Delek US Holdings Reports Third Quarter 2024 Results

Business Wire11-06

Net loss of $76.8 million or $(1.20) per share, adjusted net loss of $93.0 million or $(1.45) per share, adjusted EBITDA of $70.6 million During 3Q' 2024, we successfully closed previously announced ...

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DKL closed the acquisition of H2O Midstream, further adding to its third party cash flows. Announced the Enterprise Optimization Plan  expected to increase overall profitability by at least $100 million. \"We are excited about the significant progress we have made on i. our 'Sum of the Parts' efforts, ii. Operational improvements & iii. Cost reductions,\" said Avigal Soreq, President and Chief Executive Officer of Delek US. \"After closing the transactions we announced with our last earnings call, we are currently focused on maximizing the value of the third party businesses at Delek Logistics as a next step in our 'Sum of the Parts' efforts. We are also working hard to increase the overall profitability and free cash flow generation power of our company through our Enterprise Optimization Plan .\". \"Looking ahead, we will continue to execute on our priorities of r","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DKL":"Delek Logistics Partners","DK":"Delek US Holdings","BK4590":"PTP","BK4144":"石油与天然气的储存和运输","BK4138":"石油与天然气的炼制和营销"},"translate_title":"德勒克美国控股公司报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DK":1,"DKL":1},"content_text":"Net loss of $76.8 million or $(1.20) per share, adjusted net loss of $93.0 million or $(1.45) per share, adjusted EBITDA of $70.6 million\nDuring 3Q' 2024, we successfully closed previously announced transactions to further our SOTP strategy:\n\nSold our retail assets for proceeds of $390 million\nDK & Delek Logistics(DKL) executed the intercompany amendments and extensions\nCompleted the drop-down of Wink to Webster (\"W2W\") pipeline into DKL\nDKL closed the acquisition of H2O Midstream, further adding to its third party cash flows\n\nAnnounced the Enterprise Optimization Plan (\"EOP\") expected to increase overall profitability by at least $100 million\nDKL announced another record quarterly EBITDA of $106.1 million\nPaid $16.4 million of dividends and announced regular quarterly dividend of $0.255 per share in October\n\nBRENTWOOD, Tenn., November 06, 2024--(BUSINESS WIRE)--Delek US Holdings, Inc. (NYSE: DK) (\"Delek US\", \"Company\") today announced financial results for its third quarter ended September 30, 2024.\n\"We are excited about the significant progress we have made on i. our 'Sum of the Parts' efforts, ii. Operational improvements & iii. Cost reductions,\" said Avigal Soreq, President and Chief Executive Officer of Delek US. \"After closing the transactions we announced with our last earnings call, we are currently focused on maximizing the value of the third party businesses at Delek Logistics as a next step in our 'Sum of the Parts' efforts. We are also working hard to increase the overall profitability and free cash flow generation power of our company through our Enterprise Optimization Plan (EOP).\"\n\"Looking ahead, we will continue to execute on our priorities of running safe and reliable operations, and making further progress on midstream deconsolidation, our EOP efforts, and delivering shareholder value while maintaining our financial strength and flexibility,\" Soreq concluded.\nDelek US Results\n\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n($ in millions, except per share data)\n\n2024\n\n2023\n\n2024\n\n2023\n\n\nNet (loss) income attributable to Delek US\n\n$\n(76.8\n)\n\n$\n128.7\n\n\n$\n(146.6\n)\n\n$\n184.7\n\n\n\nTotal diluted (loss) income per share\n\n$\n(1.20\n)\n\n$\n1.97\n\n\n$\n(2.29\n)\n\n$\n2.78\n\n\n\nAdjusted net (loss) income\n\n$\n(93.0\n)\n\n$\n131.9\n\n\n$\n(178.5\n)\n\n$\n289.8\n\n\n\nAdjusted net (loss) income per share\n\n$\n(1.45\n)\n\n$\n2.02\n\n\n$\n(2.78\n)\n\n$\n4.37\n\n\n\nAdjusted EBITDA\n\n$\n70.6\n\n\n$\n345.1\n\n\n$\n336.8\n\n\n$\n889.1\n\n\n\n\nRefining Segment\nThe refining segment Adjusted EBITDA was $10.2 million in the third quarter 2024 compared with $296.1 million in the same quarter last year, which reflects other inventory impacts of $25.8 million and $(28.2) million for third quarter 2024 and 2023, respectively. The decrease over 2023 is primarily due to lower refining crack spreads. During the third quarter 2024, Delek US's benchmark crack spreads were down an average of 49.1% from prior-year levels.\nLogistics Segment\nThe logistics segment Adjusted EBITDA in the third quarter 2024 was $106.1 million compared with $96.5 million in the prior year quarter. The increase over last year's third quarter was driven by strong contributions from Delaware Gathering systems, annual rate increases and the impact of the W2W dropdown.\nCorporate and Other Activity\nAdjusted EBITDA from Corporate, Other and Eliminations was a loss of $(53.9) million in the third quarter 2024 compared with a loss of $(63.9) million in the prior-year period. The decreased losses were driven by lower employee related expenses, partially offset by the impact of the W2W dropdown.\nShareholder Distributions\nOn October 30, 2024, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on November 18, 2024 to shareholders of record on November 12, 2024.\nLiquidity\nAs of September 30, 2024, Delek US had a cash balance of $1,037.6 million and total consolidated long-term debt of $2,789.4 million, resulting in net debt of $1,751.8 million. As of September 30, 2024, Delek Logistics Partners, LP (NYSE: DKL) (\"Delek Logistics\") had $7.3 million of cash and $1,894.3 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $1,030.3 million in cash and $895.1 million of long-term debt, or a $135.2 million net cash position.\nThird Quarter 2024 Results | Conference Call Information\nDelek US will hold a conference call to discuss its third quarter 2024 results on Wednesday, November 6, 2024 at 9:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.\nInvestors may also wish to listen to Delek Logistics’ (NYSE: DKL) third quarter 2024 earnings conference call that will be held on Wednesday, November 6, 2024 at 10:30 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.\nAbout Delek US Holdings, Inc.\nDelek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. Pipeline assets include an ownership interest in the 650-mile Wink to Webster long-haul crude oil pipeline.\nThe logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 70.4% (including the general partner interest) of Delek Logistics Partners, LP at September 30, 2024.