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Delek US Holdings Reports Second Quarter 2023 Results and Raises Quarterly Dividend

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Delek US Holdings, Inc. (NYSE: DK) Announces Q2 2023 Financial Results
Positive
  • Increased adjusted net income and EBITDA compared to the previous year
  • Improved cost efficiency and savings across the business
  • Increased quarterly dividend to $0.235 per share
  • Returned $95 million to shareholders in dividends and share buybacks
Negative
  • None.
  • Net loss of $8.3 million or $0.13 per share
  • Adjusted net income of $65.2 million or $1.00 per share
  • Adjusted EBITDA of $259.4 million
  • Paid $15.0 million in dividends during the quarter
  • Repurchased $40 million of shares during the quarter; $25 million subsequent to quarter end
  • Increased quarterly dividend to $0.235 per share in August

BRENTWOOD, Tenn., Aug. 7, 2023 /PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) ("Delek US", "Company") today announced financial results for its second quarter ended June 30, 2023.

"We are pleased with our results this quarter," said Avigal Soreq, President and Chief Executive Officer of Delek US. "Our refining segment had strong contributions driven from our wholesale and asphalt businesses supported by local market demand.  In logistics, we benefited from our Permian position and forecast the growth in this area to continue. We ran well throughout most of our system and continue our efforts to improve the safety and reliability of our assets."

"During the quarter, we improved the efficiency of our cost structure and delivered savings across our business. We remain focused on unlocking value from our business and continue our efforts to realize it.

"We again delivered on our commitment to return value to shareholders. In August, the board of directors increased the quarterly dividend for the fourth consecutive quarter to $0.235 per share. We target a dividend that is competitive and sustainable, recognize there is value in a strong balance sheet, and appreciate a share buyback program that provides flexibility to capital allocation. To reward shareholders, to date, we have returned $95 million in the form of dividends and share buybacks," Mr. Soreq concluded.

Delek US Holdings Results



Three Months Ended June 30,


Six Months Ended June 30,

($ in millions, except per share data)


2023


2022


2023


2022

Net (loss) income attributable to Delek


$                        (8.3)


$                     361.8


$                       56.0


$                     368.4

Diluted (loss) income per share


$                      (0.13)


$                       5.05


$                       0.84


$                       5.07

 Adjusted net income


$                       65.2


$                     271.4


$                     157.9


$                     246.7

 Adjusted net income per share


$                       1.00


$                       3.80


$                       2.36


$                       3.40

 Adjusted EBITDA


$                     259.4


$                     462.2


$                     544.0


$                     546.0

Refining Segment

The refining segment Adjusted EBITDA was $201.1 million in the second quarter 2023 compared with $463.1 million in the same quarter last year, which reflects other inventory impacts of $96.5 million and $(55.0) million for second quarter 2023 and 2022, respectively. The decrease over 2022 is primarily due to lower refining crack spreads. During the second quarter 2023, Delek US's benchmark crack spreads were down an average of 49.2% from prior-year levels.

Logistics Segment

The logistics segment Adjusted EBITDA in the second quarter 2023 was $90.9 million compared with $69.0 million in the prior year quarter. The increase over last year's second quarter was driven by strong contributions from the Midland Gathering system and the acquisition of 3 Bear Delaware Holding - NM, LLC ("3 Bear") on June 1, 2022 (Delaware Gathering).

1|

Retail Segment

For the second quarter 2023, Adjusted EBITDA for the retail segment was $15.0 million compared with $12.5 million in the prior-year period. The increase was primarily driven by higher fuel volume, increased average fuel margins and increased inside store sales.

Corporate and Other Activity

Adjusted EBITDA from Corporate, Other and Eliminations was a loss of $(47.6) million in the second quarter 2023 compared with a loss of $(82.4) million in the prior-year period.  The lower losses are driven by general and administrative costs, primarily related to employee benefit expenses.

Shareholder Distributions

On August 4, 2023, the Board of Directors approved the regular quarterly dividend of $0.235 per share that will be paid on August 21, 2023 to shareholders of record on August 14, 2023.

Liquidity

As of June 30, 2023, Delek US had a cash balance of $821.6 million and total consolidated long-term debt of $2,810.9 million, resulting in net debt of $1,989.3 million. As of June 30, 2023, Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") had $7.7 million of cash and $1,744.3 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $813.9 million in cash and $1,066.6 million of long-term debt, or a $252.7 million net debt position.

Second Quarter 2023 Results | Conference Call Information

Delek US will hold a conference call to discuss its second quarter 2023 results on Monday, August 7, 2023 at 10:00 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.

Investors may also wish to listen to Delek Logistics' (NYSE: DKL) second quarter 2023 earnings conference call that will be held on Monday, August 7, 2023 at 11:30 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.

About Delek US Holdings, Inc.

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, renewable fuels and convenience store retailing. 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. The convenience store retail segment operates approximately 247 convenience stores in West Texas and New Mexico.

