Delek US Holdings, Inc. reports news on its downstream energy operations, including petroleum refining, logistics, pipelines, and renewable fuels. Company updates commonly cover refining performance at facilities in Texas, Arkansas, and Louisiana, quarterly results, dividends, credit and capital-allocation actions, and leadership changes tied to refining operations.
News also includes developments at Delek Logistics Partners, LP, the midstream master limited partnership in which Delek US owns the general partner interest and a majority limited partner interest. Those updates address gathering, pipelines, transportation, storage, wholesale marketing, terminalling, water disposal, recycling, distributions, tax reporting, and Form 10-K availability.
Delek US Holdings reported a first quarter net loss of $(314.4) million, or $(4.28) per share, compared to a net income of $149.3 million in the same period last year. Adjusted EBITDA was $(29.7) million, a marked decline from $244.1 million in Q1 2019. The company plans a $75 million reduction in capital expenditures and a 10% decrease in operating expenses in response to COVID-19 impacts. Despite challenges, refining throughput for Q2 is expected at 80% utilization, benefiting from improving regional demand and contango in crude oil markets. Delek US holds $785 million in cash as of March 31, 2020.