PART I. FINANCIAL INFORMATION This section presents the company's unaudited financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company reported significant net losses for Q3 and YTD 2020, driven by lower revenues and margins due to adverse market conditions [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$6.53 billion** from **$7.02 billion**, while stockholders' equity declined significantly due to net loss Condensed Consolidated Balance Sheet Highlights (In millions) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $2,514.5 | $2,963.3 | | **Total assets** | $6,525.0 | $7,016.3 | | **Total current liabilities** | $1,814.2 | $2,355.9 | | **Long-term debt, net** | $2,440.6 | $2,030.7 | | **Total liabilities** | $5,104.7 | $5,181.0 | | **Total stockholders' equity** | $1,420.3 | $1,835.3 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a **net loss of $88.1 million** in Q3 2020 and **$314.8 million** YTD, a reversal from prior year net income Statement of Operations Summary (In millions, except per share data) | Metric | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net revenues** | $2,062.9 | $2,334.3 | $5,419.6 | $7,014.5 | | **Operating (loss) income** | $(75.2) | $87.4 | $(413.9) | $444.1 | | **Net (loss) income attributable to Delek** | $(88.1) | $51.3 | $(314.8) | $277.9 | | **Diluted (loss) income per share** | $(1.20) | $0.68 | $(4.28) | $3.60 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$399.8 million** for YTD 2020, a significant reversal from prior year cash generation Cash Flow Summary (Nine Months Ended Sep 30, In millions) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(399.8) | $448.4 | | **Net cash used in investing activities** | $(163.0) | $(509.5) | | **Net cash provided by (used in) financing activities** | $415.4 | $(11.8) | | **Net decrease in cash and cash equivalents** | $(147.4) | $(72.9) | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts on estimates, refining segment decline, new JV, increased debt, and dividend suspension - The **COVID-19 Pandemic and OPEC Production Disputes** have created **significant uncertainties** impacting accounting estimates for credit losses, asset impairments (long-lived assets, goodwill), inventory valuation, and deferred tax assets[35](index=35&type=chunk) - On August 13, 2020, Delek Logistics **eliminated its Incentive Distribution Rights (IDRs)** in exchange for **$45.0 million in cash** and **14.0 million new common limited partner units**, simplifying its capital structure[70](index=70&type=chunk) - The company **suspended its quarterly dividend** beginning in **Q4 2020** to **conserve capital** in response to adverse market conditions[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes poor 2020 performance to COVID-19 and OPEC disputes, prompting reduced capex, dividend suspension, and cost cuts [Executive Summary and Strategic Overview](index=42&type=section&id=Executive%20Summary%20and%20Strategic%20Overview) Operations were significantly impacted by COVID-19, prompting reduced capital expenditures, dividend suspension, and strategic asset sales - Management has taken several actions to mitigate the impact of the pandemic, including **reducing planned capital expenditures for 2020**, **suspending the share repurchase program**, taking advantage of **CARES Act tax relief**, and enacting **cost reduction measures** across the organization[176](index=176&type=chunk) - On May 7, 2020, the company **sold its non-operating refinery in Bakersfield, California**, for **$40.0 million in cash**, resulting in a **gain of $56.8 million**, largely due to the buyer assuming associated environmental and retirement liabilities[50](index=50&type=chunk)[198](index=198&type=chunk) - The company entered into the **W2W Holdings LLC joint venture** with MPLX to obtain **project financing** for its **15% share of the Wink to Webster Pipeline** construction costs[194](index=194&type=chunk) [Market Trends](index=51&type=section&id=Market%20Trends) Challenging market conditions in 2020 saw Gulf Coast crack spreads collapse and RINs costs rise, pressuring refining margins - Gulf Coast crack spreads, a key indicator of refining profitability, were **significantly lower in Q3 2020 compared to Q3 2019**, with the **3-2-1 crack spread averaged $8.15/bbl in Q3 2020 versus $17.55/bbl in Q3 2019**[207](index=207&type=chunk)[208](index=208&type=chunk) - The cost of RINs, an environmental compliance cost, **increased substantially in 2020**, with **Ethanol RINs averaged $0.47 in Q3 2020, up from $0.17 in Q3 2019**, negatively impacting refining margins[215](index=215&type=chunk)[217](index=217&type=chunk) [Results of Operations](index=57&type=section&id=Results%20of%20Operations) Consolidated results shifted to a **net loss of $76.9 million** in Q3 2020, primarily due to the refining segment's negative contribution margin Segment Contribution Margin (In millions) | Segment | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | **Refining** | $(17.8) | $150.1 | $(248.5) | $650.1 | | **Logistics** | $67.2 | $46.6 | $175.9 | $130.9 | | **Retail** | $18.3 | $18.6 | $54.9 | $46.4 | - The refining segment's contribution margin **swung to a loss of $17.8 million in Q3 2020 from a positive $150.1 million in Q3 2019**, primarily due to a **50-70% decline** in benchmark crack spreads and narrower crude oil differentials[280](index=280&type=chunk)[291](index=291&type=chunk) - The logistics segment's contribution margin **increased by 44.2% in Q3 2020 year-over-year**, driven by revenues from the Big Spring Gathering System and Delek Trucking acquisitions, along with lower operating expenses[306](index=306&type=chunk) [Liquidity and Capital Resources](index=78&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained **$807.9 million** in cash and **$752.0 million** in available borrowing capacity, while reducing 2020 capital expenditures - The company's 2020 capital spending forecast has been **reduced from $325.7 million to $248.7 million** in response to the uncertainties from the COVID-19 pandemic[336](index=336&type=chunk) Liquidity Position as of Sep 30, 2020 (In millions) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $807.9 | | Total long-term indebtedness | $2,474.0 | | Unused credit commitments | $752.0 | [Quantitative and Qualitative Disclosures about Market Risk](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from commodity prices and interest rates, with **$2.19 billion** in floating-rate debt exposed to rate changes - The company has **significant exposure to interest rate changes** on its **floating-rate debt**, which **totaled approximately $2.19 billion**; a hypothetical **1% change** in interest rates would alter annual interest expense by about **$21.9 million**[341](index=341&type=chunk) [Controls and Procedures](index=82&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal controls - The **CEO and CFO concluded** that the company's **disclosure controls and procedures were effective** as of the end of the reporting period[343](index=343&type=chunk) PART II. OTHER INFORMATION This section details legal proceedings, key risk factors impacting the company, and other significant corporate information [Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but does not anticipate a material adverse effect on its financial condition - The company states that it **does not expect any currently pending legal proceedings to have a material adverse effect** on its business, financial condition, or results of operations[346](index=346&type=chunk) [Risk Factors](index=83&type=section&id=Item%201A.%20Risk%20Factors) Key risk factors include the adverse impact of COVID-19, dividend suspension, operational concentration, and the stockholder rights plan - The **COVID-19 pandemic and global oil market volatility** are identified as having an **adverse impact** on the company's business, results of operations, and overall financial performance[347](index=347&type=chunk) - The company has **suspended its quarterly dividend**, and there is **no assurance when dividends will be declared** in the future, which may impact shareholder returns[350](index=350&type=chunk) - A **stockholder rights plan (or "poison pill") was adopted** on March 20, 2020, which could **make it more difficult for a third party to acquire control** of the company without board approval[351](index=351&type=chunk) [Other Information](index=85&type=section&id=Item%205.%20Other%20Information) The company entered a consulting agreement with a former EVP, and the CEO agreed to waive **33%** of his base salary - Effective November 3, 2020, **President and CEO Ezra Uzi Yemin agreed to waive 33% of his base compensation**[356](index=356&type=chunk) [Exhibits](index=86&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including agreements for IDR simplification and executive certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 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) (State or other jurisdiction of incorporatio ...

Financial Performance - Net revenues for the three months ended March 31, 2020, were $1,821.2 million, down from $2,199.9 million in the same period of 2019, a decrease of about 17.2%[16] - The company reported a net loss of $314.4 million for the three months ended March 31, 2020, compared to a net income of $149.3 million for the same period in 2019[16] - Basic and diluted loss per share for the three months ended March 31, 2020, was $(4.28), compared to earnings of $1.92 per share in the prior year[16] - Operating loss for the three months ended March 31, 2020, was $(361.5) million, compared to operating income of $222.4 million in the prior year[16] - The company reported total non-operating expenses of $28.6 million for the three months ended March 31, 2020, compared to $22.2 million in the same period of 2019[16] - For the three months ended March 31, 2020, Delek US Holdings reported a net loss of $307.0 million compared to a net income of $154.4 million for the same period in 