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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) will announce its fourth quarter 2021 results on February 23, 2022, after market close. A conference call to discuss these results is set for February 24, 2022, at 7:30 a.m. CT. Investors can access the live broadcast through the Delek Logistics website, with a replay available for 90 days. Delek Logistics operates as a master limited partnership focusing on midstream energy assets and is a subsidiary of Delek US Holdings, Inc. (NYSE: DK).
Delek US Holdings (NYSE:DK) has announced a program to sell up to 434,590 common limited partner units in Delek Logistics Partners, LP (NYSE:DKL) over the next three months. This sale, guided by Rule 144 and a Rule 10b5-1 trading plan, aims to highlight the value of Delek's approximately 80% ownership in DKL, which the company believes is not reflected in its stock price. This move is expected to enhance liquidity and trading volumes for DKL, ultimately benefiting its unitholders.
Delek US Holdings and Delek Logistics Partners announced their 2022 capital spending budget, which ranges from $250 million to $260 million. The budget allocates approximately $59 million for growth at Delek Logistics, anticipated to be self-funding. Key focuses include expanding the Permian Gathering business due to strong demand and opening four new retail locations. Fourth quarter refining throughput guidance is between 275 to 280 mbbl/d, with maintenance activities delayed until 2023.
Delek US Holdings (NYSE: DK) and Delek Logistics Partners (NYSE: DKL) announced a 2022 capital spending budget of $250 million to $260 million. This budget includes $59 million for Delek Logistics, which is expected to be self-funded. Key growth areas include the expansion of the Delek Permian Gathering business and four new retail locations. Minor maintenance at the Tyler facility is scheduled for Q4 2021, allowing the next turnaround to start in 2023, with refining throughput guidance for Q4 projected at 275 to 280 mbbl/d.
BRENTWOOD, Tenn., Dec. 10, 2021 /PRNewswire/ -- Delek US Holdings (NYSE: DK) will present at the SHARE: Shareholder Equity Conference on December 13, 2021, at 11:00 a.m. CT. The presentation aims to connect retail investors in a fireside chat format. Interested parties can access the live stream here or via Delek's website. An archived replay will be available for 90 days post-event. Delek operates refineries in multiple states, with a combined capacity of 302,000 barrels per day.
Delek US Holdings reported a net income of $18.1 million, or $0.24 per share, for Q3 2021, rebounding from a net loss of $(88.1) million in Q3 2020. Adjusted net income stood at $9.9 million, significantly improving from an adjusted net loss of $(99.5) million year-over-year. Adjusted EBITDA was $109.8 million, up from $(11.2) million in the prior year. The refining segment saw a contribution margin increase to $91.4 million, driven by improved operational reliability and higher demand.
Delek Logistics Partners reported a third quarter net income of $43.6 million, down from $46.3 million in 2020. The diluted earnings per unit were $1.00, compared to $1.26 the previous year. Operating cash flow increased to $74.8 million, with distributable cash flow at $55.5 million. EBITDA rose to $69.9 million, up from $67.8 million year-over-year. A quarterly distribution was declared at $0.95 per unit, marking a 1.1% increase from the previous quarter. The company maintained a strong leverage ratio and reported a healthy cash distribution coverage ratio of 1.34x.
Delek Logistics Partners, LP (NYSE: DKL) has announced a quarterly cash distribution of $0.95 per common limited partner unit for Q3 2021, marking a 1.1% increase from Q2 2021 and a 5% increase from Q3 2020. This distribution is set to be payable on November 10, 2021. The company highlighted strong margins and utilization rates as positive industry trends, reinforcing confidence in DKL's financial outlook. Uzi Yemin, CEO, emphasized the stability of the business amid varying economic conditions.
Delek US Holdings (NYSE: DK) announced its third quarter 2021 results release is scheduled for after market close on November 4, 2021. A conference call to discuss these results will occur on November 5, 2021, at 8:00 a.m. CT. Investors can access the live call on DelekUS.com. Concurrently, Delek Logistics Partners (NYSE: DKL) will hold its earnings call on the same day at 7:00 a.m. CT. Both companies focus on energy logistics and refining, essential for understanding their market positions.
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