Delek US Holdings, Inc. (DK) is a key player in the U.S. downstream energy sector, operating in refining and logistics. The company refines crude oil into essential fuels like petrol, diesel and aviation fuel while also managing the transportation and storage of these products. With strategically located refineries and a strong logistics network, DK plays an important role in keeping fuel supplies steady. However, like most energy stocks, DK has experienced volatility due to fluctuating refining margins, cr ...

A month has gone by since the last earnings report for Delek US Holdings (DK) . Shares have added about 6.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Delek US Holdings due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It ...

Delek US Holdings, Inc. (DK) reported a fourth-quarter 2024 adjusted net loss of $2.45 per share, narrower than the Zacks Consensus Estimate of a loss of $2.89, owing to lower year-over-year operating costs. The figure was wider than the year-ago quarter’s loss of $1.46 per share. The loss was due to the Refining segment's weak year-on-year contributions.Net revenues decreased 39.8% year over year to $2.4 billion.  The figure also missed the Zacks Consensus Estimate by $176 million.Find the latest EPS estim ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 18 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38142 DELEK US HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | | 35-2581557 | | --- | --- | --- | ...

For the quarter ended December 2024, Delek US Holdings (DK) reported revenue of $2.37 billion, down 41.4% over the same period last year. EPS came in at -$2.54, compared to -$1.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.55 billion, representing a surprise of -6.92%. The company delivered an EPS surprise of +12.11%, with the consensus EPS estimate being -$2.89.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Exhibit 99.2 Fourth Quarter 2024 Earnings Conference Call February 25, 2025 2 Big Spring Refinery, Big Spring, TX El Dorado Refinery, El Dorado AR Overview • EOP & SOTP efforts • Operations: Another Safe and Reliable Quarter ◦ Successfully completed KSR Turnaround in 4Q'24 ◦ Further progress towards Midstream deconsolidation ◦ Working on additional deconsolidation options ◦ Original cost reductions (ZBB) exceeding $100mm target ◦ On track to achieve upper-end of $80 - $120mm cash flow improvement through en ...

Financial Data and Key Metrics Changes - Delek Logistics reported approximately $107 million in quarterly adjusted EBITDA, an increase from $100.9 million in the same period of 2023, representing a growth of about 1.3% [6][16] - Distributable cash flow as adjusted was $69.5 million, with a DCF coverage ratio of approximately 1.2 times, expected to return to a long-term objective of 1.3 times in the second half of 2025 [16][11] - The company initiated a strong 2025 EBITDA guidance of $480 to $520 million, indicating around 20% growth over 2024 adjusted EBITDA [11][12] Business Line Data and Key Metrics Changes - In the gathering and processing segment, adjusted EBITDA for the quarter was $66 million, up from $53.3 million in Q4 2023, driven by higher throughput from Permian Basin assets [17] - Wholesale marketing and terminalling adjusted EBITDA decreased to $21.2 million from $28.4 million in the prior year, primarily due to lower wholesale margins [18] - Storage and transportation adjusted EBITDA increased slightly to $17.8 million compared to $17.5 million in Q4 2023, attributed to higher storage and transportation rates [18] - Investments in pipeline joint ventures contributed $11.3 million this quarter, up from $8.5 million in Q4 2023, mainly due to contributions from the Wink to Webster drop down [19] Market Data and Key Metrics Changes - The company emphasized its strong position in the Permian Basin and highlighted the successful acquisitions in the Midland Basin, which enhance its competitive position [9][10] - The expansion of the processing plant in the Delaware Basin is on track to complete in the first half of 2025, which is expected to further strengthen market presence [10] Company Strategy and Development Direction - Delek US Holdings is focused on becoming a premier full-service crude, natural gas, and water provider in the Permian Basin, with plans for continued growth in 2025 [7] - The company is enhancing its economic separation from Delek US Holdings, with a $150 million buyback program authorized to enhance value for unit holders [12][13] - The board approved the 48th consecutive increase in the quarterly distribution to $1.10 per unit, reflecting a commitment to value creation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the guidance provided, highlighting the company's growth trajectory and the importance of economic separation from its sponsor [27][32] - The management noted strong demand in the Delaware area and the comprehensive offering of crude, gas, and water as key factors driving future growth [44] Other Important Information - The capital program for Q4 was $49.4 million, with $42.1 million allocated to the new gas processing plant and the remainder for growth projects [20] - For 2025, the company expects to spend approximately $75 million on completing the Lindy processing plant expansion and about $160 million on growth and maintenance projects [20] Q&A Session Summary Question: EBITDA guidance and high-end drivers - Management acknowledged the conservative guidance and discussed the potential drivers for the high end of the EBITDA range, emphasizing the company's growth and economic separation efforts [25][26] Question: Buyback program execution and funding - Management indicated that the buyback program would be executed over two years, with funding likely from free cash flow, considering the cost of capital advantages [29][33] Question: Drivers of EBITDA upside potential - Management highlighted several transactions, including the Gravity and H2O deals, as well as the Lindy plant expansion, contributing to the positive EBITDA outlook [39][40] Question: Demand and utilization of key assets - Management confirmed strong demand for assets in the Delaware area and the strategic expansion in the Midland Basin, which is expected to yield positive results [42][44]