\nSafe Harbor Provisions Regarding Forward-Looking Statements\nThis press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are \"forward-looking statements,\" as that term is defined under the federal securities laws. These statements contain words such as \"possible,\" \"believe,\" \"should,\" \"could,\" \"would,\" \"predict,\" \"plan,\" \"estimate,\" \"intend,\" \"may,\" \"anticipate,\" \"will,\" \"if\", \"potential,\" \"expect\" or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; cost reductions; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance and execution of our midstream growth initiatives, including the Permian Gathering System, the Red River joint venture and the Wink to Webster long-haul crude oil pipeline, and the flexibility, benefits and the expected returns therefrom; projected benefits of the Delaware Gathering Acquisition, renewable identification numbers (\"RINs\") waivers and tax credits and the value and benefit therefrom; cash and liquidity; emissions reductions; opportunities and anticipated performance and financial position.\nInvestors are cautioned that the following important factors, among others, may affect these forward-looking statements. These factors include, but are not limited to: uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding future decisions by the Organization of Petroleum Exporting Countries (\"OPEC\") regarding production and pricing disputes between OPEC members and Russia; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering business following its acquisition; Delek US' ability to realize cost reductions; risks related to Delek US’ exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the retail and H20 Midstream transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Permian Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the \"SEC\"), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.\nForward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.\nNon-GAAP Disclosures:\nOur management uses certain \"non-GAAP\" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States (\"U.S.\") Generally Accepted Accounting Principles (\"GAAP\"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:\n\nAdjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;\nAdjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;\nAdjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;\nEarnings before interest, taxes, depreciation and amortization (\"EBITDA\") - calculated as net income (loss) attributable to Delek US adjusted to add back interest expense, income tax expense, depreciation and amortization;\nAdjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;\nRefining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;\nAdjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;\nRefining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;\nRefining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and\nNet debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.\n\nWe believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. \"Net debt,\" also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.\nNon-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.\n\n\n\nDelek US Holdings, Inc.\n\n\nCondensed Consolidated Balance Sheets (Unaudited)\n\n\n($ in millions, except share and per share data)\n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nASSETS\n\n\n\n\n\n\nCurrent assets:\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n1,037.6\n\n\n$\n821.8\n\n\n\nAccounts receivable, net\n\n\n561.6\n\n\n\n783.7\n\n\n\nInventories, net of inventory valuation reserves\n\n\n915.0\n\n\n\n941.2\n\n\n\nCurrent assets of discontinued operations\n\n\n—\n\n\n\n41.5\n\n\n\nOther current assets\n\n\n50.6\n\n\n\n77.8\n\n\n\nTotal current assets\n\n\n2,564.8\n\n\n\n2,666.0\n\n\n\nProperty, plant and equipment:\n\n\n\n\n\n\nProperty, plant and equipment\n\n\n4,790.7\n\n\n\n4,460.3\n\n\n\nLess: accumulated depreciation\n\n\n(1,961.7\n)\n\n\n(1,764.0\n)\n\n\nProperty, plant and equipment, net\n\n\n2,829.0\n\n\n\n2,696.3\n\n\n\nOperating lease right-of-use assets\n\n\n98.8\n\n\n\n121.5\n\n\n\nGoodwill\n\n\n687.5\n\n\n\n687.5\n\n\n\nOther intangibles, net\n\n\n328.6\n\n\n\n287.7\n\n\n\nEquity method investments\n\n\n408.7\n\n\n\n360.7\n\n\n\nNon-current assets of discontinued operations\n\n\n—\n\n\n\n228.1\n\n\n\nOther non-current assets\n\n\n112.9\n\n\n\n124.0\n\n\n\nTotal assets\n\n$\n7,030.3\n\n\n$\n7,171.8\n\n\n\n\n\n\n\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\nAccounts payable\n\n$\n1,713.6\n\n\n$\n1,814.3\n\n\n\nCurrent portion of long-term debt\n\n\n9.5\n\n\n\n44.5\n\n\n\nCurrent portion of obligation under Inventory Intermediation Agreement\n\n\n3.6\n\n\n\n0.4\n\n\n\nCurrent portion of operating lease liabilities\n\n\n45.6\n\n\n\n50.1\n\n\n\nCurrent liabilities of discontinued operations\n\n\n—\n\n\n\n11.5\n\n\n\nAccrued expenses and other current liabilities\n\n\n694.7\n\n\n\n764.3\n\n\n\nTotal current liabilities\n\n\n2,467.0\n\n\n\n2,685.1\n\n\n\nNon-current liabilities:\n\n\n\n\n\n\nLong-term debt, net of current portion\n\n\n2,779.9\n\n\n\n2,555.3\n\n\n\nObligation under Inventory Intermediation Agreement\n\n\n385.3\n\n\n\n407.2\n\n\n\nEnvironmental liabilities, net of current portion\n\n\n33.7\n\n\n\n110.9\n\n\n\nAsset retirement obligations\n\n\n24.4\n\n\n\n36.4\n\n\n\nDeferred tax liabilities\n\n\n243.9\n\n\n\n264.1\n\n\n\nOperating lease liabilities, net of current portion\n\n\n63.7\n\n\n\n85.7\n\n\n\nNon-current liabilities of discontinued operations\n\n\n—\n\n\n\n34.3\n\n\n\nOther non-current liabilities\n\n\n87.0\n\n\n\n33.1\n\n\n\nTotal non-current liabilities\n\n\n3,617.9\n\n\n\n3,527.0\n\n\n\nRedeemable non-controlling interest\n\n\n70.0\n\n\n\n—\n\n\n\nStockholders’ equity:\n\n\n\n\n\n\nPreferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding\n\n\n—\n\n\n\n—\n\n\n\nCommon stock, $0.01 par value, 110,000,000 shares authorized, 81,231,308 shares and 81,539,871 shares issued at September 30, 2024 and December 31, 2023, respectively\n\n\n0.8\n\n\n\n0.8\n\n\n\nAdditional paid-in capital\n\n\n1,172.7\n\n\n\n1,113.6\n\n\n\nAccumulated other comprehensive loss\n\n\n(4.8\n)\n\n\n(4.8\n)\n\n\nTreasury stock, 17,575,527 shares, at cost, at September 30, 2024 and December 31, 2023, respectively\n\n\n(694.1\n)\n\n\n(694.1\n)\n\n\nRetained earnings\n\n\n228.5\n\n\n\n430.0\n\n\n\nNon-controlling interests in subsidiaries\n\n\n172.3\n\n\n\n114.2\n\n\n\nTotal stockholders’ equity\n\n\n875.4\n\n\n\n959.7\n\n\n\nTotal liabilities, redeemable non-controlling interest and stockholders’ equity\n\n$\n7,030.3\n\n\n$\n7,171.8\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDelek US Holdings, Inc.