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Delek US(DK) - 2024 Q4 - Annual Results
DKDelek US(DK)2025-02-25 12:13

Financial Performance - Delek US reported a net loss of 413.8millionor413.8 million or (6.55) per share for Q4 2024, with an adjusted net loss of 160.5millionor160.5 million or (2.54) per share[4]. - The company reported a net loss of 402.1millionforQ42024,comparedtoanetlossof402.1 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)millionforQ42024,comparedto(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)inQ42024,comparedto(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 413.8million,comparedtoanetlossof413.8 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 160.5million,comparedtoanadjustednetlossof160.5 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 212.2millionduringthequarter,impactingoverallfinancialresults[28].−Thecompany’stotalstockholders′equitydecreasedto212.2 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 959.7millionasofDecember31,2023,adeclineof40.0959.7 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 3,942.1millioninQ42023[22].−AdjustedEBITDAfortheyearendedDecember31,2024,was3,942.1 million in Q4 2023[22]. - Adjusted EBITDA for the year ended December 31, 2024, was 313.7 million, down from 949.7millionin2023[30].−AdjustedEBITDAfromcontinuingoperationsfortheyearendedDecember31,2024,was949.7 million in 2023[30]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2024, was 286.3 million, down from 902.2millionin2023[32].−ThelogisticssegmentachievedanEBITDAof902.2 million in 2023[32]. - The logistics segment achieved an EBITDA of 342.7 million for the year ended December 31, 2024, up from 363.0millionin2023,indicatingrelativestability[36].−TherefiningsegmentreportedanEBITDAof363.0 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 560.7millionin2023[36].OperationalMetrics−TherefiningsegmentreportedanAdjustedEBITDAof560.7 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)millioninthesamequarterlastyear,primarilyduetolowerrefiningcrackspreads[5].−Totalsalesvolumeofrefinedproductsdecreasedto271,333bpdinQ42024from308,932bpdinQ42023,adeclineofapproximately12(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 6.86perbarrelinQ42023,representingadecreaseofabout466.86 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 149.9millioninQ42023,adeclineofapproximately62149.9 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 2,765.2millionasofDecember31,2024,resultinginanetdebtof2,765.2 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 162.6millionforthethreemonthsendedDecember31,2024,comparedtopositivecashflowof162.6 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 302.0millionforthequarter,comparedtoadecreaseof302.0 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 62.8millionfortheyearendedDecember31,2024,reflectingongoingoperationaladjustments[36].−Thetotallong−termdebtincreasedto62.8 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 2,599.8millionin2023,representingariseof6.42,599.8 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 7,171.8millionasofDecember31,2023,representingadeclineof7.17,171.8 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 2,685.1millionasofDecember31,2023,areductionof6.32,685.1 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 2,555.3millionasofDecember31,2023,anincreaseof7.82,555.3 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 100millioncostreductionrunrateachievedthroughzero−basedbudgeting[3].−DelekUSsoldretailassetsforproceedsof100 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 42millioninsharesduring2024[3].−Thecompanypaid42 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].