Delek US Holdings (DK) came out with a quarterly loss of $2.54 per share versus the Zacks Consensus Estimate of a loss of $2.89. This compares to loss of $1.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.11%. A quarter ago, it was expected that this refinery operator would post a loss of $1.71 per share when it actually produced a loss of $1.45, delivering a surprise of 15.20%.Over the last four quarters, the company ha ...

Financial Performance - Delek US reported a net loss of $413.8 million or $(6.55) per share for Q4 2024, with an adjusted net loss of $160.5 million or $(2.54) per share[4]. - The company reported a net loss of $402.1 million for Q4 2024, compared to a net loss of $160.1 million in Q4 2023, indicating a worsening of 151.5%[22]. - Adjusted net income attributable to Delek was $(413.8) million for Q4 2024, compared to $(164.9) million in Q4 2023, reflecting a significant increase in losses[22]. - Basic loss per share for continuing operations was $(6.53) in Q4 2024, compared to $(2.62) in Q4 2023, marking an increase of 148.5%[22]. - For the three months ended December 31, 2024, Delek US Holdings reported a net loss attributable to the company of $413.8 million, compared to a net loss of $164.9 million for the same period in 2023[28]. - Adjusted net loss for the three months ended December 31, 2024, was $160.5 million, compared to an adjusted net loss of $93.2 million in the same period of 2023[28]. - The company reported a significant goodwill impairment of $212.2 million during the quarter, impacting overall financial results[28]. - The company’s total stockholders' equity decreased to $575.2 million as of December 31, 2024, down from $959.7 million as of December 31, 2023, a decline of 40.0%[20]. Revenue and EBITDA - Net revenues for Q4 2024 were $2,373.7 million, a decrease of 39.7% compared to $3,942.1 million in Q4 2023[22]. - Adjusted EBITDA for the year ended December 31, 2024, was $313.7 million, down from $949.7 million in 2023[30]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2024, was $286.3 million, down from $902.2 million in 2023[32]. - The logistics segment achieved an EBITDA of $342.7 million for the year ended December 31, 2024, up from $363.0 million in 2023, indicating relative stability[36]. - The refining segment reported an EBITDA of $(158.0) million for the year ended December 31, 2024, a stark contrast to $560.7 million in 2023[36]. Operational Metrics - The refining segment reported an Adjusted EBITDA of $(69.6) million for Q4 2024, a decrease from $(4.4) million in the same quarter last year, primarily due to lower refining crack spreads[5]. - Total sales volume of refined products decreased to 271,333 bpd in Q4 2024 from 308,932 bpd in Q4 2023, a decline of approximately 12%[37]. - Total refining production margin fell to $3.71 per barrel in Q4 2024 compared to $6.86 per barrel in Q4 2023, representing a decrease of about 46%[37]. - Total adjusted refining margin decreased to $56.3 million in Q4 2024 from $149.9 million in Q4 2023, a decline of approximately 62%[37]. - Crude utilization based on nameplate capacity was 83.5% in Q4 2024, down from 95.0% in Q4 2023[37]. Cash Flow and Debt - Delek US had a cash balance of $735.6 million and total consolidated long-term debt of $2,765.2 million as of December 31, 2024, resulting in a net debt of $2,029.6 million[9]. - Cash flows from operating activities for continuing operations were negative $162.6 million for the three months ended December 31, 2024, compared to positive cash flow of $87.3 million in the same period of 2023[23]. - The company recorded a net decrease in cash and cash equivalents of $302.0 million for the quarter, compared to a decrease of $79.5 million in the same period of 2023[23]. - The company incurred restructuring costs of $62.8 million for the year ended December 31, 2024, reflecting ongoing operational adjustments[36]. - The total long-term debt increased to $2,765.2 million in 2024 from $2,599.8 million in 2023, representing a rise of 6.4%[46]. Asset Management - Total assets decreased to $6,665.8 million as of December 31, 2024, down from $7,171.8 million as of December 31, 2023, representing a decline of 7.1%[20]. - Total current liabilities decreased to $2,516.0 million as of December 31, 2024, from $2,685.1 million as of December 31, 2023, a reduction of 6.3%[20]. - The company’s long-term debt, net of current portion, increased to $2,755.7 million as of December 31, 2024, from $2,555.3 million as of December 31, 2023, an increase of 7.8%[20]. Strategic Initiatives - The Enterprise Optimization Plan (EOP) is expected to increase overall profitability by at least $120 million, with a $100 million cost reduction run rate achieved through zero-based budgeting[3]. - Delek US sold retail assets for proceeds of $390 million and reduced its interest in Delek Logistics from 78.7% to 63.6%[3]. - The company completed the acquisition of H2O Midstream and Gravity Water Midstream, further enhancing its third-party cash flows[3]. - The company repurchased approximately $42 million in shares during 2024[3]. - The company paid $16.1 million in dividends and announced a regular quarterly dividend of $0.255 per share[8].