\n\n\nCondensed Consolidated Statements of Income (Unaudited)\n\n\n($ in millions, except share and per share data)\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nNet revenues\n\n$\n3,042.4\n\n\n$\n4,628.8\n\n\n$\n9,478.5\n\n\n$\n12,525.1\n\n\n\nCost of sales:\n\n\n\n\n\n\n\n\n\n\nCost of materials and other\n\n\n2,788.7\n\n\n\n4,049.4\n\n\n\n8,547.1\n\n\n\n11,111.2\n\n\n\nOperating expenses (excluding depreciation and amortization presented below)\n\n\n181.4\n\n\n\n217.7\n\n\n\n580.3\n\n\n\n577.2\n\n\n\nDepreciation and amortization\n\n\n92.5\n\n\n\n83.7\n\n\n\n259.6\n\n\n\n243.1\n\n\n\nTotal cost of sales\n\n\n3,062.6\n\n\n\n4,350.8\n\n\n\n9,387.0\n\n\n\n11,931.5\n\n\n\nOperating expenses related to wholesale business (excluding depreciation and amortization presented below)\n\n\n3.7\n\n\n\n(3.7\n)\n\n\n5.7\n\n\n\n3.9\n\n\n\nGeneral and administrative expenses\n\n\n70.4\n\n\n\n67.7\n\n\n\n191.6\n\n\n\n208.0\n\n\n\nDepreciation and amortization\n\n\n5.6\n\n\n\n4.0\n\n\n\n18.6\n\n\n\n12.1\n\n\n\nAsset impairment\n\n\n9.2\n\n\n\n—\n\n\n\n31.3\n\n\n\n—\n\n\n\nOther operating expense (income), net\n\n\n12.8\n\n\n\n(2.1\n)\n\n\n(67.6\n)\n\n\n(19.0\n)\n\n\nTotal operating costs and expenses\n\n\n3,164.3\n\n\n\n4,416.7\n\n\n\n9,566.6\n\n\n\n12,136.5\n\n\n\nOperating (loss) income\n\n\n(121.9\n)\n\n\n212.1\n\n\n\n(88.1\n)\n\n\n388.6\n\n\n\nInterest expense, net\n\n\n78.8\n\n\n\n82.4\n\n\n\n244.1\n\n\n\n239.1\n\n\n\nIncome from equity method investments\n\n\n(25.1\n)\n\n\n(27.0\n)\n\n\n(77.4\n)\n\n\n(67.1\n)\n\n\nOther (income) expense, net\n\n\n(0.5\n)\n\n\n2.0\n\n\n\n(1.1\n)\n\n\n(4.6\n)\n\n\nTotal non-operating expense, net\n...\n   \n53.2\n\n\n\n57.4\n\n\n\n165.6\n\n\n\n167.4\n\n\n\n(Loss) income from continuing operations before income tax (benefit) expense\n\n\n(175.1\n)\n\n\n154.7\n\n\n\n(253.7\n)\n\n\n221.2\n\n\n\nIncome tax (benefit) expense\n\n\n(40.3\n)\n\n\n29.1\n\n\n\n(56.7\n)\n\n\n38.3\n\n\n\n(Loss) income from continuing operations, net of tax\n\n\n(134.8\n)\n\n\n125.6\n\n\n\n(197.0\n)\n\n\n182.9\n\n\n\nDiscontinued operations:\n\n\n\n\n\n\n\n\n\n\nIncome from discontinued operations, including gain on sale of discontinued operations\n\n\n95.4\n\n\n\n12.9\n\n\n\n107.8\n\n\n\n29.1\n\n\n\nIncome tax expense\n\n\n28.1\n\n\n\n2.4\n\n\n\n29.6\n\n\n\n5.2\n\n\n\nIncome from discontinued operations, net of tax\n\n\n67.3\n\n\n\n10.5\n\n\n\n78.2\n\n\n\n23.9\n\n\n\nNet (loss) income\n\n\n(67.5\n)\n\n\n136.1\n\n\n\n(118.8\n)\n\n\n206.8\n\n\n\nNet income attributable to:\n\n\n\n\n\n\n\n\n\n\nNon-controlling interests\n\n\n9.3\n\n\n\n7.4\n\n\n\n27.8\n\n\n\n22.1\n\n\n\nNet (loss) income attributable to Delek\n\n$\n(76.8\n)\n\n$\n128.7\n\n\n$\n(146.6\n)\n\n$\n184.7\n\n\n\nBasic (loss) income per share:\n\n\n\n\n\n\n\n\n\n\n(Loss) income from continuing operations\n\n$\n(2.25\n)\n\n$\n1.82\n\n\n$\n(3.51\n)\n\n$\n2.44\n\n\n\nIncome from discontinued operations\n\n\n1.05\n\n\n\n0.16\n\n\n$\n1.22\n\n\n$\n0.36\n\n\n\nTotal basic (loss) income per share\n\n$\n(1.20\n)\n\n$\n1.98\n\n\n$\n(2.29\n)\n\n$\n2.80\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted (loss) income per share:\n\n\n\n\n\n\n\n\n\n\n(Loss) income from continuing operations\n\n$\n(2.25\n)\n\n$\n1.81\n\n\n$\n(3.51\n)\n\n$\n2.42\n\n\n\nIncome from discontinued operations\n\n\n1.05\n\n\n\n0.16\n\n\n$\n1.22\n\n\n$\n0.36\n\n\n\nTotal diluted (loss) income per share\n\n$\n(1.20\n)\n\n$\n1.97\n\n\n$\n(2.29\n)\n\n$\n2.78\n\n\n\nWeighted average common shares outstanding:\n\n\n\n\n\n\n\n\n\n\nBasic\n\n\n64,063,609\n\n\n\n64,889,504\n\n\n\n64,099,700\n\n\n\n65,864,141\n\n\n\nDiluted\n\n\n64,063,609\n\n\n\n65,464,970\n\n\n\n64,099,700\n\n\n\n66,372,335\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDelek US Holdings, Inc.\n\n\nCondensed Cash Flow Data (Unaudited)\n\n\n($ in millions)\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nCash flows from operating activities:\n\n\n\n\n\n\n\n\n\n\nCash (used in) provided by operating activities - continuing operations\n\n$\n(22.1\n)\n\n$\n420.2\n\n\n$\n78.9\n\n\n$\n891.7\n\n\n\nCash provided by operating activities - discontinued operations\n\n\n0.5\n\n\n\n12.4\n\n\n\n17.8\n\n\n\n31.1\n\n\n\nNet cash (used in) provided by operating activities\n\n\n(21.6\n)\n\n\n432.6\n\n\n\n96.7\n\n\n\n922.8\n\n\n\nCash flows from investing activities:\n\n\n\n\n\n\n\n\n\n\nCash used in investing activities - continuing operations\n\n\n(298.4\n)\n\n\n(50.5\n)\n\n\n(387.4\n)\n\n\n(320.6\n)\n\n\nCash provided by (used in) investing activities - discontinued operations\n\n\n376.8\n\n\n\n(8.2\n)\n\n\n361.7\n\n\n\n(18.0\n)\n\n\nNet cash provided by (used in) investing activities\n\n\n78.4\n\n\n\n(58.7\n)\n\n\n(25.7\n)\n\n\n(338.6\n)\n\n\nCash flows from financing activities:\n\n\n\n\n\n\n\n\n\n\nCash provided by (used in) financing activities - continuing operations\n\n\n322.9\n\n\n\n(293.8\n)\n\n\n144.4\n\n\n\n(523.8\n)\n\n\nNet cash provided by (used in) financing activities\n\n\n322.9\n\n\n\n(293.8\n)\n\n\n144.4\n\n\n\n(523.8\n)\n\n\nNet increase in cash and cash equivalents\n\n\n379.7\n\n\n\n80.1\n\n\n\n215.4\n\n\n\n60.4\n\n\n\nCash and cash equivalents at the beginning of the period\n\n\n657.9\n\n\n\n821.6\n\n\n\n822.2\n\n\n\n841.3\n\n\n\nCash and cash equivalents at the end of the period\n\n\n1,037.6\n\n\n\n901.7\n\n\n\n1,037.6\n\n\n\n901.7\n\n\n\nLess cash and cash equivalents of discontinued operations at the end of the period\n\n\n—\n\n\n\n0.4\n\n\n\n—\n\n\n\n0.4\n\n\n\nCash and cash equivalents of continuing operations at the end of the period\n\n$\n1,037.6\n\n\n$\n901.3\n\n\n$\n1,037.6\n\n\n$\n901.3\n\n\n\n\n\n\n\n\n\n\n\nSignificant Transactions During the Quarter Impacting Results:\nH20 Midstream Acquisition\nOn September 11, 2024, Delek Logistics completed the acquisition of 100% of the limited liability company interests in H2O Midstream Intermediate, LLC, H2O Midstream Permian LLC, and H2O Midstream LLC (the \"H2O Midstream Acquisition\") from H2O Midstream Holdings, LLC. The H2O Midstream Acquisition included water disposal and recycling operations in the Midland Basin in Texas. The purchase price was $229.5 million, subject to final working capital closing adjustments and including $70.0 million of Preferred Units. Delek Logistics incurred $6.1 million ($4.7 million after-tax) of transaction related expenses in connection with the H2O Midstream Acquisition during the three months ended September 30, 2024.\nRetail\nOn September 30, 2024, Delek US closed the previously announced transaction to sell 100% of the equity interests in four of Delek US' wholly-owned subsidiaries that own and operate 249 retail fuel and convenience stores (the \"Retail Stores\") under the Delek US Retail brand to a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (\"FEMSA\") (\"Retail Transaction\"). Net cash proceeds before taxes related to this transaction were approximately $390.2 million. The Retail Transaction resulted in a gain on sale of the Retail Stores, before income tax, of $98.4 million. As a result, we met the requirements of ASC 205-20 and ASC 360 to report the results of the Retail Stores as discontinued operations and to classify the Retail Stores as a group of discontinued operations assets.