2019[30] Assets and Liabilities - Total current assets decreased to $1,956.1 million as of March 31, 2020, from $2,963.3 million at December 31, 2019, representing a decline of approximately 33.7%[11] - Total liabilities decreased to $4,603.5 million as of March 31, 2020, from $5,181.0 million at December 31, 2019, a reduction of approximately 11.1%[11] - Stockholders' equity decreased to $1,489.9 million as of March 31, 2020, from $1,835.3 million at December 31, 2019, reflecting a decline of about 18.8%[11] - Total assets as of March 31, 2020, were $6,093.4 million, with refining assets at $5,949.5 million, logistics at $946.3 million, and retail at $312.1 million[73] Cash Flow and Working Capital - Cash flows from operating activities were $1,230.2 million for Q1 2020, a significant increase from $437.8 million in Q1 2019[33] - The company experienced a decrease in cash and cash equivalents, ending the period with $784.9 million, down from $989.7 million at the beginning of the period[35] - Accounts receivable increased by $351.6 million, while accounts payable decreased by $546.3 million, indicating significant changes in working capital[30] Dividends and Stock Repurchase - The company declared dividends of $0.31 per common share for the three months ended March 31, 2020, compared to $0.27 per share in the same period of 2019[16] - The company declared a dividend of $0.31 per share on February 24, 2020, with a payment date of March 24, 2020[210] - During the three months ended March 31, 2020, the company repurchased 58,713 shares of common stock for a total of $1.9 million, compared to 1,291,644 shares for $46.2 million in the same period of 2019[210] Segment Performance - The refining segment reported net revenues of $1,569.3 million for the three months ended March 31, 2020, a decrease from $1,907.4 million in the same period of 2019[70] - The logistics segment generated revenues of $56.8 million, while the retail segment reported $178.6 million in net revenues for the same period[70] - The refining segment's contribution margin was $(290.4) million, compared to a positive contribution margin of $301.9 million in the prior year[70] Capital Expenditures - Capital spending for the refining segment was $168.1 million, while total capital spending across all segments amounted to $190.2 million for the first quarter of 2020[70] COVID-19 Impact - The impact of the COVID-19 pandemic has led to significant economic disruption, affecting demand for crude oil and related products[43] - The company has recognized uncertainties related to the COVID-19 pandemic and OPEC production disputes, which could impact future financial results[44] Debt and Credit Facilities - The company had a long-term debt of $940.0 million as of March 31, 2020, compared to $833.1 million at the end of the previous year[86] - Total outstanding borrowings as of March 31, 2020, were $2,216.9 million, an increase from $2,067.1 million as of December 31, 2019[118] - The Revolving Credit Facility had a principal amount outstanding of $100.0 million with a weighted average borrowing rate of 3.50% as of March 31, 2020[133] - The Term Loan Credit Facility had a principal amount outstanding of $1,082.8 million with an effective interest rate of 3.55% as of March 31, 2020[134] Environmental and Legal Liabilities - As of March 31, 2020, the company recorded an environmental liability of approximately $144.5 million related to remediation costs at refineries and terminals[189] - The court assessed damages against one of the company's subsidiaries totaling $6.7 million related to an easement dispute, included in accrued expenses as of March 31, 2020[184] Derivatives and Risk Management - The total gross fair value of derivatives as of March 31, 2020, was $2,593.4 million in assets and $(2,547.7) million in liabilities[166] - Total gains on commodity derivatives not designated as hedging instruments increased to $77.9 million for the three months ended March 31, 2020, compared to $17.5 million in the same period of 2019[169] - The company recorded a self-insurance accrual for workers' compensation claims up to a $4.0 million deductible on a per accident basis[185] Compensation and Equity-Based Awards - Compensation expense related to equity-based awards amounted to $5.8 million for the three months ended March 31, 2020, compared to $4.8 million for the same period in 2019[206] - Total unrecognized compensation cost related to non-vested share-based compensation arrangements was $47.8 million, expected to be recognized over a weighted-average period of 2.1 years[207]

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, 2019 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 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 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) (State or other jurisdiction of incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 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) (State or other jurisdiction of incorporatio ...

