Welcome to the 2019 First Quarter Conference Call for Genesis Energy. Genesis has four 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 from the Deepwater Gulf of Mexico to onshore refining centers. The sodium minerals and sulfur services segment 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 at refining operations. The onshore facilities and transportation segment is engaged in the transportation, handling, blending, storage and supply of energy products including crude oil and refined products. The marine transportation segment 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.

Good morning. As mentioned in this morning's release we announced total segment margin of $173.6 million in the quarter. Everything else the same, total segment margin, adjusted EBITDA and available cash before reserves in the quarter were negatively impacted by approximately $11.5 million due to a couple of discrete items. First, we experienced an unexpected electrical transformer failure at one of our soda ash production facilities resulting in reduced realized margin of approximately $5 million from lost sales volumes. Second, as previously disclosed, we saw a negative impact from the Alberta production curtailment, which cost us approximately $6.5 million on a sequential quarterly basis under the assumption that the volumes would have remained consistent with the fourth quarter, 2018. Notwithstanding these events which I'll comment on later, our businesses performed as expected, highlighted by increased contribution from our offshore segment and we remain on track with our previously announced guidance for full year 2019. Excuse me, I have a cold. Before we get into our customary remarks on our individual businesses, I wanted to briefly touch on the current crude by rail dynamics out of Canada. We generally view the recent election results in Alberta as a positive, but we'll tell - the time will tell how quickly the pricing spread between Western Canadian Select and the Gulf Coast values reflects the market driven supply and demand fundamentals for takeaway capacity out of Alberta. The futures market indicates a widening spread between WCS and Gulf Coast thus making rail movements out of Alberta to our Scenic Station rail facility, Baton Rouge export terminal economic. Physical volumes resumed moving to our Baton Rouge facility in April, albeit slightly below the minimum take-or-pay volumes, but we now expect volumes in May and June to be at or above our minimum take-or-pay volume.…

[Operator Instructions] Your first question comes from the line of Theresa Chen.

In terms of the onshore business, just for the purposes of distilling all the moving parts related to Phoenix station. So if the future curves and spreads remain where they're implied, what do you think the EBITDA or DCF contribution would be for this facility for the year taking into account the below NBC volumes in Q1 and April as well as the shippers ability to utilize credits as volumes ramp back up in Q2 and beyond?

There are a few moving parts, but based upon what we believe May and June we have clear line of sight on those nominations that we believe that we'll see no incremental contribution - segment contribution that in other words in the second quarter as the customer uses its prepaid credits if you will from paying the take or pay volumes in the first quarter. However, if they continue to ramp and exceed those levels, we would anticipate actually exiting in the fourth quarter, and consistent with what we saw in the fourth quarter of 2018.

And then for offshore, so what exactly are the final steps or hurdles you need to get through to finalize the dedications for 2020 through 2022?

It's basically in many cases, I would characterize it as - as I say, dotting I's and crossing T's. We are in very good shape on most of them, otherwise we wouldn't have kind of mentioned them. So I think that we feel very comfortable that as we go through '19 and into '20, we'll announce numerous additional long-term dedications.

And then on the soda ash front, can you just provide us and then more a detailed update on what you're seeing in terms of the macro outlook for volumes and pricing on both the domestic and international front?

Yes, I think that basically we - based upon our analysis of export statistics out of Turkey, we believe that all of the Turkish volumes are now fully absorbed in the market, in the worldwide market that we were - that we're starting to ramp up in 2017. So - and we're still seeing additional pricing pressures in export markets especially which is again driven by demand is growing outside of China, probably in the order of magnitude 900,000 tons to 1 million tons a year. And we continue to see primarily due to environmental and safety audits less Chinese production hitting the worldwide market. So, those dynamics are indicative of continuing to tightness in the worldwide market with the obvious result of prices likely to go up.

And in the same line of thought, your potential Granger expansion, I understand that it's in the sub 5 times EBITDA. But in terms of timing of making that decision for FID or funding, any thoughts around, especially in light of your overall deleveraging plan?

We're working on a number of - on a number of fronts to figure that out. We would hope that sometime this year if not over the next couple of quarters we have figured that out. I would say that, we need to keep in mind that that's a 3-year capital spend, so it's not really lumpy in terms of it's not a tremendous amount of - it's spread out over 3 years. We're looking at a number of ways to finance it that doesn't otherwise conflict with our stated desire to delever the balance sheet.

Your next question comes from the line of Barrett Blaschke.

Anything we need to know kind of going through 2019 as far any additional like long-wall moves anything on the soda ash business and should we expect volumes to fully kind of recover in the second quarter?

We will probably have a long-wall move in the second quarter which was - we just did one in the third quarter last year. So it's a little bit off of cycle, but we would anticipate that's all in our plans. And so, we think that, as I said earlier, we believe that we'll be in the 175 and 185 range for the whole year, a little bit back loaded toward the third and fourth quarters because of that long-wall move. Another positive data point I think on the soda ash operations is that, we're successful in entering into a 5-year extension of our collective bargaining agreement with our unionised workforce there in at what I think were mutually agreeable and beneficial terms and conditions, so we have that. We have clear saving from labor cost knowledge point of view as we go forward from here.

And your next question comes from the line of Shneur Gershuni.

This is Michelle on for Shneur. Just a quick question, what was the total CapEx spend for the quarter?

From say growth capital standpoint the spend was $15 million. From maintenance capital the expenditures were $18 million for the quarter.

And there are no other questions at this time.

Okay. Hearing no other questions. Thanks everybody for your participation. And we'll talk soon. Thank you.

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