Greetings. Welcome to Genesis Energy's Q2 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. A question- and- answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. Please note this conference is being recorded. At this time, we'll turn the conference over to Dwayne Morley, Vice President of Investor Relations. Thank you. You may now begin. Thanks, Rob. Good morning and welcome to the 2026 Q2 Conference Call for Genesis Energy. Genesis Energy has three business segments. The Offshore Pipeline Transportation segment is engaged in providing the critical infrastructure to move oil produced from the long-lived world-class reservoirs of the deepwater Gulf of America to onshore refining centers. The Marine Transportation segment is engaged in the maritime transportation of primarily refined petroleum products. The Onshore Transportation and Services segment is engaged in the transportation, handling, blending, storage, and supply of energy products, including crude oil and refined products, primarily around refining centers, as well as the processing of sour gas streams to remove sulfur at refining operations. Genesis' operations are primarily located in the Gulf Coast states and the Gulf of America. During this conference call, management may be making forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The law provides safe harbor protection to encourage companies to provide forward-looking information. Genesis intends to avail itself of those safe harbor provisions and directs you to its most recently filed and future filings with the Securities and Exchange Commission. We also encourage you to visit our website at genesisenergy.com, where a copy of the press release we issued this morning is located. The press release also presents the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures. At this time, I would like to introduce Grant Sims, CEO of Genesis Energy, L.P. Mr. Sims is joined by Kristen Jesulaitis, Chief Financial Officer and Chief Legal Officer, Ryan Sims, President and Chief Commercial Officer, and Louie Nicol, Chief Accounting Officer. With that, I will now turn the call over to Grant. Thanks, Dwayne. Good morning to everyone, and thanks for joining us. As noted in our earnings release this morning, the Q2 results were broadly in line with, and in some respects slightly ahead of, where we thought we'd be internally. Most importantly, we made additional progress on right-sizing, simplifying, and strengthening our balance sheet. In that regard, let me walk through what we accomplished on the capital structure during the quarter and so far in the first half of 2026. In early June, we sold certain non-core and underutilized offshore natural gas assets to a third party for $95 million. That transaction did three things for us. It simplified our offshore footprint, it eliminated future operating expenses we were incurring on assets that were not profitable nor core to us, and it pre-funded a portion of the asset retirement obligations on certain related natural gas assets we retained in the transaction. In late June, we closed on a $99.5 million non-recourse accounts receivable securitization facility priced at SOFR plus 137.5 basis points, or roughly 200 basis points inside of where we would be charged today for any borrowings under our senior secured credit facility. In addition, given the AR collateral, borrowings under said facility will not count as funded debt under our bank-calculated leverage ratio. This facility represented a new source of relatively inexpensive liquidity, which we found attractive as we continue to focus on reducing the cash cost of the capital supporting our underlying businesses. We used the net proceeds from these two transactions to repurchase approximately $83 million of our 11.24% Series A preferred securities in a negotiated transaction at 102% of par. We also opportunistically purchased 250,000 common units in the open market at a weighted average price of $14.57 per unit. We used the remainder to pay the then outstandings under our committed $900 million senior secured credit facility down to zero by the end of the quarter, with the balance held as cash in the interest-bearing account. If we take a step back and look at the first six months of 2026, you will see the tangible progress we have made on our balance sheet objectives. Entering this year, we had approximately $529 million of our Series A corporate preferred outstanding, paying a current cash rate of 11.24%. That is, by a very wide margin, the most expensive current pay paper anywhere in our capital structure. Since the beginning of the year, we have retired approximately $218 million of the high-cost preferred, roughly $135 million in the Q1, and another $83 million, as I mentioned above, in the Q2. That brings the remaining face amount down to approximately $311 million, a reduction of about 40% in six months. When you combine that with the refinancing transactions we completed in the Q1, i.e., the new $750 million six and three-quarter percent senior unsecured notes due 2034, and the tender for and full redemption of the higher cost seven and three-quarter percent notes due 2028, we estimate we have reduced the all-in annual run rate cost of capital underlying our existing businesses by approximately $25 million. As we look ahead, as I said on the call last quarter, we believe we have line of sight to another potential $50 million-$60 million of annual cash savings we can realize over the next several years as we continue to rightsize and optimize the balance sheet through a combination of paying down debt in absolute terms, redeeming additional preferred and/or subject to future market conditions, refinancing our then existing near term unsecured maturities at coupons in the same zip code as our most recent offering of our longest dated bonds due 2034. Consistent with all of the above approach to capital allocation we have talked about previously, and in addition to the common unit purchases I mentioned earlier, in mid-July, our board of directors declared a quarterly distribution of $0.20 per common unit, up from $0.18. This is an 11% increase over the immediately previous quarter, a 21% increase over the Q2 of last year, and a 33% increase