Core Viewpoint - Delek US Holdings, Inc. has shown resilience in a challenging oil and gas market, achieving a slight increase in share price while outperforming the broader sector and key peers [1][4]. Group 1: Stock Performance - Delek US Holdings experienced a 0.1% increase in share price over the past three months, contrasting with a 3.2% decline in the broader oil and gas sector and a 2.2% decline in the refining and marketing sub-industry [1]. - Key peers such as Marathon Petroleum Corporation, RGC Resources, and PBF Energy saw share price declines of 3.8%, 5.5%, and 9.7%, respectively [1]. Group 2: Factors Supporting Performance - Strategic positioning in the Permian Basin allows Delek to benefit from long-term crude production growth, supported by investments in gathering and pipeline infrastructure [5]. - The company plans to reduce capital expenditures by $80-$100 million in 2025 compared to 2024, which is expected to enhance cash flow and strengthen the balance sheet [6]. - Delek continues to prioritize shareholder value, paying $16.4 million in dividends and repurchasing $20 million worth of shares in Q3 2024, alongside announcing a quarterly dividend of 25.5 cents per share for Q4 2024 [7][8]. - The Enterprise Optimization Plan aims to increase profitability by $100 million annually through cost reductions and operational improvements [9]. - A $390 million retail asset sale has significantly improved liquidity, raising cash reserves above $1 billion, which enhances financial flexibility for various strategic initiatives [10]. Group 3: Challenges to Monitor - Delek's refining operations are heavily concentrated in the U.S. Gulf Coast and Midcontinent regions, exposing the company to regional supply-demand imbalances and extreme weather events [11]. - The company carries a significant long-term debt of $2.79 billion and a net debt position of $1.75 billion, which may limit growth opportunities [12]. - Operational challenges, including unplanned outages at key refineries, have negatively impacted throughput and margins, particularly at the El Dorado refinery [13]. - Over-reliance on asset sales for liquidity raises concerns about long-term revenue diversification, especially in a cyclical refining business [14]. - Earnings are significantly affected by fluctuations in crude oil prices and refining margins, which can be volatile due to various external factors [15].