Good morning. My name is Jennifer, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek Logistics Partners Fourth Quarter Earnings Conference Call. [Operator Instructions] I will now turn the conference over to Mr. Keith Johnson. Please go ahead sir.

Thank you, Jennifer. Good morning. I would like to thank everyone for joining us on this webcast to discuss Delek Logistics' fourth quarter and year-end 2014 results. Joining me on today's call will be Uzi Yemin, our general partner's Chairman and CEO; Assi Ginzburg, CFO; Danny Norris, CAO; and other members of our management team. Just as a reminder, this conference call may contain forward-looking statements as that term is defined under the federal securities laws. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements. You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Today's call is being recorded and will be available for replay beginning today and ending May 24 by dialing (855) 859-2056, with the confirmation ID number 70265546. An online replay may also be accessed for the next 90 days at the partnership's website at deleklogistics.com. Last night, we distributed a press release that provides a summary of our fourth quarter and year-end 2014 results. This press release is available in our corporate website and through various news outlets. On today's call, Assi will begin with a few financial comments, and Danny will review our financial performance. Then Uzi will offer a few closing strategic remarks. With that, I'll turn the call over to Assi.

Thank you, Keith. Delek Logistics had one of its best quarter ever. Our DCF was $21.8 million, and EBITDA was $26.1 million for the fourth quarter of 2014. This is an increase from a DCF of $13.3 million and EBITDA of $16.7 million in the prior year period. We ended the quarter and the year with a fantastic DCF coverage ratio of approximately 1.7x. Based on our performance, we are pleased to announce an increase in our quarterly distribution to $0.51 per unit for the quarter ended December 31, 2014, which is a 4.1% increase from our third quarter 2014 distribution. This is our eight consecutive increases and is 23% higher than our fourth quarter 2013 distribution of $0.41 per unit. For 2014 our DCF was $80 million, a 52% increase from $53 million in 2013. Our EBITDA was above $95 million from $64 million in 2013. For 2014, our declared distribution was $1.90 per unit compared to $1.60 per unit in 2013. Now I will turn the call over to Danny to discuss the financial results.

Thank you, Assi. For the fourth quarter of 2014, Delek Logistics reported net income attributable to all partners of $20.5 million or $0.80 per diluted limited partner unit compared to net income attributable to all partners of $11.3 million or $0.46 per diluted limited partner unit in the prior year period. Improved performance compared to the fourth quarter of 2013 was driven by higher margin in the West Texas wholesale business, acquisitions completed during the past year and higher volumes across our different pipeline systems. As a result, contribution margin increased to $29.3 million in the fourth quarter 2014 from $18.6 million in the prior year period. Now I will spend a few minutes discussing our two reporting segments. Fourth quarter 2014 contribution margin in our Pipeline and Transportation segment improved to $14.1 million compared to $11.8 million in the fourth quarter of 2013. The improvement was primarily attributable to storage fees from El Dorado tank farm acquired in February of 2014 and higher volumes across our pipeline systems. Contribution margin in our Wholesale Marketing and Terminalling Segment was $15.2 million in the fourth quarter of this year compared to $6.8 million in the prior year period. This increase was primarily due to our West Texas wholesale business as the gross margin was $6.36 per barrel in the fourth quarter of 2014 compared to $1.24 per barrel in the prior year period. This increased margin was primarily driven by realized netbacks in local markets that did not decline as quickly as Gulf Coast prices. The margin per barrel in the fourth quarter included approximately $1.2 million or $1.70 per barrel from RINs generated in our ongoing ethanol blending activities. This compares to a gross margin that included $700,000 or $0.43 per barrel from RINs in the fourth quarter of last…

Thank you, Danny. In addition to great financial performance during the fourth quarter, we also completed a number of strategic steps during the period that positions us for continued growth in 2015. We acquired logistics assets in East Texas that should provide support to Delek US Tyler, Texas refinery and improve our market position in that area. The [tracking] assets acquired expanded our logistic service offering that can be provided to third-parties and to Delek US El Dorado refinery. To better support future growth to our lender commitments the credit facility was expanded to $700 million from $400 million and the allowable leverage ratio was increased. Also the credit facility was improved to increase our flexibility to partner with third parties and to develop long-term projects. Finally, we completed new agreements for the Paline Pipeline, effective January 1st that should increase our annual DCF by approximately $13.6 million from the 2014 level. In March we expect to purchase the identified drop-down from Delek US that includes crude oil storage tank at Tyler and rail offloading racks at El Dorado. These assets are expected to add $5 million to $10 million of annual EBITDA. When combined with the New Paline agreement and steps completed during 2014 we believe that we are on track to achieve our growth rate of approximately $25 million to $35 million of annual EBITDA by the end of the first quarter of 2015. All of these initiatives can be achieved with an estimated investment of $80 million to $85 million of capital, which can be final with the existing availability on our revolver. For 2014, our EBITDA of approximately $96 million is double the initial projection of approximately $48 million included in our IPO prospectus in November 2012. We were able to accomplish this increase through a combination of organic growth and acquisitions since that time. We continue to focus on growth in 2015 and the recent increase in our financial flexibility should support our efforts as we move towards our goal of $150 million of EBITDA on an earlier rate, as we exit 2015. In addition, we continue to target an annual distribution increase of at least 15% per year in the future. With that, Jennifer, can you please open the call for questions?

