Good day, everyone, and welcome to the Global Partners Q1 2024 Financial Results Conference Call. Today's call is being recorded. If anyone should require Operator assistance during the conference, please press * 0 on your telephone keypad. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer and Secretary, Mr. Sean Geary. At this time, I would like to turn the call over to Mr. Geary for opening remarks. Please go ahead, sir. Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities 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 risks, uncertainties, and factors, 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 Slifka. Thank you, Sean, and good morning, everyone. Over the last 5 months, we've acquired 29 terminals, more than doubling our terminal network and total storage capacity from 9.9 million barrels to 21.3 million barrels. These strategic acquisitions strengthen our terminal operations, expand our growth opportunities, and enhance our earning power. In April, we completed the purchase of four liquid energy terminals from Gulf Oil for approximately $212 million. Their locations in Massachusetts, Connecticut, and New Jersey make these assets a perfect geographic and operational fit in our existing northern terminal network. Linden and Woodbury, New Jersey, each represent new markets for our business. The New Haven terminal adds gasoline and distillate capabilities to our Connecticut portfolio, allowing us to serve our wholesale customers as well as our extensive retail network. The Chelsea, Massachusetts, terminal allows us to continue to serve the Boston market, replacing the capabilities of the near, nearby Revere terminal, which we strategically divested for $150 million in 2022 to Link Logistics, a Blackstone company. With the divestment of our Revere terminal, this acquisition will allow us to continue to service our Boston area gasoline and distillate customers without disruption. As you may know, we now operate two terminals in Chelsea, allowing us to offer a full slate of products, including biofuel, bunker fuels, commercial and industrial fuels, heating oil, and diesel. We anticipate opportunities to invest in and optimize around these properties. Turning to our December acquisition of 25 liquid energy terminals from Motiva, we're extremely pleased with the progress of the transition, which was completed ahead of schedule in March. These are extremely well-run, high-value assets backed by a 25-year take-or-pay commitment from Motiva. We're excited about the ability to drive additional investment, expansion, and operational efficiencies as we optimize these facilities. Looking at our distribution, in April, the board declared a quarterly cash distribution on our common units of $0.71 or $2.84 on an annualized basis. This distribution represents an 8.4% increase over the prior year period and is payable on May fifteenth to unitholders of record as of the close of business on May ninth. With that, now let me turn the call over to Greg for his financial review. Greg? Thanks, Eric, and good morning, everyone. As we go through the numbers, please note that all comparisons will be to the Q1 of 2023, unless otherwise noted. Adjusted EBITDA was $56 million in the Q1 of 2024, compared with $76 million in 2023. We reported a net loss of $5.6 million in the quarter, compared with net income of $29 million in 2023. Distributable Cash Flow was $15.8 million in the Q1 of 2024, compared with $46.3 million in 2023, and Adjusted DCF was $16 million in Q1 versus $46.3 million in the same period in 2023. LTM distribution coverage as of March 31st was 1.6 times or 1.5 times after factoring in distributions to our preferred unitholders. Turning to our segment details, GDSO product margin increased $4.2 million in the quarter to $187.7 million. Product margin from gasoline distribution increased $0.8 million to $121.6 million, primarily reflecting higher fuel margins year-over-year. On a cents per gallon basis, fuel margins increased 1 cent to 33 cents in Q1 2024 from 32 cents in Q1 2023, illustrating the resilience of our fuel margins despite wholesale gasoline prices increasing $0.66 from year-end 2023 to 3/31/ 2024, compared with $0.24 increase for the same period in 2023. The Q1 of 2023 also benefited from a falloff in prices during the quarter, as opposed to the Q1 of 2024, which had consistent increases in prices throughout the quarter. Station operation product margin, which includes convenience store, prepared food sales, sundries, and rental income, increased $3.4 million to $66.1 million in the Q1, as our team continues to execute well in our stores. At quarter end, we had a portfolio of 1,601 sites. In addition, we operated 64 sites under our Spring Partners retail joint venture. Looking at the wholesale segment, 2024 product margin decreased $3.7 million to $49.4 million. Product margin from gasoline and gasoline blend stocks increased $9.3 million to $29.7 million, largely due to the acquisition of the Motiva terminals. This was partially offset by