The 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 78.7% (including the general partner interest) of Delek Logistics Partners, LP at June 30, 2023.

Safe Harbor Provisions Regarding Forward-Looking Statements

This 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; investments into our business; 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.

2 |

Investors 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; 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; the ability of the joint venture to construct the Wink to Webster long haul crude oil pipeline; 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.

Forward-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.

3 |

Non-GAAP Disclosures:

Our 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:

  • Adjusting 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;
  • Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
  • Adjusted 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;
  • Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation and amortization;
  • Adjusted 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;
  • Refining 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;
  • Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit) and unrealized hedging (gain) loss;
  • Refining 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;
  • Refining 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
  • Net 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.

We 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.

Non-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, and Adjusted Refining Segment 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.

4 |

Delek US Holdings, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

($ in millions, except share and per share data)



June 30, 2023


December 31, 2022

ASSETS





Current assets:





Cash and cash equivalents


$                       821.6


$                       841.3

Accounts receivable, net


1,003.5


1,234.4

Inventories, net of inventory valuation reserves


1,276.4


1,518.5

Other current assets


94.6


122.7

Total current assets


3,196.1


3,716.9

Property, plant and equipment:





Property, plant and equipment


4,577.2


4,349.0

Less: accumulated depreciation


(1,708.0)


(1,572.6)

Property, plant and equipment, net


2,869.2


2,776.4

Operating lease right-of-use assets


169.5


179.5

Goodwill


744.3


744.3

Other intangibles, net


305.1


315.6

Equity method investments


363.7


359.7

Other non-current assets


121.6


100.4

Total assets


$                    7,769.5


$                    8,192.8






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable


$                    1,990.1


$                    1,745.6

Current portion of long-term debt


49.5


74.5

Current portion of obligation under Inventory Intermediation Agreement



49.9

Current portion of operating lease liabilities


50.2


49.6

Accrued expenses and other current liabilities


824.8


1,166.8

Total current liabilities


2,914.6


3,086.4

Non-current liabilities:





Long-term debt, net of current portion


2,761.4


2,979.2

Obligation under Inventory Intermediation Agreement


453.4


491.8

Environmental liabilities, net of current portion


111.6


111.5

Asset retirement obligations


42.5


41.8

Deferred tax liabilities


280.7


266.5

Operating lease liabilities, net of current portion


113.4


122.4

Other non-current liabilities


29.0


23.7

Total non-current liabilities


3,792.0


4,036.9

Stockholders' equity:





Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and
outstanding



Common stock, $0.01 par value, 110,000,000 shares authorized, 83,150,295 shares and
84,509,517 shares issued at June 30, 2023 and December 31, 2022, respectively


0.8


0.9

Additional paid-in capital


1,121.8


1,134.1

Accumulated other comprehensive loss


(5.3)


(5.2)

Treasury stock, 17,575,527 shares, at cost, at June 30, 2023 and December 31, 2022,
respectively


(694.1)


(694.1)

Retained earnings


518.1


507.9

Non-controlling interests in subsidiaries


121.6


125.9

Total stockholders' equity


1,062.9


1,069.5

Total liabilities and stockholders' equity


$                    7,769.5


$                    8,192.8

 

5 |

Delek US Holdings, Inc.

Condensed Consolidated Statements of Income (Unaudited)

($ in millions, except share and per share data)


Three Months Ended June 30,


Six Months Ended June 30,



2023


2022 (1)


2023


2022 (1)

Net revenues


$              4,195.6


$              5,982.6


$              8,119.9


$            10,441.7

Cost of sales:









Cost of materials and other


3,766.6


5,082.6


7,206.2


9,235.1

Operating expenses (excluding depreciation and amortization
presented below)


188.7


192.7


359.5


335.1

Depreciation and amortization


82.6


62.8


159.4


125.5

Total cost of sales


4,037.9


5,338.1


7,725.1


9,695.7

Operating expenses related to retail and wholesale business
(excluding depreciation and amortization presented below)


31.1


34.0


58.1


61.4

General and administrative expenses


75.8


122.3


147.3


172.5

Depreciation and amortization


6.8


5.2


13.4


10.8

Other operating income, net


(6.1)


(10.3)


(16.9)


(38.7)

Total operating costs and expenses


4,145.5


5,489.3


7,927.0


9,901.7

Operating income


50.1


493.3


192.9


540.0

Interest expense, net


80.4


43.6


156.9


82.0

Income from equity method investments


(25.5)


(15.7)


(40.1)


(26.6)

Other expense (income), net


0.5


(3.6)


(6.6)


(2.3)

Total non-operating expense, net


55.4


24.3


110.2


53.1

(Loss) income before income tax (benefit) expense


(5.3)


469.0


82.7


486.9

Income tax (benefit) expense


(3.8)


100.4


12.0


103.5

Net (loss) income


(1.5)