\nDelek US and Delek Logistics Transactions\nWink to Webster Pipeline\nOn August 1, 2024, we purchased an additional 0.6% indirect investment in Wink to Webster Pipeline LLC for $18.6 million, bringing our total indirect ownership in the pipeline joint venture to 15.6%. On August 5, 2024, we contributed all of our 50% investment in W2W Holdings LLC (\"HoldCo\") which includes our 15.6% indirect interest in the Wink to Webster Pipeline LLC joint venture and related joint venture indebtedness, to a subsidiary of Delek Logistics. Total consideration was comprised of $83.9 million (including post-close adjustments) in cash, forgiveness of a $60.0 million payable to Delek Logistics and 2,300,000 of Delek Logistics common units. The transaction was accounted for as an acquisition of assets between entities under common control and we did not record a gain or loss. As of August 5, 2024, the operating results of HoldCo are now reported in our Logistics segment. Previously, they were reported as part of corporate, other and eliminations.\nAmended and Extended Intercompany Agreements\nOn August 5, 2024, we also amended and extended expired, or soon to be expired, commercial agreements with subsidiaries of Delek Logistics under which the Delek Logistics subsidiaries provide various services, including crude oil gathering and crude oil, intermediate and refined products transportation and storage services, and marketing, terminalling and offloading services to us as well as entered into an amended and restated Omnibus Agreement with Delek Logistics. We incurred $5.4 million ($4.2 million after-tax) of transaction related expenses in connection with these agreements during the three months ended September 30, 2024.\nAs a result of these amendments, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.\nRestructuring Costs\nIn 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the third quarter 2024, we recorded restructuring costs totaling $33.7 million ($26.1 million after-tax) associated with our business transformation. Restructuring costs of $14.1 million are recorded in other operating expense (income), net, $9.2 million are recorded in asset impairment, $6.6 million are recorded in general and administrative expenses and $3.8 million are included in operating expenses in our condensed consolidated statements of income.\nOther Inventory Impact\n\"Other inventory impact\" is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.\n\n\n\nReconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n$ in millions (unaudited)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\nReported net (loss) income attributable to Delek US\n\n$\n(76.8\n)\n\n$\n128.7\n\n\n$\n(146.6\n)\n\n$\n184.7\n\n\n\nAdjusting items (1)\n\n\n\n\n\n\n\n\n\n\nInventory LCM valuation (benefit) loss\n\n\n0.2\n\n\n\n3.4\n\n\n\n(10.5\n)\n\n\n(6.2\n)\n\n\nTax effect\n\n\n—\n\n\n\n(0.8\n)\n\n\n2.4\n\n\n\n1.4\n\n\n\nInventory LCM valuation (benefit) loss, net\n\n\n0.2\n\n\n\n2.6\n\n\n\n(8.1\n)\n\n\n(4.8\n)\n\n\nOther inventory impact\n\n\n25.8\n\n\n\n(28.2\n)\n\n\n39.0\n\n\n\n145.4\n\n\n\nTax effect\n\n\n(5.8\n)\n\n\n6.4\n\n\n\n(8.8\n)\n\n\n(32.7\n)\n\n\nOther inventory impact, net (2)\n\n\n20.0\n\n\n\n(21.8\n)\n\n\n30.2\n\n\n\n112.7\n\n\n\nBusiness interruption insurance and settlement recoveries\n\n\n—\n\n\n\n(0.2\n)\n\n\n(10.6\n)\n\n\n(10.0\n)\n\n\nTax effect\n\n\n—\n\n\n\n0.1\n\n\n\n2.4\n\n\n\n2.3\n\n\n\nBusiness interruption insurance and settlement recoveries, net\n\n\n—\n\n\n\n(0.1\n)\n\n\n(8.2\n)\n\n\n(7.7\n)\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.0\n)\n\n\n17.4\n\n\n\n1.1\n\n\n\n(8.1\n)\n\n\nTax effect\n\n\n1.8\n\n\n\n(3.9\n)\n\n\n(0.2\n)\n\n\n1.8\n\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net\n\n\n(6.2\n)\n\n\n13.5\n\n\n\n0.9\n\n\n\n(6.3\n)\n\n\nTransaction related expenses\n\n\n20.9\n\n\n\n—\n\n\n\n20.9\n\n\n\n—\n\n\n\nTax effect\n\n\n(4.7\n)\n\n\n—\n\n\n\n(4.7\n)\n\n\n—\n\n\n\nTransaction related expenses, net (2)\n\n\n16.2\n\n\n\n—\n\n\n\n16.2\n\n\n\n—\n\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(2.6\n)\n\n\n—\n\n\n\n3.7\n\n\n\n—\n\n\n\nTax effect\n\n\n0.6\n\n\n\n—\n\n\n\n(0.8\n)\n\n\n—\n\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net (3)\n\n\n(2.0\n)\n\n\n—\n\n\n\n2.9\n\n\n\n—\n\n\n\nRestructuring costs\n\n\n33.7\n\n\n\n3.5\n\n\n\n59.5\n\n\n\n6.4\n\n\n\nTax effect\n\n\n(7.6\n)\n\n\n(0.7\n)\n\n\n(13.4\n)\n\n\n(1.4\n)\n\n\nRestructuring costs, net (2)\n\n\n26.1\n\n\n\n2.8\n\n\n\n46.1\n\n\n\n5.0\n\n\n\nEl Dorado refinery fire losses\n\n\n—\n\n\n\n8.0\n\n\n\n—\n\n\n\n8.0\n\n\n\nTax effect\n\n\n—\n\n\n\n(1.8\n)\n\n\n—\n\n\n\n(1.8\n)\n\n\nEl Dorado refinery fire losses, net\n\n\n—\n\n\n\n6.2\n\n\n\n—\n\n\n\n6.2\n\n\n\nProperty settlement\n\n\n—\n\n\n\n—\n\n\n\n(53.4\n)\n\n\n—\n\n\n\nTax effect\n\n\n—\n\n\n\n—\n\n\n\n12.0\n\n\n\n—\n\n\n\nProperty settlement, net\n\n\n—\n\n\n\n—\n\n\n\n(41.4\n)\n\n\n—\n\n\n\nGain on sale of Retail Stores\n\n\n(98.4\n)\n\n\n—\n\n\n\n(98.4\n)\n\n\n—\n\n\n\nTax effect\n\n\n27.9\n\n\n\n—\n\n\n\n27.9\n\n\n\n—\n\n\n\nGain on sale of Retail Stores, net (2)\n\n\n(70.5\n)\n\n\n—\n\n\n\n(70.5\n)\n\n\n—\n\n\n\nTotal adjusting items (1)\n\n\n(16.2\n)\n\n\n3.2\n\n\n\n(31.9\n)\n\n\n105.1\n\n\n\nAdjusted net (loss) income\n\n$\n(93.0\n)\n\n$\n131.9\n\n\n$\n(178.5\n)\n\n$\n289.8\n\n\n\n\n\n\n\n(1)\nAll adjustments have been tax effected using the estimated marginal income tax rate, as applicable.\n\n\n(2)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(3)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n$ per share (unaudited)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\nReported diluted (loss) income per share\n\n$\n(1.20\n)\n\n$\n1.97\n\n\n$\n(2.29\n)\n\n$\n2.78\n\n\n\nAdjusting items, after tax (per share) (1) (2)\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n—\n\n\n\n0.04\n\n\n\n(0.13\n)\n\n\n(0.07\n)\n\n\nOther inventory impact (3)\n\n\n0.31\n\n\n\n(0.33\n)\n\n\n0.47\n\n\n\n1.70\n\n\n\nBusiness interruption insurance and settlement recoveries\n\n\n—\n\n\n\n—\n\n\n\n(0.13\n)\n\n\n(0.12\n)\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(0.10\n)\n\n\n0.21\n\n\n\n0.01\n\n\n\n(0.09\n)\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (4)\n\n\n(0.03\n)\n\n\n—\n\n\n\n0.05\n\n\n\n—\n\n\n\nTransaction related expenses (3)\n\n\n0.25\n\n\n\n—\n\n\n\n0.25\n\n\n\n—\n\n\n\nRestructuring costs (3)\n\n\n0.41\n\n\n\n0.04\n\n\n\n0.73\n\n\n\n0.08\n\n\n\nEl Dorado refinery fire losses\n\n\n—\n\n\n\n0.09\n\n\n\n—\n\n\n\n0.09\n\n\n\nProperty settlement\n\n\n—\n\n\n\n—\n\n\n\n(0.65\n)\n\n\n—\n\n\n\nGain on sale of Retail Stores (3)\n\n\n(1.09\n)\n\n\n—\n\n\n\n(1.09\n)\n\n\n—\n\n\n\nTotal adjusting items (1)\n\n\n(0.25\n)\n\n\n0.05\n\n\n\n(0.49\n)\n\n\n1.59\n\n\n\nAdjusted net (loss) income per share\n\n$\n(1.45\n)\n\n$\n2.02\n\n\n$\n(2.78\n)\n\n$\n4.37\n\n\n\n\n\n\n\n(1)\nThe adjustments have been tax effected using the estimated marginal tax rate, as applicable.\n\n\n(2)\nFor periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.