Greetings, and welcome to the Genesis Energy Third Quarter 2025 Earnings Conference Call. [Operator Instructions]. Please note that this conference is being recorded. I will now turn the conference over to Dwayne Morley. Thank you, Dwayne. You may begin.

Good morning, and welcome to the 2025 Third Quarter Conference Call for Genesis Energy. Genesis Energy has 3 business segments. The Offshore Pipeline Transportation segment is engaged in providing the critical infrastructure to move oil produced from the long-lived low-cost reservoirs in deepwater Gulf of America to onshore refining centers. The Marine Transportation segment is engaged in the maritime transportation of primarily refined petroleum products. The Onshore Transportation and Services segment is engaged in the transportation, handling, blending, storage and supply of energy products, including crude oil and refined products, primarily around refining centers as well as the processing of sour gas streams to remove sulfur at refining operations. Genesis's operations are primarily located in the Gulf Coast states and the Gulf of America. 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 and Exchange Commission. We also encourage you to visit our website at genesisenergy.com, where a copy of the press release we issued this morning 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 Kristen Jesulaitis, Chief Financial Officer and Chief Legal Officer; Ryan Sims, President and Chief Commercial Officer; and Louie Nicol, Chief Accounting Officer. And with that, I'll now turn the call over to Grant.

Thanks, Dwayne. Good morning to everyone, and thanks for listening to the call. As noted in our earnings release this morning, our third quarter results were broadly in line with our expectations in spite of a few pluses and minuses across our businesses. On the positive side, our Offshore Pipeline Transportation segment started to really shine as it benefited from several factors, including the absence of any weather-related disruptions, the resolution of a number of the producer mechanical issues we have experienced over the past 12 to 18 months and the recognition of the minimum volume commitments to SYNC and CHOPS associated with the new Shenandoah Floating Production Unit, or FPU. On the other hand, our Marine Transportation segment faced some temporary challenges in July and the first part of August due to some short-term market conditions that affected both day rates and utilization levels. That said, we believe these headwinds are largely subsided as financial results in both September and October returned to levels consistent with the first half of the year. This improvement positions us for a more in line fourth quarter and some momentum heading into the next year from our Marine group. With a sequential 16% improvement, the third quarter offered a glimpse of what's ahead for our Offshore Pipeline Transportation segment. First, in late July, we received first oil from the new Shenandoah floating production unit. Then at the end of September, the operator of Salamanca announced it commenced production from the first of 3 predrilled wells with plans to relatively quickly ramp production to a total level of some 40,000 barrels a day, with expectations to drill another well and further increase production to the original design capacity of 50 kbd in the first half of next year. The financial results reported today only…

[Operator Instructions]. And our first question comes from the line of Wade Suki with Capital One. Please proceed with your question.

I know the big project spend has been completed. But can you give us a sense for where future growth capital might be directed or recognizing it's pretty modest at this point? And maybe sort of the dovetail on that. I may have asked you the same question last quarter, but do you see any material project potential on the horizon to something a little chunkier?

Wade, I mean, as a normal course of business, I think we view growth capital to be in the $10 million, $15 million range, which, generally speaking, is -- might be tanks or pumps at one or more of our offshore facilities and/or onshore facilities to support the operations of our -- allow us to increase the throughputs on our existing footprint. So we don't have anything on the horizon that we're looking at, evaluating. But that doesn't mean that ultimately, things may opportunistically pop up. But we are really focused, Wade, on being in a position to generate increasing amounts of free cash flow and simplifying the balance sheet capital structure and returning capital to our unitholders. So that's what our focus is at this point.

Understood. And I was hoping to revisit, I think you made some comments in your prepared remarks about 11 more wells per year needed. If I heard you correctly, is that sort of to offset declines, anticipated declines from Shenandoah and Salamanca? Just any clarification you could give would be great.

I think that it really is -- we view this -- the offshore business is a self-regenerating annuity, and it will regenerate itself every year if we "If the producers replace the reserves regardless of where they come from, that they move through our pipeline in any 1 year." So that's kind of how we think about it, Wade, is that -- so if we move 275 million barrels in '26, which we would anticipate that we would, if the producers across the footprint of existing production facilities, which are dedicated and tied into us, exclusively tied into our infrastructure, if they drill just 11 additional development wells, they're adding a year. They're replacing that throughput and annuitizing our ability without us spending any money, annuitizing the ability for us to repeat year after year after year the financial performance that we expect.

Fantastic. If I could squeeze one more in, guys, I appreciate you all bearing with me here. But recognizing how underutilized the assets are, what do you think offshore -- and you might have touched on this in previous calls, what do you think offshore segment margin could look like with full utilization, I guess? Is that something you're kind of prepared to touch on?

Well, I mean, let's -- we'll kind of give you a little bit of the financial and leverage is a bad word in this context, but the operating results that are levered to the existing capacity. So we have kind of publicly stated if the producers for Salamanca and Shenandoah kind of come close to hitting their forecast, then we would expect an incremental plus or minus $160 million a year of recognized segment margin. And we have, in essence, used half of the capacity that we have installed and paid for. So if we filled it up with similarly situated fields, including coming through a lateral and then going downstream on Poseidon or you can appreciate the "upside" we have without spending any money at this point forward.

[Operator Instructions]. It doesn't look like there are any further questions at this time. With that, I'd like to turn the floor back to Grant Sims for closing remarks.

Okay. Well, thanks, everyone, for listening in, and we look forward to talking to you in another 90 days, if not sooner. So thanks very much.

Thank you, ladies and gentlemen. And with that, this does conclude today's teleconference. We thank you for your participation, and you may disconnect at this time. Have a wonderful day.