368.6


70.7


383.4

Net income attributed to non-controlling interests


6.8


6.8


14.7


15.0

Net (loss) income attributable to Delek


$                  (8.3)


$                361.8


$                  56.0


$                368.4

Basic (loss) income per share


$                 (0.13)


$                  5.11


$                  0.84


$                  5.12

Diluted (loss) income per share


$                 (0.13)


$                  5.05


$                  0.84


$                  5.07

Weighted average common shares outstanding:









Basic


65,773,609


70,805,458


66,359,537


72,014,151

Diluted


65,773,609


71,679,954


66,835,322


72,675,313



(1)

In the first quarter 2023, we reassessed the classification of certain expenses and made certain reclassification adjustments to better represent the nature of those expenses. Accordingly, we have made reclassifications to the prior period in order to conform to this revised current period classification, which resulted in a decrease in the prior period general and administrative expenses and an increase in the prior period operating expenses of approximately $4.2 million and $7.1 million for the three and six months ended June 30, 2022.

 

Condensed Cash Flow Data (Unaudited)

($ in millions)


Three Months Ended June 30,


Six Months Ended June 30,



2023


2022


2023


2022

Cash flows from operating activities:









Net cash provided by operating activities


$                  95.1


$                559.1


$                490.2


$                585.9

Cash flows from investing activities:









Net cash used in investing activities


(57.8)


(690.7)


(279.9)


(720.9)

Cash flows from financing activities:









Net cash (used in) provided by financing activities


(80.7)


522.1


(230.0)


523.1

Net (decrease) increase in cash and cash equivalents


(43.4)


390.5


(19.7)


388.1

Cash and cash equivalents at the beginning of the period


865.0


854.1


841.3


856.5

Cash and cash equivalents at the end of the period


$                821.6


$              1,244.6


$                821.6


$              1,244.6

 

6 |

Significant Transactions During the Quarter Impacting Results:

Insurance Recoveries

During the second quarter 2023, we received insurance recoveries related to the fire and freeze events that occurred during the first quarter 2021, which unfavorably impacted our results during the first two quarters of 2021. For the three months ended June 30, 2023, we have recognized an additional $4.7 million ($3.6 million after-tax) of business interruption insurance recoveries, which were recorded in other operating income on the consolidated statement of income. We have additional business interruption claims that are outstanding and still pending which are expected to be recognized in future quarters. Because business interruption losses are economic in nature rather than recognized, the related insurance recoveries are included as an Adjusting item in Adjusted net income and Adjusted EBITDA.

Restructuring Costs

In 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 second quarter 2023, we recorded restructuring costs totaling $4.3 million ($3.3 million after-tax) associated with our business transformation. These costs are recorded in general and administrative expenses in our consolidated statements of income and are reported in our Corporate segment.

Other Inventory Impact

"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 and per barrel cost of materials and other for the period recognized on a FIFO basis. 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.

7 |

Reconciliation of Net Income (Loss) Attributable to Delek to Adjusted Net Income (Loss)








Three Months Ended June 30,


Six Months Ended June 30,

$ in millions (unaudited)


2023


2022


2023


2022



(Unaudited)



Reported net income (loss) attributable to Delek


$             (8.3)


$           361.8


$            56.0


$           368.4

 Adjusting items (1)









Inventory LCM valuation (benefit) loss


(7.9)


7.3


(9.6)


(1.2)

Tax effect


1.8


(1.7)


2.2


0.3

Inventory LCM valuation (benefit) loss, net


(6.1)


5.6


(7.4)


(0.9)

Other inventory impact


96.5


(55.0)


173.6


(142.0)

Tax effect


(21.8)


12.8


(39.1)


33.6

Other inventory impact, net (2)


74.7


(42.2)


134.5


(108.4)

Business interruption insurance recoveries


(4.7)


(8.6)


(9.8)


(18.6)

Tax effect


1.1


1.9


2.2


4.2

Business interruption insurance recoveries, net (2)


(3.6)


(6.7)


(7.6)


(14.4)

Unrealized inventory/commodity hedging (gain) loss where the hedged
item is not yet recognized in the financial statements (3)


6.7


(68.3)


(25.5)


(3.8)

Tax effect


(1.5)


16.5


5.7


0.9

Unrealized hedging (gain) loss where the hedged item is not yet recognized
in the financial statements, net


5.2


(51.8)


(19.8)


(2.9)

Transaction related expenses



6.2



6.4

Tax effect



(1.5)



(1.5)

Transaction related expenses, net



4.7



4.9

Restructuring costs


4.3



2.9


Tax effect


(1.0)



(0.7)


Restructuring costs, net (2)


3.3



2.2


 Total adjusting items (1)


73.5


(90.4)


101.9


(121.7)

 Adjusted net income


$            65.2


$           271.4


$           157.9


$           246.7



(1)

All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.

(2)

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

(3)

Starting with the quarter ended March 31, 2023, we no longer adjust non-GAAP financial measures for unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. Historical non-GAAP financial measures have been revised to conform to current period presentation.

