you, Sedarius. Resources welcome Sprague everyone, Good quarter XXXX afternoon, second and conference to Thank call.
obligation like not to President, may Joining to our to today’s reflect risk me of and Counsel. to XX-K risks from some Vice differ Officer; XX-Q, that new Actual are statements call These believe our will on XX-K, information Chief or and reports our forward-looking undertake listeners include Sprague and to I’d of results current list difficult differ date. General and with forward-looking today’s factors, anticipated events. results today are future we update Paul our as other which are David predict. Scoff, current be results Long, which to to a any reasonable filings that remind of any Please could does refer statements significantly cause statements. Financial the review because based for actual our uncertainties SEC. expectations, our
equally also have priority our safe, Northeast. to our our facilities. and safety at all cases the release be certain supplement measures. well-being our employees. of measures services the press our the to and instinct among And of found efforts Like these onset to and press of non-GAAP the our keep efforts outstanding the website. I’m institutions, which customers of and financial and to across at Investor report measures second our non-GAAP like while pleased providing in the section our or results the visitors comparable in in using describe quarter. GAAP our Reconciliations fuel COVID-XX to This in quarterly are of essential pandemic earnings financial was available employees We can impressive both business the no employees our release of acknowledge companies our personal first across in that Relations company first morning’s resulted highlighted our But ensuring I’d
gradually while our fleet terminal to over maintaining of months we capturing that of employees personnel like employees I’d to to to to to same our colleagues. established locations, safe employees of vigilance office asked return among apply and we’ll As the benefits maintain on safety interactions through their operations our our daily and the health these track adherence for commitment build past this impressive protocols. thank record office-based level
financial volatility. positioning the our this team navigating these dealt characterized well after usual as the as second While strong extreme credit from anything, was the couldn’t but and both and time, our facility as shock generated pandemic second the uncertainty delivering from business on experience renegotiate be own build with to challenges of company quarter proud same I demand their efforts the price in producer changed to year results our is season the quarter simultaneous to this slow winter markets frantic success. commodity how in our in volatility as markets. from At often extreme supply pace, business the opportunity the shock as war
reductions to estimates comments we’ve those at we material With demand to assets of the challenge, gains disruption. were course expected structure first these But short-term to the their QX thematically, spreads outset our unrealized our call, this to given results the storage see During losses timing. though the spread accurate noted quarter XXXX, seen weaker have due positions I conservative on offset would contango in on over narrowed. revert and unrealized forward respect we demand profile. Thus of as anticipated far, results, previous
benefited the which in carry capture for and on XX% from inventory structure. Due XX% of But normal, primarily basis gains demand in is to had appreciation. recovery our to seen this location. us storage now assets enabled depending have demand, between have transportation substantial We fuels, running simply, our increased
execution strategic team’s uplift. supply oil contributed meaningful Our
ourselves, active teams this measured out-of-service our for months. material this, timely us a creating addition, as into partners. bringing of market engineering breakeven with In near-term not to another into our opportunity benefit terminals, structure extends enables and service in HSE storage a to only the potential but invest do The throughput for efficiently possibility handling nimble allows to also return margin source effort as back tanks future, continue from and also for but capital,
remains or these timing gains associated Looking challenging may the or and to forecast how forward, it losses. weaken additional with spreads further strengthen
to that marketing I’m contango extensive business. benefits environment, ability of a to given our especially the capitalize controlling these benefits on our through However, we’re well-positioned confident storage in capture
As transaction. most not kicked remaining their from to process by our all offer know, a not off the acquire under did of the sponsor you result control, units, in
markets acknowledged and MLP remain unitholder to public we’re efforts will underwhelming, value be the rewarded. While our deliver consistent to optimistic that continue
a of declared of equal This quarter. to partner the distributions distribution unit Board the per general quarter, the our first in $X.XXXX
review a Now quarter I’d like of Long to over to turn results. the Dave? second detailed our Dave call for
