Good day, everyone, and welcome to the Global Partners First Quarter 2015 Financial Results Conference Call. Today's call is being recorded. There will be an opportunity for questions at the end of the call [Operator Instructions]. With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Ms. Daphne Foster; Chief Operating Officer, Mr. Mark Romaine; Executive Vice President and Chief Accounting Officer Mr. Charles Rudinsky; and Executive Vice President and General Counsel, Mr. Edward Faneuil. At this time, I would like to turn the call over to Mr. Faneuil for opening remarks. Please go ahead sir.

Good morning everyone. Thank you for joining us. Before we begin, let me remind everyone that this morning, we will make forward-looking statements within the meaning of Federal Securities Laws. These statements may include but are not limited to projections, beliefs, goals and estimates concerning the future financial and operational performance of Global Partners. Estimates for Global Partners' future EBITDA are based on a number of assumptions regarding market conditions, including demand for petroleum products and renewable fuels, commodity prices, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve. Therefore Global Partners can give no assurance that our future EBITDA will be as estimated. The actual performance for Global Partners may differ materially from the performance expressed or implied by any such forward-looking statements. In addition, such performance is subject to risk factors including but not limited to those described in Global Partners' filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or publically release the results of any revisions to the forward-looking statement that maybe made during today’s conference call. With Regulation FD in effect in effect, it is our policy that any material comments concerning future results of operations will be communicated through press releases, publicly announced conference calls or other means that will constitute public disclosure for purposes of Regulation FD. Now please allow me to turn the call over to our President and Chief Executive Officer, Eric Slifka.

Thank you, Edward, and good morning, everyone. Global delivered strong EBITDA and distributable cash flow, demonstrating the strength of our vertically integrated business. Reflecting the January acquisition of Warren Equities as well as the favorable impact of declining gasoline prices, our Gasoline Distribution and Station Operations segment delivered record product margin of more than $98 million for the quarter, up 85% from the same period last year. As I mentioned on our Q4 call, the integration of Warren into our operation is proceeding smoothly and is realizing its expected synergies. Wholesale product margin was up about 26% year-over-year primarily reflecting the absence of unusually favorable opportunities we saw in the gasoline blendstocks market in last year’s first quarter. Conditions in the crude oil market also contributed to a lower wholesale margin in the quarter, as we continue to see light sweet crude barrels directed to storage. Despite the uncertainty in today's environment and current market conditions, which continue to negatively impact crude-by-rail performance our bias is that both the East and West Coasts remain attractive markets for Bakken crude. Temperatures in the in the first quarter of 2015 were 10% colder than the same period last year, and 20% colder than normal. This benefited the performance of our distillates and resids. Now let me turn to recent highlights, beginning with our Mid-Continent assets, construction is complete on our 176,000 barrels of additional crude tankage at the Stampede, North Dakota, terminal, expanding our total capacity in the Bakken region to 726,000 barrels. New tankage and enhanced rail infrastructure will support additional throughput at our Stampede facility. Part of that volume will come through the new pipeline connecting the terminal to Summit Midstream Partners Divide Gathering System. Summit expects the line to be in service in the fourth quarter of 2015. We…

Thank you, Eric, and good morning, everyone. Let me start with some color on our first-quarter performance. Product margin up approximately $17 million or 10% from the same period in 2014 to $190.1 million product margin benefited an 85% year-over-year margin improvement in our GDSO segment partially offset by less offset by less favorable market conditions in the wholesale gasoline and gasoline blendstocks market and a decrease in crude oil. First quarter EBITDA of $71.8 million was approximately $14.7 million less than the prior year period reflecting a more normal gasoline blendstocks market. DCF was $53.7 million versus $69.5 million in the same period of 2014. The year-over-year decline was for the same reason as an increase in interest expense was approximately offset by lower maintenance CapEx. Expenses increased primarily due to the Warren acquisition and included $6.7 million in acquisition and severance related costs. Net income for the first quarter was $30.4 million compared to $57 million in the first quarter of 2014 partly reflecting higher depreciation from additional investments in our business, most notably Warren, and the Revere terminal acquisition, and higher interest expense due to the issuance of high-yield bonds in mid 2014. Looking at our segments in more detail, Wholesale segment product margin was down approximately $27.7 million to $80.1 million. This was primarily due to a $19.8 million decrease in gasoline and gasoline blendstocks margin caused by less favorable market conditions. As you might remember, during the first of 2014, severe weather caused rail disruption and shortages of gasoline blendstocks in certain markets which had a significant positive impact on product margins. In the first quarter of this year, we did not experience similar market conditions. Crude oil product margin also contributed to the decline in the wholesale segment product margin decreasing $8.2 million due…