 

Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share:












Three Months Ended June 30,


Six Months Ended June 30,

$ per share (unaudited)


2023


2022


2023


2022



(Unaudited)



Reported diluted income per share


$              (0.13)


$                  5.05


$               0.84


$                  5.07

Adjusting items, after tax (per share) (1) (2)









Net inventory LCM valuation (benefit) loss


(0.09)


0.08


(0.11)


(0.01)

Other inventory impact (3)


1.14


(0.59)


2.01


(1.49)

Business interruption insurance recoveries (3)


(0.05)


(0.09)


(0.11)


(0.20)

Total unrealized hedging (gain) loss where the hedged item is
not yet recognized in the financial statements (4)


0.08


(0.72)


(0.30)


(0.04)

Transaction related expenses



0.07



0.07

Restructuring costs (3)


0.05



0.03


 Total adjusting items (1)


1.13


(1.25)


1.52


(1.67)

 Adjusted net income per share


$               1.00


$                  3.80


$               2.36


$                  3.40

 

8 |



(1)

The adjustments have been tax effected using the estimated marginal tax rate, as applicable.

(2)

For periods of Adjusted net loss, Adjustments (Adjusting Items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.

(3)

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

(4)

Starting with the quarter ended March 31, 2023, we no longer adjust non-GAAP financial measures for unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. Historical non-GAAP financial measures have been revised to conform to current period presentation.

 

9 |

Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA



Three Months Ended June 30,


Six Months Ended June 30,

$ in millions (unaudited)


2023


2022


2023


2022

Reported net (loss) income attributable to Delek


$                  (8.3)


$                361.8


$                  56.0


$                368.4

Add:









Interest expense, net


80.4


43.6


156.9


82.0

Income tax expense (benefit)


(3.8)


100.4


12.0


103.5

Depreciation and amortization


89.4


68.0


172.8


136.3

EBITDA attributable to Delek


157.7


573.8


397.7


690.2

Adjusting items









Net inventory LCM valuation (benefit) loss


(7.9)


7.3


(9.6)


(1.2)

Other inventory impact (1)


96.5


(55.0)


173.6


(142.0)

Business Interruption insurance recoveries (1)


(4.7)


(8.6)


(9.8)


(18.6)

Unrealized inventory/commodity hedging (gain) loss where the
hedged item is not yet recognized in the financial statements (2)


6.7


(68.3)


(25.5)


(3.8)

Transaction related expenses



6.2



6.4

Restructuring costs (1)


4.3



2.9


Net income attributable to non-controlling interest


6.8


6.8


14.7


15.0

     Total Adjusting items


101.7


(111.6)


146.3


(144.2)

 Adjusted EBITDA


$                259.4


$                462.2


$                544.0


$                546.0



(1)

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

(2)

Starting with the quarter ended March 31, 2023, we no longer adjust non-GAAP financial measures for unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. Historical non-GAAP financial measures have been revised to conform to current period presentation.

 

10 |

Reconciliation of Segment EBITDA Attributable to Delek to Adjusted Segment EBITDA:



Three Months Ended June 30, 2023

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,
Other and
Eliminations


Consolidated

Segment EBITDA Attributable to Delek


$            110.5


$              90.9


$              15.0


$            (58.7)


$            157.7

Adjusting items











Net inventory LCM valuation (benefit) loss


(7.9)





(7.9)

Other inventory impact (1)


96.5





96.5

Unrealized inventory/commodity hedging (gain) loss
where the hedged item is not yet recognized in the
financial statements (2)


6.7





6.7

Restructuring costs (1)





4.3


4.3

Business Interruption insurance recoveries (1)


(4.7)





(4.7)

Net income attributable to non-controlling interest





6.8


6.8

     Total Adjusting items


90.6




11.1


101.7

Adjusted Segment EBITDA


$            201.1


$              90.9


$              15.0


$            (47.6)


$            259.4






Three Months Ended June 30, 2022

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,
Other and
Eliminations


Consolidated

Segment EBITDA Attributable to Delek


$            587.9


$             62.6


$             12.5


$            (89.2)


$              573.8

Adjusting items











Net inventory LCM valuation (benefit) loss


7.3





7.3

Other inventory impact (1)


(55.0)





(55.0)

Unrealized inventory/commodity hedging (gain) loss
where the hedged item is not yet recognized in the
financial statements (2)


(68.5)


0.2




(68.3)

Transaction related expenses



6.2




6.2

Business Interruption insurance recoveries


(8.6)





(8.6)

Net income attributable to non-controlling interest





6.8


6.8

     Total Adjusting items


(124.8)


6.4



6.8


(111.6)

Adjusted Segment EBITDA


$            463.1


$             69.0


$             12.5


$            (82.4)


$              462.2

 

11 |

Reconciliation of Segment EBITDA Attributable to Delek to Adjusted Segment EBITDA



