Financial Data and Key Metrics Changes - For the fourth quarter of 2023, Delek US reported a loss of $165 million or $2.57 per share, with an adjusted net loss of $93 million or $1.46 per share and adjusted EBITDA of $61 million [30][31] - The full year 2023 adjusted EBITDA reached $950 million, indicating a strong performance [4] - The company returned $146 million to shareholders through dividends and share buybacks in 2023, with $85 million allocated for share buybacks [6][8] Business Line Data and Key Metrics Changes - The logistics segment achieved a record quarter with over $99 million in performance, while retail was down due to seasonal trends [31][17] - In refining, total throughput for El Dorado was approximately 88,000 barrels per day, with a production margin of $4.94 per barrel [11] - Big Spring's throughput was approximately 58,000 barrels per day, impacted by maintenance work [12] - Krotz Springs had a throughput of approximately 81,000 barrels per day, with a production margin of $4.93 per barrel [13] Market Data and Key Metrics Changes - The company experienced weakness in product demand consistent with seasonal trends during the quarter [3] - Asphalt marketing contributed approximately $5 million compared to $15 million in the third quarter, reflecting seasonal trends [28] Company Strategy and Development Direction - The company remains focused on operational excellence, financial strength, and shareholder returns, with a planned major turnaround of the Krotz Springs Refinery in Q4 of 2024 [7][9] - The capital program for 2024 is estimated at approximately $330 million, reflecting a reduction from 2023 levels [22][60] - The company is committed to exploring opportunities in the energy transition space, including carbon capture technology at Big Spring [50] Management's Comments on Operating Environment and Future Outlook - Management noted that 2023 was the best year on record for safety performance and emphasized the importance of operational improvements [19][20] - The company is optimistic about capturing opportunities in the refining market dynamics for 2024 [56] - Management highlighted the importance of disciplined capital allocation and maintaining a balance between financial strength and shareholder returns [49] Other Important Information - The company reduced its debt by $454 million in 2023, improving its financial position [6] - The capital expenditures for 2023 were $372 million, with 80% dedicated to sustaining and regulatory projects [60] Q&A Session All Questions and Answers Question: Update on the sum-of-the-parts unlock - Management remains committed to highlighting the intrinsic value of the business and is focused on enhancing the balance sheet and generating attractive shareholder returns [65] Question: Opportunities around energy transition and carbon capture - The Big Spring Refinery was selected for a project by the Department of Energy to advance carbon capture technology, with no material CapEx planned for 2024 [50][73] Question: Supply and marketing headwinds in Q4 - Management acknowledged the seasonal trends affecting supply and marketing but noted a positive trend correlated to seasonal driving [80] Question: Shareholder returns and buybacks outlook - The company returned $146 million to shareholders in 2023 and remains committed to shareholder returns based on free cash flow [123]

For the quarter ended December 2023, Delek US Holdings (DK) reported revenue of $4.05 billion, down 9.6% over the same period last year. EPS came in at -$1.46, compared to $0.88 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.81 billion, representing a surprise of +6.24%. The company delivered an EPS surprise of -14.06%, with the consensus EPS estimate being -$1.28.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: uncertainty related to timing and amount of value returned to shareholders; 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, including uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; risks and unc ...

