Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, indicating strong fourth-quarter results [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income of $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, continuing strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [5] - DKL is expected to achieve over 80% third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million annually [5][9] - The strategy includes enhancing operational reliability and flexibility at refineries, particularly at Big Spring, which is undergoing a planned turnaround [8][45] - The company aims to ensure that the value of its midstream business is fully reflected in share prices through various strategic initiatives [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the Enterprise Optimization Plan and its impact on cash flow generation [52] - The company remains committed to a balanced capital allocation strategy, including dividends and share buybacks, while maintaining a strong balance sheet [11][53] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the monetization of RINs and the importance of SREs for maintaining local jobs and affordable fuel [20][22] - They confirmed that they expect to monetize remaining RINs in the first half of 2026 [31] Question: Consolidation of DKL and Big Spring turnaround initiatives - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed specific initiatives for improving performance at Big Spring [40][45] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market conditions, but some volatility is expected [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, highlighting strong performance and stability in strategy [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, indicating strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA, and 2026 EBITDA guidance is expected to be in the range of $520 million to $560 million [5] - DKL is nearing completion on its comprehensive sour gas solution, which will enhance its market access and growth opportunities in the Delaware Basin [6][7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million on an annual run rate basis [5][9] - The strategy includes maintaining a strong balance sheet, returning value to shareholders through dividends and share buybacks, and ensuring safe and reliable operations [11][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of the Enterprise Optimization Plan, which is becoming part of the company culture [52] - The company anticipates continued improvements in cash flow generation and operational performance, particularly post-turnaround at the Big Spring refinery [8][45] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the importance of SREs and the expectation of continued support from the EPA regarding future RINs [20][22] Question: Consolidation of DKL and ownership goals - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed potential strategies for further consolidation [40][42] Question: Drivers of raised cash flow guidance - Management attributed the raised guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market optimization efforts [58][60]

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, excluding SREs, indicating strong performance and momentum [3][11] - The net income for the fourth quarter was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [11] - For the full year 2025, adjusted EBITDA, excluding SREs, was approximately $763 million [11] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million, with wholesale marketing generating about $35 million [12] - The logistics segment delivered approximately $142 million in adjusted EBITDA, maintaining strong performance [12] Market Data and Key Metrics Changes - DKL achieved a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [4] - DKL is expected to have over 80% of its third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [5] Company Strategy and Development Direction - The company is focused on enhancing its Enterprise Optimization Plan (EOP), raising its target to at least $200 million in annual run rate cash flow improvement [4][8] - The strategy includes a proactive approach to monetizing RINs and maintaining a strong balance sheet while being shareholder-friendly through dividends and share buybacks [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the EOP and its impact on cash flow generation, emphasizing a culture of continuous improvement [3][54] - The management highlighted the importance of SREs in supporting local communities and maintaining high-paying jobs, indicating a commitment to energy dominance policies [22][23] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [13] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [10][14] Q&A Session Summary Question: Inquiry about cash inflow from SREs and future risks - Management discussed the cash inflow from monetizing RINs and the importance of SREs for the industry, emphasizing their critical role in energy policy [20][22] Question: Consolidation of DKL and performance improvement initiatives - Management outlined the ongoing efforts to enhance the value of DKL and the focus on improving reliability and performance at the Big Spring refinery during its turnaround [42][47] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the EOP and indicated a balanced approach to capital allocation, including dividends and buybacks [55]

HF Sinclair CFO Atanas Atanasov takes voluntary leave of absence amid disclosure review | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]HF Sinclair Corp logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo [Purchase Licensing Rights, opens new tab]- Companies[HF Sinclair Corp]FollowFeb 27 (Reuters) - HF Sinclair's [(DINO.N), opens new tab] Chief Financial Officer, Atanas Atan ...

Key Takeaways Enterprise Products offers stable, fee-based revenues with inflation-linked contracts.EPD has 50,000 miles of pipelines and $4.8B in projects boosting cash flow.Enterprise Products has returned $62B since IPO and raised distributions for 27 years.In the oil and energy sector, refining operations are highly vulnerable to fluctuations in oil and natural gas prices. In contrast, midstream activities, by their business model, generate stable fee-based revenues. This doesn’t mean that investors sho ...

Key Takeaways Cenovus shares jumped 59.6% in a year, topping Phillips 66's 19.2% surge.CVE faces pressure as WTI nears $65 and weaker WCS pricing squeezes the upstream cash flow.PSX benefits from diversified refining, midstream and chemicals, with steadier estimates.In the energy sector, Cenovus Energy Inc. (CVE) and Phillips 66 (PSX) represent two distinctly different operating models. Over the past year, Cenovus shares have soared 59.6%, comfortably outpacing Phillips 66’s 19.2% gain. However, superior st ...

Core Viewpoint - Poland's state-controlled refiner Orlen plans to inject 5.1 billion zlotys ($1.43 billion) into its utility unit Energa through a rights issue, which is part of its energy transition strategy [1][2]. Group 1: Capital Injection Details - The capital increase will be executed at an issue price of 18.50 zlotys per share, with Orlen subscribing to the new stock [3]. - The purpose of the capital injection is to restructure Energa's balance sheet and fund its development [3]. - Orlen currently holds a 92% stake in Energa and will propose this move at an extraordinary general meeting [3].

Quick Read Marathon Petroleum (MPC) beat Q4 EPS estimates by 40% at $4.07. Full-year free cash flow surged 389% to $6.8B. Marathon’s MPLX midstream stake generated $1.7B in Q4 EBITDA. This provides stable fee-based revenue independent of crude prices. Marathon authorized $4.4B in remaining buybacks and increased its dividend by 10% in Q3 2025. The analyst who called NVIDIA in 2010 just named his top 10 AI stocks. Get them here FREE. Marathon Petroleum might be a household name for retail investo ...

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% performance increase in funds for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited global capacity expansions and new pipeline projects [4] - The company has approximately $750 million in cash at the funds, which has recently increased to over $1.2 billion [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and is optimistic about improving profitability through better capture rates [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may have concluded without notable inquiries or responses [15]

Financial Data and Key Metrics Changes - The fourth quarter NAV decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the company was approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 Adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's Adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's Adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's Adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited capacity expansions globally and new pipeline projects [4] - The cash balance at the funds increased to greater than $1.2 billion as of year-end [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and remains optimistic about profitability improvements [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - The CEO position in Food Packaging was changed, bringing back Tom Davis to lead during a transformative period [12] Q&A Session Summary - The Q&A session was brief and concluded without specific questions being documented in the provided content [15][17]