Six Months Ended June 30, 2023

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,
Other and
Eliminations


Consolidated

Segment EBITDA Attributable to Delek


$            302.6


$            182.3


$             21.4


$          (108.6)


$              397.7

Adjusting items











Net inventory LCM valuation (benefit) loss


(9.6)





(9.6)

Other inventory impact (1)


173.6





173.6

Unrealized inventory/commodity hedging (gain) loss
where the hedged item is not yet recognized in the
financial statements (2)


(25.5)





(25.5)

Restructuring costs





2.9


2.9

Business Interruption insurance recoveries


(9.8)





(9.8)

Net income attributable to non-controlling interest





14.7


14.7

     Total Adjusting items


128.7




17.6


146.3

Adjusted Segment EBITDA


$            431.3


$            182.3


$             21.4


$            (91.0)


$              544.0

























Six Months Ended June 30, 2022

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,
Other and
Eliminations


Consolidated

Segment EBITDA Attributable to Delek


$            667.9


$            126.8


$             22.8


$          (127.3)


$              690.2

Adjusting items











Net inventory LCM valuation (benefit) loss


(1.2)





(1.2)

Other inventory impact (1)


(142.0)





(142.0)

Unrealized inventory/commodity hedging (gain) loss
where the hedged item is not yet recognized in the
financial statements (2)


(3.8)





(3.8)

Transaction related expenses



6.4




6.4

Business Interruption insurance recoveries


(18.6)





(18.6)

Net income attributable to non-controlling interest





15.0


15.0

     Total Adjusting items


(165.6)


6.4



15.0


(144.2)

Adjusted Segment EBITDA


$            502.3


$            133.2


$             22.8


$          (112.3)


$              546.0



(1)

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

(2)

Starting with the quarter ended March 31, 2023, we no longer adjust non-GAAP financial measures for unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. Historical non-GAAP financial measures have been revised to conform to current period presentation.

 

12 |

Refining Segment Selected Financial Information


Three Months Ended June 30,


Six Months Ended June 30,


2023


2022


2023


2022

Total Refining Segment


(Unaudited)


(Unaudited)

Days in period


91


91


181


181

Total sales volume - refined product (average barrels per day ("bpd")) (1)


305,688


305,300


288,795


304,587

Total production (average bpd)


291,715


295,457


279,230


290,784










Crude oil


282,493


294,702


265,441


283,491

Other feedstocks


12,988


2,602


16,642


8,703

Total throughput (average bpd):


295,481


297,304


282,083


292,194










Total refining production margin per bbl total throughput


$               9.29


$             28.98


$             12.68


$             20.06

Total refining operating expenses per bbl total throughput


$               5.43


$               6.19


$               5.51


$               5.45










Total refining production margin ($ in millions)


$             249.9


$             784.1


$             647.2


$           1,060.7

Trading & supply and other ($ millions) (2)


114.6


(121.9)


96.2


(227.2)

Total adjusted refining margin ($ in millions)


$             364.5


$             662.2


$             743.4


$             833.5










Total crude slate details









Total crude slate: (% based on amount received in period)









WTI crude oil


75.9 %


62.2 %


73.2 %


62.4 %

Gulf Coast Sweet Crude


4.0 %


10.8 %


4.3 %


10.1 %

Local Arkansas crude oil


3.9 %


4.3 %


4.2 %


4.4 %

Other


16.2 %


22.7 %


18.3 %


23.1 %










Crude utilization (% based on nameplate capacity)(5)


93.5 %


97.6 %


87.9 %


93.9 %










Tyler, TX Refinery









Days in period


91


91


181


181

Products manufactured (average bpd):









Gasoline


37,672


32,645


28,276


34,924

Diesel/Jet


33,029


30,271


23,091


29,644

Petrochemicals, LPG, NGLs


3,031


1,983


1,890


2,116

Other


1,829


1,824


1,803


1,748

Total production


75,561


66,723


55,060


68,432

Throughput (average bpd):









   Crude oil


72,955


66,681


51,501


66,559

Other feedstocks


3,955


552


4,323


2,128

Total throughput


76,910


67,233


55,824


68,687










Tyler refining production margin ($ in millions)


$               97.1


$             211.2


$             164.3


$             290.3

Per barrel of throughput:









Tyler refining production margin


$             13.87


$             34.51


$             16.26


$             23.35

Operating expenses (3)


$               3.78


$               6.20


$               5.29


$               5.40

Crude Slate: (% based on amount received in period)









WTI crude oil


86.5 %


83.8 %


78.7 %


85.4 %

East Texas crude oil


13.5 %


16.2 %


21.3 %


14.6 %










Capture Rate (4)


54.3 %


78.4 %


56.0 %


69.2 %

El Dorado, AR Refinery









Days in period


91


91


181


181

Products manufactured (average bpd):