Acquisition and Growth Opportunities - The acquisition of 3 Bear Delaware Holding, now Delek Delaware Gathering, is expected to provide significant financial and operational benefits, including synergies and growth opportunities[16]. - Management's forward-looking statements indicate expectations for future growth and competitive positioning in the industry[16]. - The company is exploring strategic options to unlock and enhance stockholder value, which poses additional risks[49]. Operational Capacity and Infrastructure - The company operates four refineries with a combined crude throughput capacity of 302,000 bpd[65]. - The refining segment includes three biodiesel facilities with an annual capacity of 40 million gallons[66]. - The logistics segment has approximately 2,204 miles of pipeline and nine light product distribution terminals[55]. - The Tyler refinery has a crude throughput capacity of 75,000 bpd and primarily processes light, sweet crude oil, producing higher-value transportation fuels such as gasoline and jet fuel[75]. - The El Dorado refinery has a capacity of 80,000 bpd, making it the largest refinery in Arkansas, processing a variety of crude oils and producing multiple grades of gasoline and ultra-low sulfur diesel[80]. - The Big Spring refinery, with a capacity of 73,000 bpd, is strategically located in the Permian Basin, allowing efficient sourcing of WTS and WTI Midland crude[85]. - The Krotz Springs refinery has a capacity of 74,000 bpd and is designed mainly for light sweet crude oil, with diverse logistics for crude sourcing[92]. Environmental and Regulatory Compliance - The company is subject to extensive environmental regulations, including the Federal Clean Air Act, which may require significant capital expenditures for pollution control equipment over the next five years[143]. - The company aims to reduce Scope 1 & 2 emissions by 34% by implementing energy-efficient operational improvements and transitioning refinery production towards chemicals[133]. - The company is obligated to purchase Renewable Identification Numbers (RINs) to meet its renewable volume obligation under the Renewable Fuel Standard (RFS-2)[146]. - Compliance with EPA's Tier 3 gasoline sulfur standards is not expected to materially affect the business or financial condition[147]. - The company generates hazardous waste and is subject to strict regulations regarding its management, which could lead to liability for contamination and remediation costs[199]. - A consent decree related to historical violations of the Clean Air Act at the Big Spring refinery requires the company to invest in pollution control equipment, with significant capital expenditures anticipated over the next five years[204]. Market and Competitive Landscape - The company faces intense competition in the refining and logistics industry, which could adversely affect earnings and profitability[51]. - The refining industry is highly competitive, with principal competitors being petroleum refiners in the Mid-Continent and Gulf Coast regions[72]. - The logistics segment faces competition from other pipeline owners and terminal operators, impacting pricing and service offerings[115]. - The company operates primarily in the Gulf Coast Region (PADD III) and is significantly affected by global oil market developments, including geopolitical events and supply chain disruptions[178]. Financial Performance and Risks - The company anticipates that ongoing military conflicts, such as the Russia-Ukraine War, may impact its business and financial condition[16]. - Fuel revenues accounted for 64.2% of total net sales in the retail segment for the year ended December 31, 2023, with motor fuel primarily supplied by the Big Spring refinery[117]. - A substantial or prolonged decline in refining margins could adversely impact the company's operating results and cash flows, affecting future growth and asset values[185]. - The company is exposed to risks from fluctuations in crude oil prices, which can impact the pricing of refined products and overall financial performance[187]. - The availability and cost of Renewable Identification Numbers (RINs) could adversely affect financial condition, with price volatility posing a risk to compliance costs[215]. Employee and Corporate Governance - As of December 31, 2023, Delek had 3,591 employees, with 15.1% (approximately 542 employees) under collective bargaining agreements[154]. - Approximately 66.0% of employees identify as male, while 34.0% identify as female; 24.0% of employees identify as Hispanic or Latino[154]. - In 2023, 19.0% of management roles were held by women, with a target to increase diverse employees by 1.0% across all levels[154]. - The company has launched leadership development programs aimed at optimizing employee expertise and preparing future leaders[160]. - The company’s Board of Directors oversees ESG-related goals and has established committees to enhance ESG performance and compliance[124]. Logistics and Retail Operations - The retail segment consists of 250 stores as of December 31, 2023, primarily sourcing fuel from the Big Spring, TX refinery[55]. - The retail segment operates 250 convenience store sites, with 112 leased locations, and has implemented localized marketing strategies to optimize performance[116]. - Merchandise revenues accounted for 35.8% of total net sales in the retail segment for the year ended December 31, 2023[118]. - The retail segment experiences higher demand for gasoline and convenience merchandise during summer months, impacting operating results[120]. Cybersecurity and Technology - Delek has implemented a unified instance of SAP S/4HANA to enhance efficiency, security, and data analytics capabilities[172]. - The company has maintained a clean cybersecurity record over the last three years, with no significant breaches or penalties[173].

Exhibit 99.1 Delek US Holdings Reports Fourth Quarter 2023 Results and 2024 Capital Program "Our guiding principles in 2024 are focused execution and a disciplined approach to capital allocation. The strategic initiatives we started in 2023 are gaining momentum and delivering results," Soreq continued. "We are making significant progress towards unlocking value intrinsic in our business and continue to focus on our stakeholders as we advance this initiative. For 2024, we estimate our capital program to be l ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Delek US Holdings (DK) , which belongs to the Zacks Oil and Gas - Refining and Marketing industry, could be a great candidate to consider.This refinery operator has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 50.02%.For the ...

In a significant stride toward advancing carbon capture technology and promoting sustainability, the Department of Energy's (“DOE”) Office of Clean Energy Demonstrations has selected Delek US Holdings (DK) for a pioneering carbon capture pilot project at its Big Spring refinery. This DOE initiative, providing a substantial 70% cost-share for up to $95 million in federal funding, aligns with the national commitment to curb greenhouse gas emissions.The company sees the development as a recognition of the refi ...

BRENTWOOD, Tenn., Feb. 2, 2024 /PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) ("Delek US") today announced that it has been selected by the Department of Energy's (DOE) Office of Clean Energy Demonstrations to negotiate a cost-sharing agreement in support of a carbon capture pilot project in the Big Spring refinery. The DOE Carbon Capture Large-Scale Pilot Project program provides 70% cost-share for up to $95 million of federal funding to support project development. "We are honored and pleased the DOE ...

BRENTWOOD, Tenn., Jan. 26, 2024 /PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) ("Delek US") today announced that the Company intends to issue a press release summarizing fourth quarter 2023 results before the U.S. stock market opens on Tuesday, February 27, 2024. A conference call to discuss these results is scheduled to begin at 10:00 a.m. CT (11:00 a.m. ET) on Tuesday, February 27, 2024.The live broadcast of this conference call will be available online by going to www.DelekUS.com and clicking on the ...

BRENTWOOD, Tenn., Jan. 26, 2024 /PRNewswire/ -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced that the Partnership intends to issue a press release summarizing fourth quarter 2023 results before the U.S. stock market opens on Tuesday, February 27, 2024. A conference call to discuss these results is scheduled to begin at 11:30 a.m. CT (12:30 p.m. ET) on Tuesday, February 27, 2024.The live broadcast of this conference call will be available online by going to www.DelekLogistics. ...