[Operator Instructions] And your first question will come from [Indiscernible].

Good morning. Just a couple of questions, first of all could you just address the West Texas marketing margin per barrel, it was strong in the fourth quarter and I realize that the product prices were maybe a little stronger than expected, but where prices sit now, kind of what would you expect in the first quarter?

Well, let us take it two stages. The first one yes, the $6 were – this was a strong margin. However that is a receipt of the second quarter. So this is out of the last three quarters we got about $6, two or three quarters. Now we always said that that margin will fluctuate. But we are comfortable with guidance of $3 long-term for the year. Probably we need to revise that in the next two three quarters to see if this trend continues. But for this moment, we think $3 for purpose of modeling for the year is a good number.

Okay, and then also on the drop down opportunities with the EBITDA expected to be kind of between the $5 million to $10 million range, could you just talk a little bit about how those assets are performing currently and for the first year, I mean would you expect it to be closer to the $5 million or the $10 million how would those cash flow you expect it to ramp over the next year following the drop down?

Well, first of all the tank as we all know, the market is in contango. So that is a good asset that [Indiscernible] handsomely right now. The rail facility as we know market in Canada and the heavy crude is very cheap or very depressed and the fact as we mentioned the price of asphalt overseas is not falling as fast as the price of crude that allows us to enjoy that facility as well. So they are performing very well right now. Assaf you want to add something?

Sure. I think the best thing for a modeling purpose is to use the average of $7.5 million EBITDA for next year between the two assets, and if you look at the historical drop downs and valuation we have done them [somewhere] 9 to 10 times. So I expect this transaction to be similar.

Okay, and then just question from me, you guys have done a really good job, not just growing through, drop downs, but also being able to identify third-party acquisitions and close them in the latter part of the year, what does the deal flow look like out there, and I am realizing that you are not just out to buy cash flow, you are kind of looking at all these assets strategically, what would be your preference, in terms of the direction you take or the types of assets that you, might purchase from third parties?

Again that is a great question. Let me take it in two stages, the first one, we always said that we are fee-based stable cash flow. So, that is the vehicle we prefer not to take commodity risk at the DKL level. So this is more of the same in the future. We want to be very stable, fee-based, growing, as you mentioned, being or moving our distribution eight times in a row and we continue to believe that we have growth of 15% in our distribution going forward. So that is one thing. The second thing is we obviously know that our coverage ratio is great. We also know that our leverage ratio is very comfortable. So we continue to look and there is a deal flow coming and we are comfortable that our $150 million EBITDA by the end of this year is something that we can achieve and bring another 50% growth to the market within a year.

Great. Thank you very much.

Thank you.

Your next question is from Theresa Chen with Barclays Capital.

Thanks. Good morning.

Good morning Theresa.

My first question is a follow up to Mark’s last question on third-party acquisitions, given the new commodity price backdrop and outlook that we are in currently, have you seen any competitive changes in the market, are the more sellers for certain types of assets or more willing sellers?

Let me put it this way and there were always willing sellers and we will always look for assets that we can improve them. The pain in our mind is still not long enough. It is, I can use this term, so it is growing, but it doesn’t – it didn’t get to the magnitude that actually we are expecting this to get if the current situation would continue. We don’t think that crude oil are about to jump to $80 tomorrow morning. So as more pressure comes to the market, we think that there will be bigger deals and cheaper prices in the next few months.

Very helpful. Thank you, and then on the West Texas margin. So, we have seen the highs of mid-60s for two quarters now and then low as $1 in change do you think that is a fair range for the extremes, I understand that on an average basis, you were still going with the $3 per barrel number, but can you swing even wider then what would be seen historically or do you think that this captures the range accurately?

In the last, and I’m going back memory, it was a little more than $6 twice and once around $2. So, something a $1 in the change, I think it was close to $2 but again I’m going by memory. Now, overall the trend is going higher, we see our assets are performing very well, now do we think that it can go $10, probably not, and do we think that it can get to negative, probably not or $2 probably but just again, always I mean, it can change, but $1.50 to $2 is probably the lowest that we can get.

Okay, prefect, thank you. And then last that would be a possibility down the line?

Obviously we’ve seen other people doing retail. We said from performance standpoint, so before the initiative of very stable fee based cash flow.

Okay. And then, I mean, this is a very down the line question, but related to that do you think that this fee could be guaranteed at the parent level similar to how some other MLPs have done it?

We’re again into the technology here and I wouldn’t go to that level at this moment.

Fair enough, thank you.

And your next question is from Cory Garcia with Raymond James.

Good morning fellows, nice quarter. I’ve a quick question here related to points across your line system, just a slight drop off sequentially I’m wondering if that is seasonally or if that maybe some opportunistic sourcing by DKL of some heavier crudes in the alternator?

Actually very simple, if you remember in October mid valley pipeline shutdown and we had couple of other small hiccup, but this mid valley shutdown for 10 days and then that was the issue.

Okay, got you, thanks for that.

[Operator Instructions] There are currently no questions at this time.

At this time, I’d like to thank you Jennifer for helping us this morning. I’d like to thank my colleagues around the table that was a wonderful quarter and great year. I'd like to thank all Board of Directors for the support they gave to our company, all our investors for the company that you’ve asked, but mainly I would like to thank all our great employees who made this company what it is. Have a great day. We'll talk to you soon.

Thank you, ladies and gentlemen, this does conclude today's conference call. You may now disconnect.