Delek US(DK)2025-02-25 12:13Financial 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].