\n\n\n(3)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(4)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n$ in millions (unaudited)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nReported net (loss) income attributable to Delek US\n\n$\n(76.8\n)\n\n$\n128.7\n\n\n$\n(146.6\n)\n\n$\n184.7\n\n\n\nAdd:\n\n\n\n\n\n\n\n\n\n\nInterest expense, net\n\n\n78.8\n\n\n\n82.3\n\n\n\n244.2\n\n\n\n239.2\n\n\n\nIncome tax expense (benefit)\n\n\n(12.2\n)\n\n\n31.5\n\n\n\n(27.1\n)\n\n\n43.5\n\n\n\nDepreciation and amortization\n\n\n99.9\n\n\n\n91.3\n\n\n\n287.2\n\n\n\n264.1\n\n\n\nEBITDA attributable to Delek US\n\n\n89.7\n\n\n\n333.8\n\n\n\n357.7\n\n\n\n731.5\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n0.2\n\n\n\n3.4\n\n\n\n(10.5\n)\n\n\n(6.2\n)\n\n\nOther inventory impact (1)\n\n\n25.8\n\n\n\n(28.2\n)\n\n\n39.0\n\n\n\n145.4\n\n\n\nBusiness interruption insurance and settlement recoveries\n\n\n—\n\n\n\n(0.2\n)\n\n\n(10.6\n)\n\n\n(10.0\n)\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.0\n)\n\n\n17.4\n\n\n\n1.1\n\n\n\n(8.1\n)\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (2)\n\n\n(2.6\n)\n\n\n—\n\n\n\n3.7\n\n\n\n—\n\n\n\nTransaction related expenses (1)\n\n\n20.9\n\n\n\n—\n\n\n\n20.9\n\n\n\n—\n\n\n\nRestructuring costs (1)\n\n\n33.7\n\n\n\n3.5\n\n\n\n59.5\n\n\n\n6.4\n\n\n\nEl Dorado refinery fire losses\n\n\n—\n\n\n\n8.0\n\n\n\n—\n\n\n\n8.0\n\n\n\nProperty settlement\n\n\n—\n\n\n\n—\n\n\n\n(53.4\n)\n\n\n—\n\n\n\nGain on sale of Retail Stores (1)\n\n\n(98.4\n)\n\n\n—\n\n\n\n(98.4\n)\n\n\n—\n\n\n\nNet income attributable to non-controlling interest\n\n\n9.3\n\n\n\n7.4\n\n\n\n27.8\n\n\n\n22.1\n\n\n\nTotal Adjusting items\n\n\n(19.1\n)\n\n\n11.3\n\n\n\n(20.9\n)\n\n\n157.6\n\n\n\nAdjusted EBITDA\n\n$\n70.6\n\n\n$\n345.1\n\n\n$\n336.8\n\n\n$\n889.1\n\n\n\n\n\n\n\n(1)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(2)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of (Loss) Income From Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n$ in millions (unaudited)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nReported loss (income) from continuing operations, net of tax\n\n$\n(134.8\n)\n\n$\n125.6\n\n\n$\n(197.0\n)\n\n$\n182.9\n\n\n\nAdd:\n\n\n\n\n\n\n\n\n\n\nInterest expense, net\n\n\n78.8\n\n\n\n82.4\n\n\n\n244.1\n\n\n\n239.1\n\n\n\nIncome tax expense (benefit)\n\n\n(40.3\n)\n\n\n29.1\n\n\n\n(56.7\n)\n\n\n38.3\n\n\n\nDepreciation and amortization\n\n\n98.1\n\n\n\n87.7\n\n\n\n278.2\n\n\n\n255.2\n\n\n\nEBITDA attributable to Delek US\n\n\n1.8\n\n\n\n324.8\n\n\n\n268.6\n\n\n\n715.5\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n0.2\n\n\n\n3.4\n\n\n\n(10.5\n)\n\n\n(6.2\n)\n\n\nOther inventory impact (1)\n\n\n25.8\n\n\n\n(28.2\n)\n\n\n39.0\n\n\n\n145.4\n\n\n\nBusiness interruption insurance and settlement recoveries\n\n\n—\n\n\n\n(0.2\n)\n\n\n(10.6\n)\n\n\n(10.0\n)\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.0\n)\n\n\n17.4\n\n\n\n1.1\n\n\n\n(8.1\n)\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (2)\n\n\n(2.6\n)\n\n\n—\n\n\n\n3.7\n\n\n\n—\n\n\n\nTransaction related expenses (1)\n\n\n11.5\n\n\n\n—\n\n\n\n11.5\n\n\n\n—\n\n\n\nRestructuring costs (1)\n\n\n33.7\n\n\n\n3.5\n\n\n\n59.5\n\n\n\n6.4\n\n\n\nEl Dorado refinery fire losses\n\n\n—\n\n\n\n8.0\n\n\n\n—\n\n\n\n8.0\n\n\n\nProperty settlement\n\n\n—\n\n\n\n—\n\n\n\n(53.4\n)\n\n\n—\n\n\n\nTotal Adjusting items\n\n\n60.6\n\n\n\n3.9\n\n\n\n40.3\n\n\n\n135.5\n\n\n\nAdjusted EBITDA from continuing operations\n\n$\n62.4\n\n\n$\n328.7\n\n\n$\n308.9\n\n\n$\n851.0\n\n\n\n\n\n\n\n(1)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(2)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Income From Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n$ in millions (unaudited)\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nReported income from discontinued operations, net of tax\n\n$\n67.3\n\n\n$\n10.5\n\n\n$\n78.2\n\n\n$\n23.9\n\n\n\nAdd:\n\n\n\n\n\n\n\n\n\n\nInterest expense (income), net\n\n\n—\n\n\n\n(0.1\n)\n\n\n0.1\n\n\n\n0.1\n\n\n\nIncome tax expense\n\n\n28.1\n\n\n\n2.4\n\n\n\n29.6\n\n\n\n5.2\n\n\n\nDepreciation and amortization\n\n\n1.8\n\n\n\n3.6\n\n\n\n9.0\n\n\n\n8.9\n\n\n\nEBITDA attributable to discontinued operations\n\n\n97.2\n\n\n\n16.4\n\n\n\n116.9\n\n\n\n38.1\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nTransaction costs (1)\n\n\n9.4\n\n\n\n—\n\n\n\n9.4\n\n\n\n—\n\n\n\nGain on sale of Retail Stores (1)\n\n\n(98.4\n)\n\n\n—\n\n\n\n(98.4\n)\n\n\n—\n\n\n\nTotal Adjusting items\n\n\n(89.0\n)\n\n\n—\n\n\n\n(89.0\n)\n\n\n—\n\n\n\nAdjusted EBITDA from discontinued operations\n\n$\n8.2\n\n\n$\n16.4\n\n\n$\n27.9\n\n\n$\n38.1\n\n\n\n\n\n\n\n(1)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA\n\n\n\n\nThree Months Ended September 30, 2024\n\n\n$ in millions (unaudited)\n\nRefining\n\nLogistics\n\nCorporate,Other andEliminations\n\nConsolidated\n\n\nSegment EBITDA Attributable to Delek US\n\n$\n12.8\n\n\n$\n68.6\n\n\n$\n(79.6\n)\n\n$\n1.8\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n0.2\n\n\n\n—\n\n\n\n—\n\n\n\n0.2\n\n\n\nOther inventory impact (1)\n\n\n25.8\n\n\n\n—\n\n\n\n—\n\n\n\n25.8\n\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.0\n)\n\n\n—\n\n\n\n—\n\n\n\n(8.0\n)\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (2)\n\n\n(2.6\n)\n\n\n—\n\n\n\n—\n\n\n\n(2.6\n)\n\n\nTransaction related expenses (1)\n\n\n—\n\n\n\n8.6\n\n\n\n2.9\n\n\n\n11.5\n\n\n\nRestructuring costs (1)\n\n\n14.1\n\n\n\n—\n\n\n\n19.6\n\n\n\n33.7\n\n\n\nIntercompany lease impacts (1)\n\n\n(32.1\n)\n\n\n28.9\n\n\n\n3.2\n\n\n\n—\n\n\n\nTotal Adjusting items\n\n\n(2.6\n)\n\n\n37.5\n\n\n\n25.7\n\n\n\n60.6\n\n\n\nAdjusted Segment EBITDA\n\n$\n10.2\n\n\n$\n106.1\n\n\n$\n(53.9\n)\n\n$\n62.4\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2023\n\n\n$ in millions (unaudited)\n\nRefining (3)\n\nLogistics\n\nCorporate,Other and Eliminations (3)\n\nConsolidated\n\n\nSegment EBITDA Attributable to Delek US\n\n$\n295.7\n\n\n$\n96.5\n\n\n$\n(67.4\n)\n\n$\n324.8\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n3.4\n\n\n\n—\n\n\n\n—\n\n\n\n3.4\n\n\n\nOther inventory impact (1)\n\n\n(28.2\n)\n\n\n—\n\n\n\n—\n\n\n\n(28.2\n)\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n17.4\n\n\n\n—\n\n\n\n—\n\n\n\n17.4\n\n\n\nRestructuring costs\n\n\n—\n\n\n\n—\n\n\n\n3.5\n\n\n\n3.5\n\n\n\nBusiness interruption insurance recoveries\n\n\n(0.2\n)\n\n\n—\n\n\n\n—\n\n\n\n(0.2\n)\n\n\nEl Dorado refinery fire losses\n\n\n8.0\n\n\n\n—\n\n\n\n—\n\n\n\n8.0\n\n\n\nTotal Adjusting items\n\n\n0.4\n\n\n\n—\n\n\n\n3.5\n\n\n\n3.9\n\n\n\nAdjusted Segment EBITDA\n\n$\n296.1\n\n\n$\n96.5\n\n\n$\n(63.9\n)\n\n$\n328.7\n\n\n\n\n\n\n\nReconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA\n\n\n\n\nNine Months Ended September 30, 2024\n\n\n$ in millions (unaudited)\n\nRefining (3)\n\nLogistics\n\nCorporate,Other andEliminations (3)\n\nConsolidated\n\n\nSegment EBITDA Attributable to Delek