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Delek US Holdings, Inc. (NYSE: DK) is a diversified downstream energy company that operates through three main business segments: petroleum refining, marketing & supply, and retail. Headquartered in Brentwood, Tennessee, Delek US Holdings' refining segment operates a 60,000 barrel-per-day refinery in Tyler, Texas, known for its high conversion and moderate complexity refining capabilities. This refinery plays a crucial role in producing various petroleum products for transportation and industrial markets in the United States.
The marketing & supply segment of Delek US Holdings is involved in the transportation and wholesale distribution of refined products throughout West Texas, utilizing both company-owned and third-party operated terminals. This segment ensures the efficient delivery of products such as gasoline, diesel, and other refined goods to various markets.
Delek US Holdings also boasts an extensive retail network, operating more than 450 company-owned fuel and convenience stores across eight states. The retail segment markets gasoline and diesel through various regional brands including Mapco Express®, Mapco Mart® East Coast®, Discount Food Mart™, Fast Food and Fuel™, and Favorite Markets®.
Additionally, Delek US Holdings has a logistics segment that focuses on gathering, transporting, and storing crude oil and intermediate products. This segment is crucial for the company's operations as it supports the refining and marketing activities by ensuring a seamless supply chain for crude oil and refined products.
Recent developments highlight Delek US Holdings' dynamic growth strategy. The company, through its subsidiary Delek Logistics Partners, LP (NYSE: DKL), has been active in the financial markets, recently pricing an upsized offering of $650 million in senior notes and commencing a $120 million public offering of common units. The proceeds from these offerings are earmarked for repurchases, repayments, and general corporate purposes.
Delek US Holdings demonstrates a robust financial and operational framework, bolstered by strategic partnerships and a diversified product portfolio. The company's focus on refining, logistics, and retail ensures a comprehensive energy supply chain, catering to both wholesale and retail markets. As an integrated energy business, Delek US Holdings continues to strengthen its market position through strategic investments and a commitment to operational excellence.
Delek Logistics Partners, LP (NYSE: DKL) has announced the availability of its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report was filed with the U.S. Securities and Exchange Commission on February 26, 2025.
The document can be accessed through the company's website at www.deleklogistics.com under the 'SEC Filings' section. partners can request a free printed copy of the Annual Report, which includes audited financial statements, by submitting a written request to the company's Investor Relations department at their Brentwood, Tennessee headquarters.
Delek Logistics Partners (NYSE: DKL) has announced its preliminary 2025 financial projections, forecasting approximately 20% year-over-year growth in Adjusted EBITDA. The company expects to generate between $480-$520 million in Adjusted EBITDA for 2025.
President Avigal Soreq attributed this growth to strong business fundamentals in the Permian Basin, recent significant acquisitions, additional acreage dedications in the crude business, and capabilities in sour natural gas treating and acid gas injection. DKL is enhancing its 'full suite' strategy to become the preferred midstream services provider in the Permian Basin.
Additional 2025 expectations include:
- Coverage ratio of approximately 1.3x by year end
- Capital expenditures of $220-$250 million, including expansion projects
- Continued growth in distributions to unitholders
Delek US Holdings (NYSE: DK) 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. Adjusted EBITDA was $(23.2) million. Key 2024 achievements include selling retail assets for $390 million, reducing interest in DKL from 78.7% to 63.6%, and completing the W2W pipeline drop-down into DKL. DKL's Q4 adjusted EBITDA reached $107.2 million, driven by acquisitions and rate increases. The company repurchased ~$42 million in shares and announced a regular quarterly dividend of $0.255 per share.
For 2025, DKL closed the Gravity Water Midstream acquisition and expects EOP to increase profitability by $120 million. DKL's full-year EBITDA guidance is $480-$520 million, with authorization to buy back up to $150 million in common units from DK through 2026. Delek US had a cash balance of $735.6 million and net debt of $2,029.6 million as of December 31, 2024. The refining segment's Q4 adjusted EBITDA was $(69.6) million, impacted by lower crack spreads and turnaround activities. The logistics segment's adjusted EBITDA improved to $107.2 million, while corporate and other activities reported an adjusted EBITDA loss of $(60.3) million.
Delek US Holdings (NYSE:DK) has announced that its Board of Directors approved a quarterly dividend of $0.255 per share. The dividend will be paid on March 10, 2025, to shareholders of record as of March 3, 2025.
Delek Logistics Partners (NYSE: DKL) has announced plans to release its fourth-quarter 2024 financial results before the U.S. stock market opens on Tuesday, February 25, 2025. The company will host a conference call to discuss the results at 11:30 a.m. CT on the same day.
Interested parties can access the conference call through Delek Logistics' website at www.DelekLogistics.com by navigating to the Events & Presentations section. An online replay of the call will remain available on the website for 90 days.
Delek US Holdings (NYSE:DK) has announced it will release its fourth-quarter 2024 financial results before the U.S. stock market opens on Tuesday, February 25, 2025. The company will host a conference call to discuss the results at 10:00 a.m. CT on the same day. Investors can access the conference call through Delek's website at www.DelekUS.com in the investor relations section under Events & Presentations. The replay will be available online for 90 days.
Delek Logistics Partners (NYSE: DKL) has announced its quarterly cash distribution for Q4 2024. The company will distribute $1.105 per common partner unit, which equals $4.42 per unit on an annualized basis. The distribution will be paid on February 11, 2025, to unitholders recorded as of February 4, 2025.
Delek Logistics Partners (NYSE: DKL) has completed its acquisition of Gravity Water Intermediate Holdings for a total consideration of $285 million, comprising $200 million in cash and approximately 2.175 million DKL units. The acquisition strengthens DKL's position in the Permian Basin, particularly in Howard County's Midland Basin.
The Gravity operations include integrated full-cycle water systems in the Permian Basin and produced water gathering and transportation assets in the Bakken. This acquisition, combined with DKL's recent H2O Midstream purchase, enhances the company's ability to provide integrated crude and water services. Following this transaction, DKL will derive more than 70% of its EBITDA from third-party sources.
The acquisition is expected to create synergies through cost and commodity sale optimization, complementing DKL's integrated crude and produced water gathering and disposal services in the Midland Basin.
Delek Logistics Partners (NYSE: DKL) announced three strategic developments: First, the implementation of acid gas injection (AGI) capabilities at its Libby 2 gas processing plant, expected to be operational in H2 2025. Second, the acquisition of Gravity Water Midstream for $285 million ($200M cash, $85M in DKL units) at a sub-5.5x EBITDA multiple. Third, securing an additional 34,000 acre dedication in the Midland Basin, bringing total dedicated acreage to ~400,000 acres.
The company reports over $700 million in current liquidity and projects that post-developments, more than 70% of its EBITDA will come from third-party sources. The AGI project aims to enable customers to access all six benches of the Delaware Basin without hydrogen sulfide and carbon dioxide liability concerns.
Delek US Holdings reported a net loss of $76.8 million ($1.20 per share) in Q3 2024, with adjusted net loss of $93.0 million ($1.45 per share) and adjusted EBITDA of $70.6 million. The company completed several strategic transactions, including the sale of retail assets for $390 million and the drop-down of Wink to Webster pipeline. The refining segment's adjusted EBITDA decreased to $10.2 million from $296.1 million year-over-year due to lower crack spreads. The logistics segment showed improvement with adjusted EBITDA of $106.1 million. The company maintains a strong liquidity position with $1,037.6 million in cash and announced a quarterly dividend of $0.255 per share.
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