less favorable market conditions in gasoline in the Q1 of 2024 compared to the same period in 2023. Product margin from distillates and other oils decreased $13 million to $19.7 million, primarily due to less favorable market conditions in residual oil. As we mentioned in our press release, certain products in our wholesale segment were negatively impacted by the timing of mark-to-market valuations, which we have seen largely recover quarter to date through April. Commercial segment product margin decreased $1.1 million to $7 million, primarily due to less favorable market conditions. Looking at expenses, operating expenses increased $11.8 million to $120.1 million in the Q1, primarily related to the acquisition of the terminals from Motiva. SG&A expense increased $7.5 million in Q1 to $69.8 million, including acquisition costs related to the Motiva terminals acquisition and increases in wages and benefits and other SG&A expenses. Interest expense was $29.7 million in the Q1 of 2024, compared with $22.1 million in 2023. The increase was primarily due to the interest expense related to our 8.25% Senior Notes that we issued in January of 2024, and to a $1.4 million write-off of deferred financing fees. CapEx in the Q1 was $16.6 million, consisting of $11.7 million of maintenance CapEx and $4.9 million of expansion CapEx, primarily related to investments in our gasoline station business. For the full year of 2024, we continue to expect maintenance capital expenditures in the range of $50 million to $60 million and expansion capital expenditures, excluding acquisitions, in the range of $60 million to $70 million, relating primarily to our gas station and terminaling businesses. These current estimates depend in part on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments. Our balance sheet remains strong at 3/31, with leverage as defined in our credit agreement as funded debt to EBITDA at 3.26x, and we continue to have ample excess capacity in our credit facilities. As of March 31st, total borrowings outstanding under our credit agreement were $226 million, all of which were under our working capital revolver, with 0 outstandings under our revolving credit facility. I'd also like to highlight that on April 15, we fully redeemed all the outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units. This transaction was immediately accretive to distributable cash flow, and at current interest rates, is expected to be approximately $0.09 accretive per unit on an annual basis. Now, before I turn the call back to Eric for closing comments, let me review our upcoming investor relations calendar. This month, we'll be participating in the 21st Annual Energy Infrastructure Conference, and in June, we'll be participating in the Stifel Cross Sector Insight Conference and the Bof A Energy and Credit Conference. If you're attending one or more of these events, we look forward to meeting with you. Now, let me turn the call back to Eric for closing comments. Thanks, Greg. In closing, I want to acknowledge our team for their outstanding work in completing two significant acquisitions and integrations over the past 5 months. We have a terrific business, well-positioned assets, and incredible people that I believe will continue to contribute in a meaningful way to shaping the future of the energy economy. Strategically, operationally, and financially, we are well positioned for continued success. With that, Greg, Mark, and I will be happy to take your questions. operator? Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press * 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press * 2 if you would like 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. Once again, if you would like to ask a question, press * 1 on your telephone keypad. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Selman Akyol with Stifel. Please proceed with your question. Thank you. Good morning. I guess first, just starting off on the Motiva acquisition, have you guys been able to add new customers down there, or are you seeing any increase in throughput since you guys have acquired that? Oh, yeah. Selman, good morning, it's Mark. Yeah, we, you know, we're, we're effectively 4 months into, into the ownership of those terminals and, and operating those terminals. We completed a full cutover, including all systems, roughly the end of March. So it's taken us some time to, you know, to fully transition those terminals. That being said, we have actively been working on adding new volume to the terminals, understanding what opportunities exist for us to optimize those terminals, what opportunities exist for us to invest in those terminals, and there's a lot of positives there. So our expectation is that as we move forward here, we will start to stream on new business. We will get a little bit more dialed in around where are the opportunities to invest. So we're very encouraged by what we've seen so far, and I think we're... You know, we are well on our way to starting to recognize those synergies. It'll