro question, and I don't know if it's unanswerable or not. So we're getting ready to go into the driving season, the summer driving season sort of peak demand. The U.S. has been selling down. Our exports are pretty robust. Do you think there's supply tightness out there as we get into the summer at all? Do you have any thoughts on kind of what that's going to look like this summer just in general with everything going on? Yeah, it's Mark again, Selman. I think, you know, if you look at inventories, and we just had this conversation yesterday, they're pretty low. You know, we've got a lot of exports leaving the Gulf, maybe some leave in New York. Imports for gasoline in a pad one have been very light. And we've been drawing, you know, the U.S. has been drawing inventories pretty aggressively over the last, call it six weeks, maybe eight weeks. So we're at a pretty low level heading into a key driving season. You know, some of this, someof it will depend on how long the current situation goes on. But even if the conflict is resolved tomorrow, there's been a lot of damage done worldwide to production and inventories are at a pretty low level across the board. So it'll be interesting to see how that plays out. You know, I don't think an end to the war is going to solve the problem immediately. The system's going to take time. And when I say system, I mean worldwide, but we're obviously specifically focused on pad one and to a lesser degree pad three. But I think you're going to have some lasting impact to that and we'll see how it plays out. But there is some underlying fundamental strength in the market that I think we're going see play out for, I might say, at least through the end of the year. Eric, I just want to add one other thing. It'll be interesting to see how countries position themselves vis-a-vis inventory and storage for moments like this. And if a lot of other countries look at storing crude or products in caverns or throughout the country and make sure that they have product on hand and how that plays out into price yeah and that's right yeah that's a big macro point right because even if everything came back it's just not it's not going to be the same as it was before right so it'll be different and if and if countries go and decide they want to build um secure inventory that they can use uh in in a market like this you know that's going to put pressure on supply because it's going to show up as increased demand yeah we've seen we've already seen comments coming out of australia for that so all right well guys again very nice quarter and uh i'll leave it there thank you for your time thanks elm thank you i will now turn the call back to mr sliska for closing comments Thank you for joining us this morning. We look forward to keeping you updated on our progress. Thanks everyone. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you very much for your participation and have a wonderful day.