These forward looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company's actual results or performance to materially differ from any future results or performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC.Furthermore, as we start this call please also refer to the statement regarding forward looking statements incorporated in our news release issued yesterday. And please note that the contents of our conference call today are covered by these statements. With that, I’ll turn the call over to Jeff. Jeff Morris Thank you, Amir and thank you all for joining us today. Alon USA is in transition and we’re transitioning Big Spring to higher throughputs quarter-by-quarter while integrating retail fuel’s marketing business continues to have record quarters and its projected to have a second record year. Paul will provide more details about our retails and fuels marketing but we are very proud of the contribution of this segment to our overall business. We are transitioning our Paramount facility by the conversion of startup of Bakersfield as a gad oil hydrocracker, while our integrated asphalt business continues to focus on the growth of our specialty asphalts. We are transitioning our Krotz Springs facility to operate that with a broader array of crude oils and operating modes to address the high WTI LLS spreads. And importantly, we’re providing the financial resources to support this transition. Paul will more provide details later regarding operations and plans as I will provide some color around our resources. In October, we completed a direct offering of preferred stock for $40 million. In addition, we obtained $23million of letters of credit outside of our existing facilities.
We have also identified offers and opportunities, which would add $60 million to $100 million to our resources over the next few quarters. At this time, it would be premature for me to provide details regarding these opportunities. And since we are sometimes asked, the market value of our inventories exceeds our LIFO value by $104 million.In addition, you will see a $17 million after-tax gain on bargain purchase in our 10-Qs – in our press release. This is evidence of the good price for which we were able to obtain the Bakersfield refinery. In the second quarter, we successfully monetized inventory in place of Bakersfield and recovered the metals from catalyst, which we will not use long-term. Both of these have higher values than we anticipated. We are well aware of the near-term issues, which have affected our profitability. The throughputs of Big Spring have been lower than historical but we are continuing our disciplined operations review and raising rates quarter-by-quarter. And our integrated retail wholesale fuel business is performing at record levels with continued improvement opportunities. West coast margins are low and asphalt demand has been below historical levels but we will transform our margin capture on the West Coast with the startup of Bakersfield. And we continue to obtain pricing for asphalt well above WTI pricing due to our focus on premium grades. Finally, the spreads between LLS and WTI have been at record levels. Thus we are already test running alternative crude such as Bakken and undertaking initiatives to receive crude such as a WTI at Krotz Springs. We are not naive to our challenges but have specific initiatives in place to address each of these challenges and are providing the financial resources to implement these initiatives. I will now turn the call over to Paul to provide more details around our operations. Read the rest of this transcript for free on seekingalpha.com