just take a little bit of time, but I think, you know, by the end of the year, we will have quite a bit of new business through those terminals. Got it. And so would you just say sort of performing in line with your expectations? Are you seeing more opportunity there than maybe when you initially thought, or, as I said, sort of in line? you know, it's probably too early to get, you know, I don't wanna get too far ahead of ourselves. I would say that, you know, we're what we're looking at today for the near term is gonna be in line with our expectations. I do think longer term, with all the investment opportunities and the optimization we can do around these assets, our hope is that we will exceed those expectations. And that seems- Got it. That seems like, you know, that seems like a reasonable expectation. Yeah. Selman, it's Eric. You know, these are extremely well-located assets with lots of ways into and out of the assets with products. And we think that there are some real opportunities here just within the assets as they exist. But not only that, we think that there's a lot of expansion opportunities, as Mark mentioned, that once we spend a little bit of time with them, we'll try to go get permits and expand particular assets that we think have unique values. Got it. Any update on the JV and how it's performing, and any growth expectations coming out of that? Yeah, we're, you know, we continue to be excited about the JV and operating that area. You know, I'd say the Q1 at the JV was a little lower than our expectations. Really, really horrible weather in the Houston market in January. You had a couple days that froze, and you had no traffic in there. So weather was... Weather definitely impacted the results down there in the Q1. And then you also have a more competitive margin environment down there than some other areas of the country. But that said, you know, we've invested in those sites, and we've now finished a rebrand of those sites down there. You know, we're very excited about... They're operating very well. We've got a very strong partner down there, and we continue to look for opportunities to grow that business. Yeah. Got it. It's Eric. In terms of growth, you know, we're continuing to look at opportunities that exist down there. You know, I would say, there seems to be a stream of potential assets that may be for sale. So, we're trying to look at everything in the market, and, if we think there's something that will fit us down there, you know, we'll try to go after. I do think that there is a potential for complementing those assets with our new terminals down there as well. And so we think that that should hopefully give us, you know, a better position in terms of acquiring assets there. Understood. Then, I mean, you sort of touched on M&A, but is there anything more as you look beyond other markets that you're seeing as well that you can comment on? Yeah, I wouldn't say there's a steady stream of opportunities, and we'll just make sure we're looking at them and trying to figure out which ones really fit the company and the best way to drive the highest returns, right? So it is active. Understood. And I realize dividend is always the board's prerogative and consideration, and you'll never front-run them. That I get. But that said, you guys have said you consistently have kind of been growing it as you've been growing cash flows and doing acquisitions, et cetera. And then you also just highlighted that you redeemed the preferreds, and that's $0.09 accretive to earnings. So would they consider that as well in terms of potential on go-forward basis? Or should that just be looked at more in terms of seeing underlying growth in the business as opposed to financing? Yeah, I mean, I guess, I can speak to that. It's Greg. Selman, how you doing? You know, I think the board, you know, sort of, issued a vote of confidence by increasing the distribution 10% this year, and, you know, appreciation of where we've positioned ourselves in the growth. We've continued to grow that distribution. Our coverage now is 1.5 times on an LTM basis. You know, we've been able to fully cover our LTM expansion CapEx with excess cash and also reinvest some of that cash by lowering debt and putting it in the company. So we've been in a strong position from a distribution coverage standpoint. I think, you know, we're excited about the acquisitions. We do think they will continue to contribute to the bottom line for us. And so, you know, I can't speak to what the board will do, but, you know, I think we are excited about the acquisitions, and they should allow us to continue to grow our bottom line. And hopefully that, that would, that would lead to higher distributions at some point in, in the future. Okay. Thank you very much. Thank you. I'll now turn the call back to Mr. Slifka for closing comments. Thanks, everyone, for joining us this morning. We look forward to keeping you updated on our progress. Have a good day. Ladies and gentlemen, this does conclude today's teleconference.