Thank you, Daphne. One of the strategic themes we talk about frequently is the diversity of our product lines and businesses, and with good reason. Five years ago our main products were gasoline, distillates and residual oil sold into two classes of trade, wholesale and commercial - primarily in New England. Through strategic acquisitions and organic projects, Global has transformed its business. We've added a large and highly profitable portfolio of retail gasoline stations and convenience stores surrounding many of our terminal assets. We've leveraged our industry expertise to create a formidable network of strategic, geographically diverse assets that directly support the safe, efficient movement of North American energy products by land, rail, and water. Now we would be happy to take your questions. Operator.

Thank you. [Operator Instructions] Thank you, the first question if from Ray Fu of Bank of America. Please go ahead.

Hi, guys. Congrats on the good quarter. Just wanted to ask if you guys have seen any potential headwinds from the new rail safety regulations that we are seeing.

Yes, god morning Ray, this is Mark. I think if you look at the new regs that the new railcar regs that came out last Friday, I think as Eric mentioned earlier in his review, those railcar retrofits or standards, since our fleet is entirely leased, 100% leased I don’t think we are going to be impacted by those retrofits. In most cases they don’t start facing until 2020 in other cases not until 2023. The fleet that we currently lease will have expired by then, so we expect that any impact from that would be on the back end of additional car leases. I think cars after October of 2015 need to be manufactured to the new standards and we expect that once we are out of our current lease obligations that we will start facing newer design cars, but that won’t be for a couple of years.

Got it. Then just one other quick question on the IRS comments that came out earlier this week, I suppose that doesn't have a material impact on Global's status quo.

Yes that's right Ray, in our preliminary review we don’t see any impact on our operations.

Got it. Okay, that's all I had. Thanks so much.

Thank you. [Operator Instructions] the next question is from Cory Garcia of Raymond James. Please go ahead.

Good morning, guys. Great quarter and just curious, any update on the project on the Clatskanie project? I didn't hear anything in the prepared remarks.

Yes, god morning Cory, its Mark. I think we continue to drive advance that expansion project, where as we have been for the last several months, we continue to work with local agencies other entities at the port to align our constructions initiatives with the interest of everybody, so that project is moving along or the design and the ramp up to that construction is moving as planned.

Okay. So timing is still sort of next year is the way to think about it?

Yes.

Okay, great. I guess this is a little bit more in the weeds, looking at your ethanol manufacturing facility, it actually -- we didn't see quite as much of a drop off on that as I think we would have expected in the Wholesale business. Am I reading too far into what's going on out there? Or were there some dynamics on the West Coast market maybe different from the rest of the U.S. ethanol space that maybe made that facility a little bit better off?

I'm not exactly sure I understand the question, so hold on that…

Yes Cory, I'm not sure, are you looking at the gasoline and gasoline blendstocks margin and questioning the change in that. I'm not sure it was you are asking.

Yes, yes, yes, yes.

Okay well the change here will be that has noting to do with manufacturing ethanol right. So the change year-over-year from 2014 to 2015 was largely due to an extraordinary first quarter in 2014 when there were opportunities with blendstock shortages caused by rail disruption that we took advantage of. So it was an extraordinary first quarter 2014 and if you might remember we gave a lot back in the second quarter of 2014, all events of blendstoks. This year this quarter was a more normal market in the gasoline blendstocks.

Got you, got you. Should we expect a similar first-half progression? Obviously, not necessarily the exaggerated drop 1Q to Q2 like we saw last year, but a similar guidance figure, if you will, for the first half?

Yes, we are not going to give guidance obviously on the second quarter, but just last year you got to remember as we - and there was a mark-to-market component to that position at the end of the first quarter last year. So it was - and you can go back and sort of look relative to the prior year, but it was up over $40 million relative to the prior year and then we stood at the end of that first quarter and we said we were going to give back 20, so we could see because of the sever backwardation were going to do that. Today's market is very different.

Okay, yes, that makes sense. Thanks for the color.

Thank you. I would now turn the conference back over to management for any additional or closing remarks.

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Everybody have a great day. Thanks.