over the same quarter just two years ago. As we generate additional amounts of free cash flow in future periods, we will continue to focus on and execute our three-pronged capital allocation strategy. First, continuing reducing debt in absolute terms, working towards our long-term leverage target of around four times. Second, continue retiring the high-cost Series A corporate preferred with free cash flow and available liquidity. Finally, look to further grow the common unit distribution or purchase undervalued equity, all while maintaining the financial flexibility to capitalize on organic and inorganic opportunities as they may arise. With that, I'll go into a little more detail on each of our business segments. Our Offshore Pipeline Transportation segment performed slightly below our expectations during the quarter, as certain operators experienced operational challenges and unplanned downtimes at several of the key fields connected to our offshore infrastructure. Despite us providing our producers with over 99% uptime availability across our pipeline systems during the quarter, we were not immune to fluctuations in production volumes that are entirely beyond our control, mainly resulting from changes in the timing of new wells coming online or wells needing intervention or remediation. Any of these items by themselves are not overly impactful or uncommon. To the extent we have multiple instances occurring at high-margin fields within the same reporting period, the financial impact to us can be notable. Having said that, let's keep all of this in perspective. Midstream operations focused on the deepwater Gulf is a long-term business. Not at all like the treadmill of chasing drilling rigs all over the place in onshore shale plays. Quarter-to-quarter or year-to-year for that matter means little to us. I'll tell you why. Short-term blips, generally speaking, just means we'll get paid for that barrel or some other barrel somewhere down the road. Today, in round terms, 250,000 bbl of oil per day flow through our pipelines from deepwater production facilities that started operations between 20-30 years ago. Around 250,000 bbl/d from facilities that started up between 10-20 years ago. Around 250,000 bbl/d from facilities that started in the last 10 years. These are multi-decade, if not multi-generational plays. Once our initial investment is made and our pipelines are in place, it takes no additional capital by us to capture these long-term, in essence, annuity-like cash flows. A good example of this is the expansion activity that BP just announced at its Atlantis production facility, which actually started initial operations 19 years ago. Contractually, all production that ever comes across it is dedicated to go to shore through our CHOPS pipeline. BP, along with its partners Chevron and Woodside, announced adding two new subsea and water injection wells to help increase the pressure of target reservoirs, unlocking additional barrels to be recovered from the original oil in place and extending the producing life of one of BP's flagship U.S. offshore assets. This project is expected to add approximately 10,000 bbl of oil equivalent per day of gross peak annualized average production and adds tens of millions of barrels of additional ultimate recoveries and once again, requires no capital from us. As an aside, water floods, whether mechanical, as in the case of Atlantis, or naturally occurring, as is the case at Shenandoah that we discussed last quarter, are very good from our perspective. They expand and extend the annuity payment to us as the exclusive conduit to shore for the millions and millions of additional barrels. Taking the proper long-term perspective, we remain extremely encouraged with the pace and sanctioning of additional activity around our infrastructure in the deepwater Gulf of Mexico. The broader cadence of additional activity remains on track with multiple wells anticipated to come online over the next several quarters, which provides us with a good line of sight into strong volumes, not only over the remainder of the year, but for many years to come. Putting aside the near-term noise production nuances, the longer-term story in our Offshore Pipeline Transportation segment remains fully intact. Our Marine Transportation segment delivered results largely in line with our expectations. As we mentioned in our earnings release, the second of our two largest units and the final unit in our 2026 dry docking program left the shipyard last week and is now back at work. While this unit's time in the yard will weigh somewhat on Q3 results, we have returned to full capacity and expect our marine segment to show improving quarterly results for the remainder of the year and a cleaner, more normalized run rate going forward. On the market itself, demand for both our inland and blue water remains relatively constructive. Operationally, we continue to run at or near 100% of available capacity across all vessel classes. Demand is being supported by strong Gulf Coast refinery runs, healthy crack spreads, and a recovery in heavy crude runs, most notably from the Gulf of Venezuela and Canada, as heavy differentials remain persistent. On the supply side, the story has not changed. There is essentially no net new construction of comparable Jones Act tonnage. Multi-year shipyard lead times remain. Even if someone were to start today, and what is getting built, in our estimation, is not even filling in for the continued retirement of older equipment. That is a favorable structural setup, and we expect this market dynamic to persist. Our Onshore Transportation and Services segment had a solid quarter as we again saw steady volumes through both our Texas City and Raceland terminals, as well as their associated pipeline systems, largely supported by increase in offshore production volumes moving onshore. During the quarter, we took advantage of certain market dislocations caused by the conflict in Iran, which allowed us to capture incremental but likely non-recurring margin opportunities. Our legacy sulfur services business performed in line with our expectations as we saw strong demand from our pulp and paper customers and had steady operating performance at our