Delek US Holdings, Inc. - DK STOCK NEWS

On September 6, 2022, Delek US Holdings (NYSE:DK) announced the appointment of Mark Hobbs as Executive Vice President of Corporate Development. Hobbs brings over 28 years of energy industry experience and a background in strategic advisory roles. His expertise is expected to enhance Delek's growth strategy, focusing on unlocking the company's 'sum of the parts' valuation and exploring opportunities in both existing and new markets, including alternative energy sectors. This leadership change is aimed at positioning Delek for substantial growth.

Delek Logistics Partners, LP (NYSE: DKL) has announced that 2021 Schedule K-3 tax packages are now accessible on its website for unitholders. These packages can be found under the Tax Information section at www.deleklogistics.com. Unitholders with inquiries regarding the 2021 Tax Reporting Package can reach out via phone at 1-855-301-4589 or email at DelekLogisticsK1Help@deloitte.com. Delek Logistics operates primarily in midstream energy services in regions like the Permian and Delaware Basins.

Delek US Holdings reported a strong second quarter for 2022, achieving a net income of $361.8 million or $5.05 per share, significantly up from a net loss of $(56.7) million in the same period of 2021. Adjusted EBITDA reached $518.4 million, a notable increase from $46.1 million year-over-year. The board announced a regular quarterly dividend of $0.20 per share and expanded its share repurchase program to $400 million. The acquisition of 3 Bear enhances revenue and geographic footprint, while cash reserves improved to $1.24 billion.

Delek US Holdings (NYSE: DK) has reinstated its regular quarterly cash dividend of $0.20 per share, payable on September 6, 2022, to shareholders of record by August 22, 2022. The company also expanded its share repurchase authorization by $170 million, now totaling $400 million. CEO Avigal Soreq emphasized the commitment to returning cash to shareholders and views the company's equity as undervalued, advocating for share retirements as a long-term investment strategy amid strong free cash flow generation.

Delek US Holdings (NYSE: DK) announced it will release its second quarter 2022 financial results on August 4, 2022, before the market opens. A conference call to discuss the results is scheduled for 10:00 a.m. CT on the same day. Investors can access the live broadcast on the company’s website, with a replay available for 90 days. Additionally, Delek Logistics Partners (NYSE: DKL) will hold its earnings call at 9:00 a.m. CT on August 4, 2022. Delek US operates in refining, logistics, and convenience retail with substantial assets across Texas and other states.

Delek US Holdings (NYSE: DK) has declared a special dividend of $0.20 per share, payable on July 20, 2022, to shareholders of record by July 12, 2022. This announcement reflects a strong macro environment for refining and is complemented by a recent $64 million share repurchase at $18.30 per share, representing 5% of its outstanding shares. The company prioritizes returning cash to shareholders while maintaining a solid balance sheet, with further assessment of a sustained dividend expected during the second quarter earnings announcement in early August.

Delek US Holdings reported a first quarter net income of $6.6 million or $0.09 per share, recovering from a net loss of $70 million in Q1 2021. Adjusted EBITDA reached $172.8 million, up from $12.6 million a year ago, driven by improved refining margins and utilization rates. The company plans to acquire 3Bear, aiming for midstream EBITDA of $365 - $395 million. With a cash reserve of $854 million and no major maintenance plans in 2022, Delek is positioned to capitalize on a strengthening energy market.

Delek Logistics Partners reported first quarter net income of $39.5 million, a 9% increase year-over-year. EBITDA rose to $66.0 million, up 12% year-over-year. The company declared a quarterly distribution of $0.98 per unit, reflecting a 6.5% increase from last year. A planned acquisition of 3Bear will enhance scale and revenue diversity, while strong activity in the Permian Gathering business is expected to boost volumes. The distributable cash flow coverage ratio stood at 1.21x with a leverage ratio of 3.3x.

Delek Logistics Partners, LP (NYSE: DKL) announced a quarterly cash distribution of $0.98 per common limited partner unit for Q1 2022, up 0.5% from Q4 2021 and 6.5% from Q1 2021. This marks the 37th consecutive quarter of increasing distributions. The distribution will be payable on May 12, 2022, to unitholders of record on May 5, 2022. The company also highlighted strong industry momentum due to elevated commodity prices and increased demand in its Permian Gathering System, along with a planned acquisition that is expected to boost cash flow ratios.