US\n\n$\n135.2\n\n\n$\n268.9\n\n\n$\n(135.5\n)\n\n$\n268.6\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n(10.5\n)\n\n\n—\n\n\n\n—\n\n\n\n(10.5\n)\n\n\nOther inventory impact (1)\n\n\n39.0\n\n\n\n—\n\n\n\n—\n\n\n\n39.0\n\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n1.1\n\n\n\n—\n\n\n\n—\n\n\n\n1.1\n\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (2)\n\n\n3.7\n\n\n\n—\n\n\n\n—\n\n\n\n3.7\n\n\n\nRestructuring costs (1)\n\n\n36.6\n\n\n\n—\n\n\n\n22.9\n\n\n\n59.5\n\n\n\nTransaction related expenses (1)\n\n\n—\n\n\n\n8.6\n\n\n\n2.9\n\n\n\n11.5\n\n\n\nBusiness interruption settlement recoveries\n\n\n(10.6\n)\n\n\n—\n\n\n\n—\n\n\n\n(10.6\n)\n\n\nProperty settlement\n\n\n—\n\n\n\n—\n\n\n\n(53.4\n)\n\n\n(53.4\n)\n\n\nIntercompany lease impacts (1)\n\n\n(32.1\n)\n\n\n28.9\n\n\n\n3.2\n\n\n\n—\n\n\n\nTotal Adjusting items\n\n\n27.2\n\n\n\n37.5\n\n\n\n(24.4\n)\n\n\n40.3\n\n\n\nAdjusted Segment EBITDA\n\n$\n162.4\n\n\n$\n306.4\n\n\n$\n(159.9\n)\n\n$\n308.9\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2023\n\n\n$ in millions (unaudited)\n\nRefining (3)\n\nLogistics\n\nCorporate,Otherand Eliminations (3)\n\nConsolidated\n\n\nSegment EBITDA Attributable to Delek US\n\n$\n613.0\n\n\n$\n278.8\n\n\n$\n(176.3\n)\n\n$\n715.5\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation (benefit) loss\n\n\n(6.2\n)\n\n\n—\n\n\n\n—\n\n\n\n(6.2\n)\n\n\nOther inventory impact (1)\n\n\n145.4\n\n\n\n—\n\n\n\n—\n\n\n\n145.4\n\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.1\n)\n\n\n—\n\n\n\n—\n\n\n\n(8.1\n)\n\n\nRestructuring costs\n\n\n—\n\n\n\n—\n\n\n\n6.4\n\n\n\n6.4\n\n\n\nBusiness interruption insurance recoveries\n\n\n(10.0\n)\n\n\n—\n\n\n\n—\n\n\n\n(10.0\n)\n\n\nEl Dorado refinery fire losses\n\n\n8.0\n\n\n\n—\n\n\n\n—\n\n\n\n8.0\n\n\n\nTotal Adjusting items\n\n\n129.1\n\n\n\n—\n\n\n\n6.4\n\n\n\n135.5\n\n\n\nAdjusted Segment EBITDA\n\n$\n742.1\n\n\n$\n278.8\n\n\n$\n(169.9\n)\n\n$\n851.0\n\n\n\n\n\n\n\n(1)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(2)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n(3)\nDuring the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation.\n\n\n\n\n\n\n\n\n\n\n\n\n\nRefining Segment Selected Financial Information\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nTotal Refining Segment\n\n(Unaudited)\n\n(Unaudited)\n\n\nDays in period\n\n\n92\n\n\n\n92\n\n\n\n274\n\n\n\n273\n\n\n\nTotal sales volume - refined product (average barrels per day (\"bpd\")) (1)\n\n\n309,175\n\n\n\n307,626\n\n\n\n312,075\n\n\n\n295,141\n\n\n\nTotal production (average bpd)\n\n\n303,882\n\n\n\n303,399\n\n\n\n302,858\n\n\n\n287,375\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrude oil\n\n\n295,350\n\n\n\n294,726\n\n\n\n291,042\n\n\n\n275,310\n\n\n\nOther feedstocks\n\n\n12,245\n\n\n\n11,222\n\n\n\n15,727\n\n\n\n14,815\n\n\n\nTotal throughput (average bpd)\n\n\n307,595\n\n\n\n305,948\n\n\n\n306,769\n\n\n\n290,125\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal refining production margin per bbl total throughput\n\n$\n4.88\n\n\n$\n16.01\n\n\n$\n8.09\n\n\n$\n13.86\n\n\n\nTotal refining operating expenses per bbl total throughput\n\n$\n5.12\n\n\n$\n5.47\n\n\n$\n5.34\n\n\n$\n5.50\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal refining production margin ($ in millions)\n\n$\n138.1\n\n\n$\n450.5\n\n\n$\n680.3\n\n\n$\n1,097.7\n\n\n\nSupply, marketing and other ($ millions) (2)\n\n\n10.7\n\n\n\n(1.2\n)\n\n\n(88.4\n)\n\n\n95.0\n\n\n\nTotal adjusted refining margin ($ in millions)\n\n$\n148.8\n\n\n$\n449.3\n\n\n$\n591.9\n\n\n$\n1,192.7\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal crude slate details\n\n\n\n\n\n\n\n\n\n\nTotal crude slate: (% based on amount received in period)\n\n\n\n\n\n\n\n\n\n\nWTI crude oil\n\n\n69.4\n%\n\n\n73.4\n%\n\n\n70.9\n%\n\n\n73.3\n%\n\n\nGulf Coast Sweet crude\n\n\n8.8\n%\n\n\n3.3\n%\n\n\n7.5\n%\n\n\n4.0\n%\n\n\nLocal Arkansas crude oil\n\n\n3.2\n%\n\n\n4.0\n%\n\n\n3.3\n%\n\n\n4.1\n%\n\n\nOther\n\n\n18.6\n%\n\n\n19.3\n%\n\n\n18.3\n%\n\n\n18.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrude utilization (% based on nameplate capacity) (4)\n\n\n97.8\n%\n\n\n97.6\n%\n\n\n96.4\n%\n\n\n91.2\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nTyler, TX Refinery\n\n\n\n\n\n\n\n\n\n\nDays in period\n\n\n92\n\n\n\n92\n\n\n\n274\n\n\n\n273\n\n\n\nProducts manufactured (average bpd):\n\n\n\n\n\n\n\n\n\n\nGasoline\n\n\n35,962\n\n\n\n35,615\n\n\n\n36,620\n\n\n\n30,750\n\n\n\nDiesel/Jet\n\n\n33,647\n\n\n\n34,620\n\n\n\n32,490\n\n\n\n26,976\n\n\n\nPetrochemicals, LPG, NGLs\n\n\n3,429\n\n\n\n3,429\n\n\n\n2,432\n\n\n\n2,409\n\n\n\nOther\n\n\n93\n\n\n\n1,959\n\n\n\n991\n\n\n\n1,856\n\n\n\nTotal production\n\n\n73,131\n\n\n\n75,623\n\n\n\n72,533\n\n\n\n61,991\n\n\n\nThroughput (average bpd):\n\n\n\n\n\n\n\n\n\n\nCrude oil\n\n\n73,385\n\n\n\n74,877\n\n\n\n71,671\n\n\n\n59,379\n\n\n\nOther feedstocks\n\n\n1,613\n\n\n\n1,118\n\n\n\n2,641\n\n\n\n3,243\n\n\n\nTotal throughput\n\n\n74,998\n\n\n\n75,995\n\n\n\n74,312\n\n\n\n62,622\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTyler refining production margin ($ in millions)\n\n$\n51.6\n\n\n$\n165.4\n\n\n$\n224.6\n\n\n$\n329.7\n\n\n\nPer barrel of throughput:\n\n\n\n\n\n\n\n\n\n\nTyler refining production margin\n\n$\n7.48\n\n\n$\n23.66\n\n\n$\n11.03\n\n\n$\n19.29\n\n\n\nOperating expenses\n\n$\n4.61\n\n\n$\n4.74\n\n\n$\n4.90\n\n\n$\n5.06\n\n\n\nCrude Slate: (% based on amount received in period)\n\n\n\n\n\n\n\n\n\n\nWTI crude oil\n\n\n79.2\n%\n\n\n76.8\n%\n\n\n80.6\n%\n\n\n78.1\n%\n\n\nEast Texas crude oil\n\n\n19.6\n%\n\n\n23.2\n%\n\n\n19.0\n%\n\n\n21.9\n%\n\n\nOther\n\n\n1.2\n%\n\n\n—\n%\n\n\n0.4\n%\n\n\n—\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapture rate (3)\n\n\n47.8\n%\n\n\n73.0\n%\n\n\n58.4\n%\n\n\n64.0\n%\n\n\nEl Dorado, AR Refinery\n\n\n\n\n\n\n\n\n\n\nDays in period\n\n\n92\n\n\n\n92\n\n\n\n274\n\n\n\n273\n\n\n\nProducts manufactured (average bpd):\n\n\n\n\n\n\n\n\n\n\nGasoline\n\n\n34,887\n\n\n\n39,361\n\n\n\n38,350\n\n\n\n37,213\n\n\n\nDiesel\n\n\n29,854\n\n\n\n31,927\n\n\n\n30,587\n\n\n\n29,211\n\n\n\nPetrochemicals, LPG, NGLs\n\n\n1,317\n\n\n\n1,875\n\n\n\n1,301\n\n\n\n1,564\n\n\n\nAsphalt\n\n\n9,046\n\n\n\n7,893\n\n\n\n8,849\n\n\n\n7,418\n\n\n\nOther\n\n\n993\n\n\n\n1,168\n\n\n\n1,291\n\n\n\n1,034\n\n\n\nTotal production\n\n\n76,097\n\n\n\n82,224\n\n\n\n80,378\n\n\n\n76,440\n\n\n\nThroughput (average bpd):\n\n\n\n\n\n\n\n\n\n\nCrude oil\n\n\n75,344\n\n\n\n81,671\n\n\n\n79,597\n\n\n\n75,286\n\n\n\nOther feedstocks\n\n\n2,674\n\n\n\n2,611\n\n\n\n2,500\n\n\n\n3,053\n\n\n\nTotal throughput\n\n\n78,018\n\n\n\n84,282\n\n\n\n82,097\n\n\n\n78,339\n\n\n\n\n\n\n\nRefining Segment Selected Financial Information (continued)\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nEl Dorado refining production margin ($ in millions)\n\n$\n4.7\n\n\n$\n97.5\n\n\n$\n97.0\n\n\n$\n231.0\n\n\n\nPer barrel of throughput:\n\n\n\n\n\n\n\n\n\n\nEl Dorado refining production margin\n\n$\n0.66\n\n\n$\n12.57\n\n\n$\n4.31\n\n\n$\n10.80\n\n\n\nOperating expenses\n\n$\n5.01\n\n\n$\n4.36\n\n\n$\n4.61\n\n\n$\n4.60\n\n\n\nCrude Slate: (% based on amount received in period)\n\n\n\n\n\n\n\n\n\n\nWTI crude oil\n\n\n68.3\n%\n\n\n71.9\n%\n\n\n67.0\n%\n\n\n67.6\n%\n\n\nLocal Arkansas crude oil\n\n\n12.4\n%\n\n\n13.4\n%\n\n\n11.9\n%\n\n\n14.8\n%\n\n\nOther\n\n\n19.3\n%\n\n\n14.7\n%\n\n\n21.1\n%\n\n\n17.