Delek US Holdings Inc. published the transcript of its fourth-quarter 2025 earnings call. Company attendees included President, CEO and Director Avigal Soreq; Executive VP and CFO Mark Hobbs; Executive VP, Deputy CFO and Chief Accounting Officer Robert Wright; and Senior Vice President of Strategy and Growth Mohit Bhardwaj. Analysts on the call included representatives from Goldman Sachs, Wolfe Research, TD Cowen, Piper Sandler and Scotiabank. Management highlighted a “transformational year” in 2025, citing improved free cash flow, progress on “sum-of-the-parts” initiatives to increase economic separation between Delek US and Delek Logistics Partners, and a strong fourth quarter. Excluding small refinery exemption items, Delek reported fourth-quarter adjusted EBITDA of about $226 million and adjusted EPS of $0.44, while total adjusted EBITDA was about $375 million. A key focus was the company’s Enterprise Optimization Plan, with Soreq saying the company is “once again raising our enterprise optimization plan target to at least $200 million on an annual run rate basis,” and adding, “It’s not just projects. It’s a lifestyle.” The company also discussed monetization of prior-year RINs tied to SREs and a restructuring that reduced inventory intermediation agreement borrowings. Hobbs said the company monetized “a vast majority of the RINs” from 2023 and 2024, “raising approximately $360 million during the fourth quarter,” and used proceeds to pay down about $380 million under the program, actions expected to cut annual interest expense “by at least $40 million.” Delek Logistics Partners’ performance and outlook were also emphasized, with management noting 2025 adjusted EBITDA of approximately $536 million and 2026 guidance of $520 million to $560 million, alongside expectations that third-party EBITDA will exceed 80 percent on a pro forma basis in 2026. Operationally, the company said its only planned 2026 refinery turnaround will be at Big Spring in first-quarter 2026, intended to enhance reliability and flexibility; Soreq described it as “a cycle turnaround” focused on “operational reliability, the crude slate and the product mix.” The full transcript can be accessed through the link below.
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