Gasoline


34,220


39,347


36,121


38,118

Diesel


27,948


32,855


27,830


31,027

Petrochemicals, LPG, NGLs


1,521


1,549


1,406


1,285

Asphalt


6,641


8,181


7,177


7,655

Other


1,185


805


967


795

Total production


71,515


82,737


73,501


78,880

Throughput (average bpd):









Crude oil


71,449


81,510


72,040


76,827

Other feedstocks


2,011


2,221


3,278


3,079

Total throughput


73,460


83,731


75,318


79,906






 

13 |

Refining Segment Selected Financial Information
(continued)


Three Months Ended June 30,


Six Months Ended June 30,


2023


2022


2023


2022

El Dorado refining production margin ($ in millions)


$              40.5


$             195.8


$             133.5


$             244.8

Per barrel of throughput:









El Dorado refining production margin


$              6.06


$             25.70


$               9.79


$             16.93

Operating expenses (3)


$              5.00


$               5.07


$               4.73


$               4.63

Crude Slate: (% based on amount received in period)









WTI crude oil


68.4 %


53.1 %


65.2 %


43.2 %

Local Arkansas crude oil


16.6 %


15.6 %


15.6 %


16.4 %

Other


15.0 %


31.3 %


19.2 %


40.4 %










Capture Rate (4)


23.7 %


58.4 %


33.7 %


50.1 %

Big Spring, TX Refinery









Days in period


91


91


181


181

Products manufactured (average bpd):









Gasoline


33,582


34,918


36,032


33,912

Diesel/Jet


20,774


27,043


23,194


24,877

Petrochemicals, LPG, NGLs


3,034


3,537


3,083


3,436

Asphalt


1,630


1,406


1,636


1,642

Other


1,907


1,410


2,272


1,345

Total production


60,927


68,314


66,217


65,212

Throughput (average bpd):









Crude oil


59,240


70,662


63,590


65,675

Other feedstocks


3,020


(1,093)


3,818


315

Total throughput


62,260


69,569


67,408


65,990










Big Spring refining production margin ($ in millions)


$              65.5


$             182.4


$             185.3


$             253.5

Per barrel of throughput:









Big Spring refining production margin


$             11.55


$             28.82


$             15.18


$             21.23

Operating expenses (3)


$              8.91


$               7.58


$               7.24


$               6.86

Crude Slate: (% based on amount received in period)









WTI crude oil


66.7 %


68.2 %


71.0 %


67.5 %

WTS crude oil


33.3 %


31.8 %


29.0 %


32.5 %










Capture Rate (4)


45.5 %


67.9 %


53.6 %


65.2 %

Krotz Springs, LA Refinery









Days in period


91


91


181


181

Products manufactured (average bpd):









Gasoline


41,191


31,298


41,517


31,979

Diesel/Jet


31,968


32,419


32,373


31,711

Heavy oils


3,725


845


3,618


1,690

Petrochemicals, LPG, NGLs


6,588


7,152


6,730


7,040

Other


240


5,970


214


5,840

Total production


83,712


77,684


84,452


78,260

Throughput (average bpd):









Crude oil


78,848


75,849


78,309


74,430

Other feedstocks


4,002


922


5,224


3,181

Total throughput


82,850


76,771


83,533


77,611










Krotz Springs refining production margin ($ in millions)


$              46.8


$             194.7


$             164.1


$             272.1

Per barrel of throughput:









Krotz Springs refining production margin


$              6.21


$             27.87


$             10.85


$             19.37

Operating expenses (3)


$              4.74


$               6.14


$               4.97


$               5.12

Crude Slate: (% based on amount received in period)









WTI Crude


77.4 %


49.4 %


78.5 %


56.6 %

Gulf Coast Sweet Crude


15.0 %


40.6 %


14.7 %


38.2 %

Other


7.6 %


10.0 %


6.8 %


5.2 %










Capture Rate (4)


54.9 %


76.9 %


71.3 %


72.5 %



(1)

Includes sales to other segments which are eliminated in consolidation.

(2)

Trading and supply activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory and the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations.

 

14 |

(3)

Reflects the prior period conforming reclassification adjustment between operating expenses and general and administrative expenses.

(4)

Defined as refining production margin divided by the respective crack spread.  See page 17 for crack spread information.

(5)

Crude throughput as % of total nameplate capacity of 302,000 bpd.