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapture rate (3)\n\n\n4.2\n%\n\n\n38.8\n%\n\n\n22.8\n%\n\n\n35.8\n%\n\n\nBig Spring, TX Refinery\n\n\n\n\n\n\n\n\n\n\nDays in period\n\n\n92\n\n\n\n92\n\n\n\n274\n\n\n\n273\n\n\n\nProducts manufactured (average bpd):\n\n\n\n\n\n\n\n\n\n\nGasoline\n\n\n34,510\n\n\n\n29,274\n\n\n\n32,925\n\n\n\n33,755\n\n\n\nDiesel/Jet\n\n\n26,303\n\n\n\n23,607\n\n\n\n25,282\n\n\n\n23,333\n\n\n\nPetrochemicals, LPG, NGLs\n\n\n5,160\n\n\n\n3,723\n\n\n\n4,630\n\n\n\n3,299\n\n\n\nAsphalt\n\n\n3,176\n\n\n\n2,220\n\n\n\n2,703\n\n\n\n1,833\n\n\n\nOther\n\n\n3,290\n\n\n\n5,272\n\n\n\n4,290\n\n\n\n3,283\n\n\n\nTotal production\n\n\n72,439\n\n\n\n64,096\n\n\n\n69,830\n\n\n\n65,503\n\n\n\nThroughput (average bpd):\n\n\n\n\n\n\n\n\n\n\nCrude oil\n\n\n68,746\n\n\n\n61,046\n\n\n\n65,856\n\n\n\n62,733\n\n\n\nOther feedstocks\n\n\n3,817\n\n\n\n3,865\n\n\n\n4,638\n\n\n\n3,834\n\n\n\nTotal throughput\n\n\n72,563\n\n\n\n64,911\n\n\n\n70,494\n\n\n\n66,567\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBig Spring refining production margin ($ in millions)\n\n$\n45.6\n\n\n$\n95.1\n\n\n$\n181.6\n\n\n$\n280.3\n\n\n\nPer barrel of throughput:\n\n\n\n\n\n\n\n\n\n\nBig Spring refining production margin\n\n$\n6.82\n\n\n$\n15.92\n\n\n$\n9.40\n\n\n$\n15.43\n\n\n\nOperating expenses\n\n$\n6.08\n\n\n$\n8.37\n\n\n$\n6.78\n\n\n$\n7.61\n\n\n\nCrude Slate: (% based on amount received in period)\n\n\n\n\n\n\n\n\n\n\nWTI crude oil\n\n\n68.9\n%\n\n\n64.3\n%\n\n\n70.5\n%\n\n\n68.8\n%\n\n\nWTS crude oil\n\n\n31.1\n%\n\n\n35.7\n%\n\n\n29.5\n%\n\n\n31.2\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapture rate (3)\n\n\n44.7\n%\n\n\n50.9\n%\n\n\n51.5\n%\n\n\n52.6\n%\n\n\nKrotz Springs, LA Refinery\n\n\n\n\n\n\n\n\n\n\nDays in period\n\n\n92\n\n\n\n92\n\n\n\n274\n\n\n\n273\n\n\n\nProducts manufactured (average bpd):\n\n\n\n\n\n\n\n\n\n\nGasoline\n\n\n40,842\n\n\n\n38,361\n\n\n\n39,557\n\n\n\n40,454\n\n\n\nDiesel/Jet\n\n\n32,879\n\n\n\n30,653\n\n\n\n31,203\n\n\n\n31,794\n\n\n\nHeavy oils\n\n\n1,559\n\n\n\n5,461\n\n\n\n1,773\n\n\n\n4,239\n\n\n\nPetrochemicals, LPG, NGLs\n\n\n6,332\n\n\n\n6,079\n\n\n\n5,665\n\n\n\n6,510\n\n\n\nOther\n\n\n602\n\n\n\n902\n\n\n\n1,919\n\n\n\n446\n\n\n\nTotal production\n\n\n82,214\n\n\n\n81,456\n\n\n\n80,117\n\n\n\n83,443\n\n\n\nThroughput (average bpd):\n\n\n\n\n\n\n\n\n\n\nCrude oil\n\n\n77,875\n\n\n\n77,132\n\n\n\n73,918\n\n\n\n77,912\n\n\n\nOther feedstocks\n\n\n4,141\n\n\n\n3,628\n\n\n\n5,948\n\n\n\n4,686\n\n\n\nTotal throughput\n\n\n82,016\n\n\n\n80,760\n\n\n\n79,866\n\n\n\n82,598\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKrotz Springs refining production margin ($ in millions)\n\n$\n36.2\n\n\n$\n92.5\n\n\n$\n177.1\n\n\n$\n256.6\n\n\n\nPer barrel of throughput:\n\n\n\n\n\n\n\n\n\n\nKrotz Springs refining production margin\n\n$\n4.80\n\n\n$\n12.45\n\n\n$\n8.09\n\n\n$\n11.38\n\n\n\nOperating expenses\n\n$\n4.82\n\n\n$\n5.00\n\n\n$\n5.22\n\n\n$\n5.00\n\n\n\nCrude Slate: (% based on amount received in period)\n\n\n\n\n\n\n\n\n\n\nWTI Crude\n\n\n61.6\n%\n\n\n79.8\n%\n\n\n66.1\n%\n\n\n79.0\n%\n\n\nGulf Coast Sweet Crude\n\n\n32.8\n%\n\n\n11.2\n%\n\n\n28.6\n%\n\n\n13.5\n%\n\n\nOther\n\n\n5.6\n%\n\n\n9.0\n%\n\n\n5.3\n%\n\n\n7.5\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCapture rate (3)\n\n\n42.0\n%\n\n\n63.9\n%\n\n\n55.3\n%\n\n\n68.4\n%\n\n\n\n\n\n\n(1)\nIncludes sales to other segments which are eliminated in consolidation.\n\n\n(2)\nSupply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.\n\n\n(3)\nDefined as refining production margin divided by the respective crack spread. See page 19 for crack spread information.\n\n\n(4)\nCrude throughput as % of total nameplate capacity of 302,000 bpd.\n\n\n\n\n\n\n\n\n\n\n\n\n\nLogistics Segment Selected Information\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n(Unaudited)\n\n(Unaudited)\n\n\nGathering & Processing: (average bpd)\n\n\n\n\n\n\n\n\n\n\nLion Pipeline System:\n\n\n\n\n\n\n\n\n\n\nCrude pipelines (non-gathered)\n\n\n68,430\n\n\n\n70,153\n\n\n\n71,576\n\n\n\n64,835\n\n\n\nRefined products pipelines\n\n\n55,283\n\n\n\n63,991\n\n\n\n59,681\n\n\n\n54,686\n\n\n\nSALA Gathering System\n\n\n13,886\n\n\n\n14,774\n\n\n\n12,113\n\n\n\n13,935\n\n\n\nEast Texas Crude Logistics System\n\n\n35,891\n\n\n\n36,298\n\n\n\n26,319\n\n\n\n29,928\n\n\n\nMidland Gathering Assets\n\n\n185,179\n\n\n\n248,443\n\n\n\n201,796\n\n\n\n230,907\n\n\n\nPlains Connection System\n\n\n188,421\n\n\n\n250,550\n\n\n\n218,323\n\n\n\n248,763\n\n\n\nDelaware Gathering Assets:\n\n\n\n\n\n\n\n\n\n\nNatural gas gathering and processing (Mcfd) (1)\n\n\n75,719\n\n\n\n69,737\n\n\n\n76,092\n\n\n\n72,569\n\n\n\nCrude oil gathering (average bpd)\n\n\n125,123\n\n\n\n111,973\n\n\n\n124,190\n\n\n\n110,935\n\n\n\nWater disposal and recycling (average bpd)\n\n\n123,856\n\n\n\n99,158\n\n\n\n120,360\n\n\n\n104,920\n\n\n\nMidland Water Gathering System: (2)\n\n\n\n\n\n\n\n\n\n\nWater disposal and recycling (average bpd)\n\n\n100,335\n\n\n\n—\n\n\n\n100,335\n\n\n\n—\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWholesale Marketing & Terminalling:\n\n\n\n\n\n\n\n\n\n\nEast Texas - Tyler Refinery sales volumes (average bpd) (3)\n\n\n70,172\n\n\n\n69,178\n\n\n\n69,246\n\n\n\n57,894\n\n\n\nBig Spring wholesale marketing throughputs (average bpd)\n\n\n22,700\n\n\n\n81,617\n\n\n\n60,109\n\n\n\n78,399\n\n\n\nWest Texas wholesale marketing throughputs (average bpd)\n\n\n6,552\n\n\n\n10,692\n\n\n\n5,276\n\n\n\n9,871\n\n\n\nWest Texas wholesale marketing margin per barrel\n\n$\n3.38\n\n\n$\n9.64\n\n\n$\n2.85\n\n\n$\n8.76\n\n\n\nTerminalling throughputs (average bpd) (4)\n\n\n160,849\n\n\n\n121,430\n\n\n\n152,272\n\n\n\n116,455\n\n\n\n\n\n\n\n(1)\nMcfd - average thousand cubic feet per day.\n\n\n(2)\n2024 volumes include volumes from September 11, 2024 through September 30, 2024.\n\n\n(3)\nExcludes jet fuel and petroleum coke.\n\n\n(4)\nConsists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.