Welcome to the 2017 Fourth Quarter Conference Call for Genesis Energy. Genesis has four business segments: The Offshore Pipeline Transportation Division is engaged in providing the critical infrastructure to move oil produced from the long-lived world-class reservoirs from the Deepwater Gulf of Mexico to Onshore Refining Centers. The Sodium Minerals and Sulfur Services Division includes trona and trona-based exploring, mining, processing, producing, marketing and selling activities, as well as the processing of sour gas streams to remove sulfur and refining operations. The Onshore Facilities and Transportation Division is engaged in the transportation, handling, blending, storage and supply of energy products, including crude oil and refined products. The Marine Transportation Division is engaged in the maritime transportation of primarily refined petroleum products. Genesis operations are primarily located in Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and the Gulf of Mexico. 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 Exchange Commission. We also encourage you to visit our website at genesisenergy.com, where a copy of the press release we issued today is located. The press release also presents a 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 will be joined by Bob Deere, Chief Financial Officer; and Karen Pape, Chief Accounting Officer.

Good morning. The fourth quarter was an exciting one, which included the first full quarter of our recently acquired soda ash operations, the additional long-term commitments for the production from approximately 300,000 acres for downstream transportation on our existing infrastructure in the Powder River Basin, the closing and the sale of our Wink terminal in West Texas, and refinancing of our existing 2021 notes effectively extending the term to 2026 and also resulting in the extension of our existing credit facility into May of 2022. If we look forward to 2018, we’re well-positioned to deliver on our previously announced guidance for visible, achievable, long-term distribution growth and clear path forward to deleveraging. In keeping with the trend we started last quarter, we will skip the typical quarterly comparison of this quarter to the prior year’s quarter and we’ll attempt to provide a little color around each individual segment, their individual quarterly results and how we view the short, intermediate and longer-term financial performance of the businesses. We think the discussion and the earnings releases, as will be expanded in our 10-K, adequately checks the box for those comparable period discussions. Before getting into that, I thought I would make a quick comment regarding the recasting of our non-GAAP measures we referenced in the press release. In fourth quarter EBITDA and available cash, we recognized a $13.6 million gain in excess of the net book value on the sale of our Wink terminal to ExxonMobil. More than offsetting net gain in the quarter was the accrual or $16.8 million of additional G&A expenses, a portion of which related to a non-recurring employee compensation program. So everything else is the same, fourth quarter EBITDA and available cash were both negatively affected by those – these items on a net basis by a…

Kathlyne?

[Operator Instructions] Your first question comes from the line of Ethan Bellamy from Baird. Go ahead please. Your line is open.

Hey, good morning, you all. With respect to the soda ash business, I mean, I like that, but a lot of folks that I respect are still pretty skeptical on that. What have you learned about that business and the potential MLP suitability of it since you’ve owned it and have a full quarter under your belt now?

I think, it’s ideally situated for an MLP structure. I mean, it’s just starting from a macro 50,000-foot level. It has a current production rates in excess of 125-year reserve life. Once we look at the secondary and solution mining recoveries 300 or your 400 years, it has been the market leader, it’s a tremendous advantage. We know that being the market leader in sodium hydrosulfide business, which is our other sulfur-related or sodium-related business. I think, everything else is the same that we have consistently been more and more comfortable relative to our pre-acquisition analysis, as we get to know the business. But importantly, as we get to know the quality of the management group and committed employees that came with it that they’re best-in-class. So very, very comfortable. There is a slight amount of volatility associated with the pricing. But I think that as – the guidance that we gave in the prepared remarks of 2018 shaping up to be $155 million to $165 million on a contribution margin isn’t all that volatile from our perspective. So, Ethan, a longwinded answer to – I think, it’s a tremendous business. We’ve known about it for a very long time. As you probably are aware, part of the operations in Green River is they make around close to 60,000 tons a year of caustic soda. We have for decades been the largest purchaser of that caustic soda, that’s made up there that is not consumed locally for their production processes of soda ash. So there is also the – a kind of vertical integration and the prior knowledge of their operations and management team. So tremendous business all in all. You’re not on a treadmill given the long life of it. It’s basically the cost of entry is infinite, because there is no known trona deposits elsewhere in the world that are economically developable and it can in any way, shape or form compete with the position that natural soda production out of Green River, Wyoming has relative to the world about natural production, as well as synthetic production. So not understood, but the ash business isn’t understood by a lot of people, but they are businesses especially for the stability in an MLP capital structure.

So did you see any reluctance from customers or any pushback on contractual terms after the recent industry expansion?

You know I mean I think that’s what we’ve talked about there is, we are not going to make specific comments on overall pricing, but given the range in which we are guiding, there was some give and take and everything, a lot of it depends on product mix and some of it depends on the amount of domestic sales versus sales through ANSAC. So I think that coming out of the gate, I think the LTM advertised EBITDA of the acquisition was around $166 million, we believe that we are being conservative and guiding to $155 million to $165 million, but that too reflect a little bit of the potential noise around the edge from the incremental supply coming on out of Kazan, which I made reference to in the prepared remarks. So, again from a – if that’s the downside, I will do that investment all day long relative to what other people are finding for other "more middle of the fairway" type things.

Okay one other question and I’ll jump back in the queue, can you give us an update on the PRB investments, how have the timing and return expectations changed if at all?

I think that obviously in, starting in late 2014 and continuing through 2015 and 2016 a slowdown in activity based upon response to the lower price environment. We are seeing recent kind of dramatic uptick in activity. If you look at the total production coming out of Converse and Campbell counties, which is basically the heart of the PRB and where our existing infrastructure lies through the middle of the fairway, so to speak. Total production has gone for – and combined between the two counties and as I recall in July of 2017, I think it was June, we were approximately 80,000 barrels a day to 100,000 barrels a day based in December based upon publicly available information. So we view it as really in its infancy, has a tremendous amount of similarities to The Permian, both Midland and Delaware basins given the stack play nature of it. We have a number of active large public, as well as large private operators that are devoting significant resources to the play. So we’re – at this point very comfortable with the ramping that we would anticipate to occur this year and on into 2019 as the operators both on the dedicated acreage, as well as the acreage which is adjacent and economically logical to commence our facilities ramps up.

Okay. Thank you, Grant.

Thanks, Ethan.

There are no further questions at this time. I will turn the call over to the presenters.

Okay, well, I guess that other people are hung up on other calls, but again we think that we are very excited about where we are and we look forward to further reporting on our continuing successes and achievement of our financial goals in future periods, so thank you very much.

This concludes today’s conference call. You may now disconnect.