Refining Segment Performance - The refining segment has a combined nameplate capacity of 302,000 barrels per day (bpd) across four refineries[265]. - The profitability in the refining segment is largely determined by the "crack spread," which reflects the difference between crude oil costs and refined product prices[266]. - A widening of the WTI Cushing less WTI Midland spread positively influences operating margins for the refineries[274]. - The company anticipates variability in crude oil processed and products manufactured at the El Dorado refinery, which is flexible in its operations[273]. - Refining segment net revenues for Q1 2019 were $2,092.0 million, a decrease from $2,125.9 million in Q1 2018[367]. - The refining margin increased to $415.3 million in Q1 2019 from $247.9 million in Q1 2018[367]. - The refining margin per barrel for Tyler refinery increased to $22.26 in Q1 2019 from $8.33 in Q1 2018[370]. - The refining margin for Big Spring refinery improved to $18.16 per barrel in Q1 2019 from $9.58 in Q1 2018[372]. - The Krotz Springs, LA refinery's refining margin increased to $11.95 per barrel in Q1 2019 from $6.92 in Q1 2018[372]. - Refining margin increased by $167.4 million, or 67.5%, in Q1 2019, attributed to wider discounts between WTI Cushing crude oil and Brent crude oil[387]. - Refining margin per barrel increased to $22.26 in Q1 2019 from $13.09 in Q1 2018[390]. Financial Performance - Consolidated net income for Q1 2019 was $154.4 million, compared to a net loss of $25.5 million in Q1 2018, representing a significant turnaround[347]. - Net revenues decreased by $153.3 million, or 6.5%, from $2,353.2 million in Q1 2018 to $2,199.9 million in Q1 2019, primarily due to lower average prices of gasoline and diesel[348]. - Operating income for Q1 2019 was $222.4 million, a significant increase from $38.8 million in Q1 2018[342]. - Income tax expense increased by $57.3 million in Q1 2019 compared to Q1 2018, driven by pre-tax income of $200.2 million in Q1 2019 versus a pre-tax loss of $28.8 million in Q1 2018[363]. - The effective tax rate decreased to 22.9% in Q1 2019 from 39.9% in Q1 2018, primarily due to the impact of pre-tax income[363]. - Net cash provided by operating activities was $133.4 million for the three months ended March 31, 2019, compared to a net cash used of $190.7 million in the same period of 2018, reflecting a significant improvement[431]. - The company reported a net income of $154.4 million for the three months ended March 31, 2019, compared to a net loss of $25.5 million in the same period of 2018[431]. Capital Expenditures and Investments - Capital expenditures for the three months ended March 31, 2019, were $128.4 million, with $81.7 million allocated to the refining segment[437]. - The company plans to spend $394.1 million on capital expenditures for the full year 2019, with significant allocations to refining and discretionary projects[437]. - As of March 31, 2019, the company had a total outstanding notional contract volume of 313,057,000 for commodity derivative contracts[442]. Logistics Segment - The logistics segment owns or leases capacity on approximately 400 miles of crude oil transportation pipelines and approximately 450 miles of refined product pipelines[275]. - Delek Logistics Partners, LP, in which the company holds a 61.4% limited partner interest, is integral to refining and marketing operations[275]. - The logistics segment has approximately 9.6 million barrels of active shell capacity for crude oil storage[275]. - Net revenues for the logistics segment decreased by $15.4 million, or 9.2%, in Q1 2019 compared to Q1 2018, primarily due to decreases in average volumes sold and average sales prices per gallon of gasoline and diesel[404]. - Cost of materials and other for the logistics segment decreased by $22.7 million, or 19.1%, in Q1 2019 compared to Q1 2018[410]. - Operating expenses for the logistics segment increased by $3.5 million, or 27.8%, in Q1 2019 compared to Q1 2018[412]. Retail Segment - As of March 31, 2019, the retail segment operates 281 convenience store sites primarily in central and west Texas and New Mexico, acquired through the Delek/Alon Merger[276]. - Net revenues for the retail segment decreased by $12.4 million, or 5.9%, in Q1 2019 compared to Q1 2018[421]. - Retail fuel sales were $121.9 million in Q1 2019 compared to $129.1 million in Q1 2018, attributed to a $0.14 decrease in average price charged per gallon[421]. - Average retail sales price per gallon sold decreased to $2.26 in Q1 2019 from $2.40 in Q1 2018[417]. - Merchandise sales for the retail segment were $75.3 million in Q1 2019 compared to $80.5 million in Q1 2018[421]. - Average number of stores decreased from 299 in Q1 2018 to 281 in Q1 2019[417]. Shareholder Returns and Stock Activity - The quarterly cash dividend declared on April 30, 2019, is $0.28 per share, an increase from the previous range of $0.20 to $0.26 per share throughout 2018[282]. - During Q1 2019, Delek repurchased 1,291,644 shares for a total of $46.2 million, with $363.6 million remaining under the share repurchase plan approved in November 2018[283]. Market Conditions and Risks - Seasonal demand for gasoline and asphalt products is generally higher during summer months, impacting operating results[266]. - The company faces risks including volatility in refining margins and changes in government regulations that could impact financial performance[256]. - The average price of WTI Cushing crude oil fell from $62.89 per barrel in Q1 2018 to $54.87 per barrel in Q1 2019[349]. - The average discount for WTI Cushing compared to Brent increased to $8.96 in Q1 2019 from $4.32 in Q1 2018, improving refinery margins[323]. - The average discount for WTI Midland compared to WTI Cushing increased to $1.17 in Q1 2019 from $0.38 in Q1 2018, enhancing competitive advantage[323]. - A hypothetical one percent change in interest rates would impact interest expense on floating rate borrowings by approximately $14.5 million annually[446].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 18 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 OR o 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 32-2581557 (State or other jurisdiction ...