\n\n\n\n\n\n\n\n\n\n\n\n\n\nSupplemental Information\n\n\n\nSchedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP\n\n\n\n\n\n\n\nSelected Segment Financial Data\n\nThree Months Ended September 30, 2024\n\n\n$ in millions (unaudited)\n\nRefining\n\nLogistics\n\nCorporate,Other andEliminations\n\nConsolidated\n\n\nNet revenues (excluding intercompany fees and revenues)\n\n$\n2,852.6\n\n\n$\n99.2\n\n\n$\n—\n\n\n$\n2,951.8\n\n\n\nInter-segment fees and revenues (1)\n\n\n175.2\n\n\n\n114.9\n\n\n\n(199.5\n)\n\n\n90.6\n\n\n\nTotal revenues\n\n$\n3,027.8\n\n\n$\n214.1\n\n\n$\n(199.5\n)\n\n$\n3,042.4\n\n\n\nCost of sales\n\n\n3,083.3\n\n\n\n168.3\n\n\n\n(189.0\n)\n\n\n3,062.6\n\n\n\nGross margin\n\n$\n(55.5\n)\n\n$\n45.8\n\n\n$\n(10.5\n)\n\n$\n(20.2\n)\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2023\n\n\n$ in millions (unaudited)\n\nRefining\n\nLogistics\n\nCorporate,Other andEliminations\n\nConsolidated\n\n\nNet revenues (excluding intercompany fees and revenues)\n\n$\n4,392.4\n\n\n$\n119.5\n\n\n$\n—\n\n\n$\n4,511.9\n\n\n\nInter-segment fees and revenues (1)\n\n\n232.1\n\n\n\n156.4\n\n\n\n(271.6\n)\n\n\n116.9\n\n\n\nTotal revenues\n\n$\n4,624.5\n\n\n$\n275.9\n\n\n$\n(271.6\n)\n\n$\n4,628.8\n\n\n\nCost of sales\n\n\n4,394.4\n\n\n\n206.5\n\n\n\n(250.1\n)\n\n\n4,350.8\n\n\n\nGross margin\n\n$\n230.1\n\n\n$\n69.4\n\n\n$\n(21.5\n)\n\n$\n278.0\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2024\n\n\n$ in millions (unaudited)\n\nRefining\n\nLogistics\n\nCorporate,Other andEliminations\n\nConsolidated\n\n\nNet revenues (excluding intercompany fees and revenues)\n\n$\n8,872.1\n\n\n$\n319.4\n\n\n$\n—\n\n\n$\n9,191.5\n\n\n\nInter-segment fees and revenues (1)\n\n\n571.2\n\n\n\n411.4\n\n\n\n(695.6\n)\n\n\n287.0\n\n\n\nTotal revenues\n\n$\n9,443.3\n\n\n$\n730.8\n\n\n$\n(695.6\n)\n\n$\n9,478.5\n\n\n\nCost of sales\n\n\n9,506.8\n\n\n\n539.1\n\n\n\n(658.9\n)\n\n\n9,387.0\n\n\n\nGross margin\n\n$\n(63.5\n)\n\n$\n191.7\n\n\n$\n(36.7\n)\n\n$\n91.5\n\n\n\n\n\n\n\n\n\nNine Months Ended September 30, 2023\n\n\n$ in millions (unaudited)\n\nRefining\n\nLogistics\n\nCorporate,Otherand Eliminations\n\nConsolidated\n\n\nNet revenues (excluding intercompany fees and revenues)\n\n$\n11,842.2\n\n\n$\n351.9\n\n\n$\n—\n\n\n$\n12,194.1\n\n\n\nInter-segment fees and revenues (1)\n\n\n629.3\n\n\n\n414.4\n\n\n\n(712.7\n)\n\n\n331.0\n\n\n\nTotal revenues\n\n$\n12,471.5\n\n\n$\n766.3\n\n\n$\n(712.7\n)\n\n$\n12,525.1\n\n\n\nCost of sales\n\n\n12,045.8\n\n\n\n555.6\n\n\n\n(669.9\n)\n\n\n11,931.5\n\n\n\nGross margin\n\n$\n425.7\n\n\n$\n210.7\n\n\n$\n(42.8\n)\n\n$\n593.6\n\n\n\n\n\n\n\n(1)\nIntercompany fees and sales for the refining segment include revenues of $90.6 million and $287.0 million during the three and nine months ended September 30, 2024, respectively, and $116.9 million and $331.0 million during the three and nine months ended September 30, 2023, respectively, to the Retail Stores, the operations of which are reported in discontinued operations.\n\n\n\n\n\n\n\n\n\n\n\n\n\nPricing Statistics\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n(average for the period presented)\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\nWTI — Cushing crude oil (per barrel)\n\n$\n75.28\n\n\n$\n82.51\n\n\n$\n77.72\n\n\n$\n77.37\n\n\n\nWTI — Midland crude oil (per barrel)\n\n$\n75.96\n\n\n$\n83.85\n\n\n$\n78.75\n\n\n$\n78.63\n\n\n\nWTS — Midland crude oil (per barrel)\n\n$\n75.25\n\n\n$\n83.01\n\n\n$\n77.91\n\n\n$\n77.34\n\n\n\nLLS (per barrel)\n\n$\n77.28\n\n\n$\n84.88\n\n\n$\n80.23\n\n\n$\n79.82\n\n\n\nBrent (per barrel)\n\n$\n78.71\n\n\n$\n85.92\n\n\n$\n81.81\n\n\n$\n81.96\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nU.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)\n\n$\n15.64\n\n\n$\n32.39\n\n\n$\n18.89\n\n\n$\n30.15\n\n\n\nU.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)\n\n$\n15.27\n\n\n$\n31.30\n\n\n$\n18.26\n\n\n$\n29.30\n\n\n\nU.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)\n\n$\n11.42\n\n\n$\n19.48\n\n\n$\n14.63\n\n\n$\n16.64\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nU.S. Gulf Coast Unleaded Gasoline (per gallon)\n\n$\n2.11\n\n\n$\n2.58\n\n\n$\n2.21\n\n\n$\n2.44\n\n\n\nGulf Coast Ultra-low sulfur diesel (per gallon)\n\n$\n2.24\n\n\n$\n2.97\n\n\n$\n2.43\n\n\n$\n2.74\n\n\n\nU.S. Gulf Coast high sulfur diesel (per gallon)\n\n$\n2.08\n\n\n$\n2.04\n\n\n$\n1.97\n\n\n$\n1.80\n\n\n\nNatural gas (per MMBTU)\n\n$\n2.23\n\n\n$\n2.66\n\n\n$\n2.23\n\n\n$\n2.57\n\n\n\n\n\n\n\n(1)\nFor our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and U.S. Gulf Coast Pipeline No. 2 heating oil (ultra-low sulfur diesel). For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For 2023, for our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and 50% of (Argus pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel) and 50% of (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). For 2024, for our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther Reconciliations of Amounts Reported Under U.S. GAAP\n\n\n$ in millions (unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\nReconciliation of gross margin to Refining margin to Adjusted refining margin\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nGross margin\n\n$\n(55.5\n)\n\n$\n230.1\n\n\n$\n(63.5\n)\n\n$\n425.7\n\n\n\nAdd back (items included in cost of sales):\n\n\n\n\n\n\n\n\n\n\nOperating expenses (excluding depreciation and amortization)\n\n\n145.0\n\n\n\n166.5\n\n\n\n459.4\n\n\n\n459.4\n\n\n\nDepreciation and amortization\n\n\n76.0\n\n\n\n60.1\n\n\n\n194.8\n\n\n\n176.5\n\n\n\nRefining margin\n\n$\n165.5\n\n\n$\n456.7\n\n\n$\n590.7\n\n\n$\n1,061.6\n\n\n\nAdjusting items\n\n\n\n\n\n\n\n\n\n\nNet inventory LCM valuation loss (benefit)\n\n\n0.2\n\n\n\n3.4\n\n\n\n(10.5\n)\n\n\n(6.2\n)\n\n\nOther inventory impact (1)\n\n\n25.8\n\n\n\n(28.2\n)\n\n\n39.0\n\n\n\n145.4\n\n\n\nUnrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements\n\n\n(8.0\n)\n\n\n17.4\n\n\n\n1.1\n\n\n\n(8.1\n)\n\n\nUnrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements (2)\n\n\n(2.6\n)\n\n\n—\n\n\n\n3.7\n\n\n\n—\n\n\n\nIntercompany lease impacts (1)\n\n\n(32.1\n)\n\n\n—\n\n\n\n(32.1\n)\n\n\n—\n\n\n\nTotal adjusting items\n\n\n(16.7\n)\n\n\n(7.4\n)\n\n\n1.2\n\n\n\n131.1\n\n\n\nAdjusted refining margin\n\n$\n148.8\n\n\n$\n449.3\n\n\n$\n591.9\n\n\n$\n1,192.7\n\n\n\n\n\n\n\n(1)\nSee further discussion in the \"Significant Transactions During the Quarter Impacting Results\" section.\n\n\n(2)\nStarting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.\n\n\n\n\n\n\n\n\n\n\n\n\n\nCalculation of Net (Cash) Debt\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nLong-term debt - current portion\n\n$\n9.5\n\n\n$\n44.5\n\n\n\nLong-term debt - non-current portion\n\n\n2,779.9\n\n\n\n2,555.3\n\n\n\nTotal long-term debt\n\n\n2,789.4\n\n\n\n2,599.8\n\n\n\nLess: Cash and cash equivalents\n\n\n1,037.6\n\n\n\n821.8\n\n\n\nNet debt - consolidated\n\n\n1,751.8\n\n\n\n1,778.0\n\n\n\nLess: DKL net debt\n\n\n1,887.0\n\n\n\n1,700.0\n\n\n\nNet (cash) debt, excluding DKL\n\n$\n(135.2\n)\n\n$\n78.0\n\n\n\n\n\n\n\n\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241106197750/en/\nContacts\nInvestor/Media Relations Contacts:investor.relations@delekus.com\nInformation about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), news webpage (www.delekus.com/news) and its X account (@DelekUSHoldings).","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481055608"}