largest host refinery, which allowed us to optimize our NaHS supply chain. In closing, I would remind you not to lose sight of the fact that the long-term story for Genesis is firmly intact, and in several important respects, is much better than it was six months ago. While performance across our segments will continue to vary some in any given quarter, there is increasing visibility to a multi-year ramp in offshore volumes, underpinned by wells that are already drilled or being drilled on acreage that is already contractually dedicated to us and flowing through our infrastructure, all that requires no additional capital. This gives rise to increasing cash flow and the financial flexibility to continue rightsizing and optimizing the balance sheet and to keep delivering value to everyone in the capital structure, all while preserving the ability to pursue attractive organic and inorganic opportunities if and when they present themselves. Finally, I would like to say that the management team and the board of directors remain steadfast in our commitment to building long-term value for all of our stakeholders, regardless of where you are in the capital structure. We believe the decisions we are making reflect this commitment and our confidence in Genesis moving forward. I would once again like to recognize our entire workforce for their individual efforts and unwavering commitment to safe and responsible operations. I'm extremely proud to be associated with each and every one of you. With that, I'll turn it back to the moderator for questions. Thank you. We'll now be conducting a question- and- answer session. If you'd like to ask a question at this time, you may press *1 on your telephone keypad, and a confirmation tone to indicate your line is in the question queue. You may press *2 if you'd like to withdraw your question from the queue. Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Taking my questions. Quick question, Grant, if you don't mind, maybe expanding a little bit on some of the marketing benefits you got in the Q2. Any color you can give on that perspective would be great. Would be great. Thank you. As we referenced them, we took advantage of what we would consider to be non-recurring in the Q2. An example of that is we actually moved an insignificant amount of barrels that were released out of the Strategic Petroleum Reserve, which was kind of a one-time deal with the release from the SPR by the government, and that occurred in the Q2 as an example. Another example is that our offshore pipelines are kind of uniquely positioned in the sense that CHOPS and Poseidon have interconnectivity offshore. To the extent that it made sense, given some of the SPR releases in the upper Texas coast versus the export activity of medium sours going on in offshore Louisiana, that differentials between Texas values and Louisiana values kind of blew out to the point where some people that were dedicated to go to Texas on the CHOPS system found it advantageous, A, to pay CHOPS and not go to Texas, but B, pay Poseidon and go to Louisiana. In essence, we got paid because of the flexibility that we have. We were able to get paid twice to move the same barrel from the offshore to the onshore. That's kind of occurring, or that occurred in the Q2. We do not expect that under current circumstances to continue into the Q3 and beyond. That's illustrative of the incremental opportunities that we kind of were uniquely positioned to take advantage of because of the dislocations caused by the Iranian conflict. Fantastic. That's helpful. Always great to double-dip, as they say, right? I guess the next question might be sort of around maybe asset sales and sort of accelerated pref retirements, and anything else in the portfolio non-core that you could see possibly jettisoning that might, again, sort of accelerate the pref retirements. Just to kind of dovetail off that, any other way to accelerate that, whether refinancings, whatever, that you're kind of contemplating at this point? Yeah. Listen, at the end of the day, everything is for sale for the right value. There's nothing that we feel is, at this point in time, that we've had any inquiries or inbounds associated with it is of interest for us to do it. I think that in terms of asset sales, relative to the potential acceleration of the retirement of the 11.24% corporate Preferred. I think that at some point, as our EBITDA grows and our credit metrics and specifically our bank-calculated leverage ratio, which gives the Pref 100% equity treatment, which we think is appropriate. At some point, we may get beyond just chipping away at it. We get to the possibility of doing an upsized bond bill at some point and immediately kind of expect to save 450- 500 basis points on it, and then use the cash flow in that period to then pay down other debt. We're certainly cognizant of it. I think that other than the Preferred, it's not good for anybody else in the capital structure. We've been reasonably successful and aggressive in harvesting it in at this point. It still will be a focus point on us. As I said, it's part of the three-pronged approach, which is, again, to pay down debt in absolute terms, to continue to opportunistically harvest it, and at the same time, have the flexibility to return capital to common equity while maintaining our financial flexibility to be opportunistic on opportunities as they arise. Great. Thank you. I think I heard you say, if I heard correctly, $311 million remaining on this. Is that right? That's the principal amount, yes. Okay, great. Awesome. Well, thank you so much for taking my questions. Appreciate it. You bet. Thanks, Wade. Thank you. As a reminder, if you'd like to ask a question at this time, you may press *1 from your telephone keypad. Once again, give everyone a final opportunity. That'd be *1 to ask a question at this time. Thank you. Seeing no questions, I'll turn the floor back to Mr. Sims for closing comments. Thanks, Rob. Very good. Appreciate everybody listening in, either live or on the recorded version. We look forward to talking to you in the next 90 days, if not sooner. Thanks very much. Thank you everyone for joining us today. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.