 

Logistics Segment Selected Information


Three Months Ended June 30,


Six Months Ended June 30,



2023


2022


2023


2022



(Unaudited)


(Unaudited)

Gathering & Processing: (average bpd)









Lion Pipeline System:









Crude pipelines (non-gathered)


61,260


84,699


62,131


78,818

Refined products pipelines


44,966


64,821


49,957


62,186

SALA Gathering System


13,041


17,961


13,509


17,064

East Texas Crude Logistics System


30,666


19,942


26,690


18,010

Midland Gathering Assets (1)


221,876


101,236


221,993


100,783

Plains Connection System


255,035


154,086


247,856


158,025

Delaware Gathering Assets: (2)









Natural Gas Gathering and Processing (Mcfd) (3)


73,309


51,292


74,008


51,292

Crude Oil Gathering (average bpd)


117,017


78,011


110,408


78,011

Water Disposal and Recycling (average bpd)


127,195


57,625


107,848


57,625










Wholesale Marketing & Terminalling:









East Texas - Tyler Refinery sales volumes (average bpd) (4)


69,310


63,502


52,158


67,021

Big Spring wholesale marketing throughputs (average bpd)


75,164


78,634


76,763


77,100

West Texas wholesale marketing throughputs (average bpd)


9,985


10,073


9,454


9,994

West Texas wholesale marketing margin per barrel


$                3.23


$                 2.67


$                 2.89


$                 2.85

Terminalling throughputs (average bpd) (5)


134,323


130,002


113,926


136,808



(1)

Formerly known as the Permian Gathering System. Excludes volumes that are being temporarily transported via trucks while connectors are under construction.

(2)

Formally known as 3 Bear,  which was acquired June 1, 2022.

(3)

Mcfd - average thousand cubic feet per day.

(4)

Excludes jet fuel and petroleum coke.

(5)

Consists 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.

 

Retail Segment Selected Information


Three Months Ended June 30,


Six Months Ended June 30,



2023


2022


2023


2022



(Unaudited)


(Unaudited)

Number of stores (end of period)


247


248


247


248

Average number of stores


247


248


247


248

Average number of fuel stores


242


243


242


243

Retail fuel sales (thousands of gallons)


45,687


44,911


85,651


84,416

Average retail gallons sold per average number of fuel stores (in thousands)


189


185


354


348

Average retail sales price per gallon sold


$              3.25


$             4.31


$              3.26


$              3.95

Retail fuel margin ($ per gallon) (1)


$              0.34


$             0.33


$              0.31


$              0.32

Merchandise sales (in millions)


$              84.3


$             83.4


$            158.2


$            153.1

Merchandise sales per average number of stores (in millions)


$                0.3


$               0.3


$                0.6


$                0.6

Merchandise margin %


33.9 %


34.0 %


33.5 %


34.3 %








Three Months Ended June 30,


Six Months Ended June 30,



2023


2022


2023


2022

Same-Store Comparison (2)


(Unaudited)


(Unaudited)










Change in same-store fuel gallons sold


(1.5) %


5.8 %


(1.6) %


3.4 %

Change in same-store merchandise sales


0.1 %


0.1 %


2.4 %


(2.4) %

 

15 |



(1)

Retail fuel margin represents gross margin on fuel sales in the retail segment, and is calculated as retail fuel sales revenue less retail fuel cost of sales. The retail fuel margin per gallon calculation is derived by dividing retail fuel margin by the total retail fuel gallons sold for the period.

(2)

Same-store comparisons include period-over-period changes in specified metrics for stores that were in service at both the beginning of the earliest period and the end of the most recent period used in the comparison.

 

Supplemental Information







Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our
Refining Segment Selected Financial Information and Other Reconciliation of
Amounts Reported Under U.S. GAAP














Selected Segment
Financial Data


Three Months Ended June 30, 2023

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,
Other and
Eliminations


Consolidated

Net revenues (excluding
   intercompany fees and revenues)


$                   3,849.0


$              113.9


$               232.7


$                             —


$              4,195.6

Inter-segment fees and revenues


203.5


133.0



(336.5)


Total revenues


$                   4,052.5


$              246.9


$               232.7


$                       (336.5)


$              4,195.6

Cost of sales


3,996.9


179.0


188.5


(326.5)


4,037.9

Gross margin


$                        55.6


$               67.9


$                 44.2


$                         (10.0)


$                 157.7














Three Months Ended June 30, 2022

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,

Other and
Eliminations


Consolidated

Net revenues (excluding
   intercompany fees and revenues)


$                   5,562.6


$              142.4


$               277.1


$                            0.5


$             5,982.6

Inter-segment fees and revenues


312.3


124.3



(436.6)


Total revenues


$                   5,874.9


$              266.7


$               277.1


$                       (436.1)


$             5,982.6

Cost of sales


5,315.8


209.6


233.8


(421.1)


5,338.1

Gross margin


$                      559.1


$               57.1


$                 43.3


$                         (15.0)


$                644.5














Six Months Ended June 30, 2023

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,

Other and
Eliminations


Consolidated

Net revenues (excluding
   intercompany fees and revenues)


$                   7,449.8


$              232.4


$               437.7


$                             —


$              8,119.9

Inter-segment fees and revenues


397.2


258.0



(655.2)


Total revenues


$                   7,847.0


$              490.4


$               437.7


$                       (655.2)


$              8,119.9

Cost of sales


7,651.4


349.1


358.5


(633.9)


7,725.1

Gross margin


$                      195.6


$              141.3


$                 79.2


$                         (21.3)


$                   394.8






Six Months Ended June 30, 2022

$ in millions (unaudited)


