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Please refer to the Partnership’s press release that was issued this morning, as well as our latest filings with the Securities and Exchange Commission for a list of factors that may affect our actual results and could cause them to differ from our forward-looking statements made on this call.I will now turn the call over to Jennifer Straumins. Jennifer Straumins Thank you, Bill. We are very pleased with our results for the second quarter of 2012. Our net income of $65.7 million and we’ve reported – we’ve recorded record quarterly adjusted EBITDA of $122.3 million and quarterly distributable cash flow of $94.9 million. We continue to focus on our operations to meet demand for our Specialty Products and it best benefit from the widened crack spreads driven by the Canadian heavy and Bakken crude oil differentials to NYMEX WTI. As previously announced on July 3, 2012, we completed the acquisition of Royal Purple, for an aggregate consideration of approximately $333 million, excluding certain purchase price adjustments. Royal Purple is a successful formulator and marketer of premium, industrial, and consumer lubricant across several large markets including oil and gas, chemicals and refining, power generation, manufacturing and transportation, food and drug manufacturing and automotive aftermarket. The Royal Purple acquisition was financed with the net proceeds of approximately $263 million from our 2020 notes offering at June 2012 and cash on hand. On July 20, 2012, we declared a quarterly cash distribution of $0.59 per unit for the quarter ended June 30, 2012 on all our outstanding units. The distribution will be paid on August 14, 2012 to unitholders of record as of the close of business on August 3, 2012 and represents a 5.4% increase over the first quarter of 2012 and a 19.2% increase over the second quarter 2011. I’ll now turn the call over to Pat Murray for a review of our financial results.
Pat MurrayThanks, Jennifer. Net income for the second quarter of 2012 was $65.7 million compared to a $7.7 million loss for the same period in 2011. These second quarter 2012 results include, $15.3 million of non-cash unrealized derivative losses, as compared to $15.1 million of debt extinguishment costs of which $14.4 million were non-cash and $3.1 million of non-cash unrealized derivative losses in the second quarter of 2011. We believe the non-GAAP measures of EBITDA, adjusted EBITDA and distributable cash flow are important financial performance measures for the partnership. EBITDA and adjusted EBITDA as defined by our debt instruments were $104.1 million and $122.3 million respectively for the second quarter of 2012 as compared to $32.7 million and $40.8 million respectively for the same quarter last year. The Partnership’s distributable cash flow for the second quarter this year was $94.9 million as compared to $25.4 million for the same quarter in 2011. The increase in adjusted EBITDA quarter-over-quarter was due primarily to a $78.2 million increase in gross profit and $23.6 million of increased realized derivative gains, partially offset by an $11.6 million increase in selling, general and administrative expenses, a $2.3 million increase in transportation expense and $7.9 million of insurance recoveries in the 2011 period with no comparable recoveries in the 2012 period. We encourage investors to review the section of our earnings press release found on our website entitled Non-GAAP Financial measures and the attached tables for a discussion and definitions for the EBITDA, adjusted EBITDA and distributable cash flow, financial measures and reconciliations of these non-GAAP measures to the comparable GAAP measures. Gross profit by segment for the second quarter of 2012 for specialty products and fuel products was $88.6 million and $40.2 million respectively compared to gross profit of $58.3 million and a loss of $7.7 million respectively for the same period last year. The increase in specialty product segment gross profit of $30.3 million quarter-over-quarter was due primarily to a 24.7% increase in sales volume and 8.8% decrease in the average cost of crude oil per barrel partially offset by a 1.6% decrease in the average selling price per barrel. Read the rest of this transcript for free on seekingalpha.com