Refining


Logistics


Retail


Corporate,

Other and
Eliminations


Consolidated

Net revenues (excluding
   intercompany fees and revenues)


$                   9,729.1


$              225.2


$               486.6


$                            0.8


$            10,441.7

Inter-segment fees and revenues


538.1


248.1



(786.2)


Total revenues


$                 10,267.2


$              473.3


$               486.6


$                       (785.4)


$            10,441.7

Cost of sales


9,681.5


363.2


406.8


(755.8)


9,695.7

Gross margin


$                      585.7


$              110.1


$                 79.8


$                         (29.6)


$                      746.0

 

16 |

Pricing Statistics


Three Months Ended June 30,


Six Months Ended June 30,

(average for the period presented)


2023


2022


2023


2022










WTI — Cushing crude oil (per barrel)


$                73.57


$              108.74


$                74.78


$              102.02

WTI — Midland crude oil (per barrel)


$                73.56


$              108.50


$                74.77


$              101.81

WTS — Midland crude oil (per barrel)


$                73.55


$              109.06


$                74.48


$              101.92

LLS (per barrel)


$                75.67


$              110.25


$                77.27


$              103.92

Brent (per barrel)


$                77.74


$              111.84


$                79.94


$              104.93










U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)


$                25.54


$                44.03


$                29.04


$                33.77

U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)


$                25.42


$                42.44


$                28.32


$                32.56

U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)


$                11.32


$                36.23


$                15.23


$                26.71










U.S. Gulf Coast Unleaded Gasoline (per gallon)


$                  2.34


$                  3.40


$                  2.37


$                  3.05

Gulf Coast Ultra low sulfur diesel (per gallon)


$                  2.38


$                  3.98


$                  2.62


$                  3.50

U.S. Gulf Coast high sulfur diesel (per gallon)


$                  1.45


$                  3.39


$                  1.68


$                  3.04

Natural gas (per MMBTU)


$                  2.33


$                  7.50


$                  2.53


$                  6.05



(1)

For 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. Starting in Q1 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). Historical Gulf Coast 2-1-1 crack spread measures have been revised to conform to current period presentation. 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.

 

17 |

Other Reconciliation of Amounts Reported Under U.S. GAAP

$ in millions (unaudited)











Three Months Ended June 30,


Six Months Ended June 30,

Reconciliation of gross margin to Refining margin to Adjusted
refining margin


2023


2022


2023


2022

Gross margin


$                 55.6


$               559.1


$                195.6


$               585.7

Add back (items included in cost of sales):









Operating expenses (excluding depreciation and amortization)


153.8


169.4


292.9


292.1

Depreciation and amortization


59.8


49.9


116.4


102.7

Refining margin


$               269.2


$               778.4


$                604.9


$               980.5

Adjusting items









Net inventory LCM valuation loss (benefit)


(7.9)


7.3


(9.6)


(1.2)

Other inventory impact


96.5


(55.0)


173.6


(142.0)

Total unrealized hedging (gain) loss where the hedged item is not
yet recognized in the financial statements


6.7


(68.5)


(25.5)


(3.8)

 Total adjusting items


95.3


(116.2)


138.5


(147.0)

Adjusted refining margin


$               364.5


$               662.2


$                743.4


$               833.5

 

Calculation of Net Debt


June 30, 2023


December 31, 2022

Long-term debt - current portion


$                       49.5


$                        74.5

Long-term debt - non-current portion


2,761.4


2,979.2

Total long-term debt


2,810.9


3,053.7

Less: Cash and cash equivalents


821.6


841.3

Net debt - consolidated


1,989.3


2,212.4

Less: DKL net debt


1,736.6


1,653.6

Net debt, excluding DKL


$                      252.7


$                      558.8

 

Information 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 Twitter account (@DelekUSHoldings).

18 |

Delek US Logo (PRNewsfoto/Delek US Holdings, Inc.)

 

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SOURCE Delek US Holdings, Inc.

FAQ

What are Delek US Holdings, Inc.'s Q2 2023 financial results?

Delek US Holdings, Inc. reported a net loss of $8.3 million or $0.13 per share, but adjusted net income was $65.2 million or $1.00 per share, with adjusted EBITDA of $259.4 million.

How did Delek US Holdings, Inc. perform in Q2 2023 compared to the previous year?

Delek US Holdings, Inc. showed an improvement in adjusted net income, adjusted EBITDA, and shareholder distributions compared to the previous year.

What was the impact of market trends on Delek US Holdings, Inc.'s Q2 2023 results?

The refining segment's adjusted EBITDA decreased due to lower refining crack spreads, while the logistics and retail segments saw increases in adjusted EBITDA.

What were Delek US Holdings, Inc.'s shareholder distributions in Q2 2023?

Delek US Holdings, Inc. increased the quarterly dividend to $0.235 per share and returned $95 million to shareholders through dividends and share buybacks.

Delek US Holdings, Inc.

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