Delek US Holdings, Inc. (NYSE:DK) (“Delek US”) today announced
financial results for its second quarter ended June 30, 2017.
Delek US reported a second quarter net loss of $(37.9) million, or
$(0.61) per basic share, versus a net loss of $(7.0) million, or
$(0.11) per basic share, for the quarter ended June 30,
2016. On an adjusted basis Delek US reported a net loss of
$(25.0) million, or $(0.40) per basic share for the quarter ended
June 30, 2017, compared to a net loss of $(5.1) million, or
$(0.08) per basic share on an adjusted basis in the prior year
period. Reconciliations of GAAP net loss to adjusted net loss are
included in the financial tables attached to this
release.
Both the reported and adjusted results in the
second quarter 2017 included a pre-tax hedging loss of $31.7
million, or $0.31 per share after tax, related to a realized loss
on a crude oil inventory hedging strategy associated with Delek US'
supply and offtake agreement with J. Aron at the El Dorado,
Arkansas refinery. The hedges were entered into in late 2014 in
anticipation of the expiration of the supply and offtake agreement
in the second quarter 2017. In the first quarter 2017, Delek US
elected to extend the term of the supply and offtake agreement
until April 2020.
On a year-over-year basis during the second
quarter, lower results were driven by reduced performance in the
refining segment. The benefits of a higher Gulf Coast 5-3-2 crack
spread and lower RINs expense were offset primarily by the crude
oil inventory hedging loss, an inventory valuation loss compared to
a benefit in the prior year period and lower margins on residual
products, including asphalt. The lower performance in refining was
partially offset by improved performance in the logistics segment
on a year-over-year basis.
Uzi Yemin, Chairman, President and Chief Executive
Officer of Delek US, stated, "On July 1 we completed the Alon
transaction, and I want to thank the employees of both companies
for their efforts during the process. We are pleased with our
progress toward integration and we are on track to achieve our goal
of creating approximately $95 million of annual synergies in 2018.
The combined company will be one of the largest buyers of crude in
the Permian Basin and will have refining, logistics, marketing and
retail assets in that area creating opportunities for future
growth."
Yemin concluded, "We plan to move forward with
unlocking the value associated with approximately $78 million of
logistics EBITDA through future potential dropdowns to Delek
Logistics. Our first dropdown of certain asphalt terminals is
expected to occur in the second half of 2017. Also, Delek Logistics
is well positioned to support the larger operations of the combined
company. Based on the June 30 balance sheet for each company, the
combined company had a projected capitalization of approximately
$788.0 million cash and $600.0 million net debt. As we move forward
with integration and evaluating growth opportunities, we remain
focused on creating long-term shareholder value."
Alon Investment UpdateOn July 1,
2017, Delek US acquired all of the outstanding shares of Alon USA
Energy, Inc. ("Alon") common stock which Delek US did not already
own in an all-stock transaction. Delek US previously owned
approximately 33.7 million shares of common stock of Alon. Under
terms of the agreement, the owners of the remaining outstanding
shares in Alon received a fixed exchange ratio of 0.504 Delek US
shares for each share of Alon.
At June 30, 2017, Delek US owned approximately 47
percent of the outstanding stock of Alon, which was acquired in May
2015. The income from the equity investment in Alon was $0.4
million in the second quarter 2017 compared to a loss of $(10.4)
million in the second quarter 2016. Delek's equity investment
income from Alon was reduced by approximately $1.1 million for
transaction costs that Alon incurred during the second quarter
2017.
Due to the timing of the completion of the
acquisition on July 1, 2017, Alon will not file a Quarterly Report
on Form 10-Q or issue a press release to announce quarterly
results. Delek US furnished unaudited financial statements and
supplemental financial data for Alon's second quarter performance
on a Form 8-K filed August 2, 2017. At June 30, 2017 Alon had
approximately $215.3 million of cash and $564.8 million of total
debt.
Regular Quarterly DividendDelek US
announced today that its Board of Directors had declared its
regular quarterly cash dividend of $0.15 per share. Shareholders of
record on August 23, 2017 will receive this cash dividend payable
on September 13, 2017.
LiquidityAs of June 30, 2017,
Delek US had a cash balance of $572.3 million and total
consolidated debt of $822.5 million, resulting in net debt of
$250.2 million. As of June 30, 2017, Delek US'
subsidiary, Delek Logistics Partners, LP (NYSE:DKL) ("Delek
Logistics"), had $396.9 million of total debt and $4.9 million of
cash, which is included in the consolidated amounts on Delek US'
balance sheet. Excluding Delek Logistics, Delek US had
approximately $567.4 million in cash and $425.6 million of debt, or
a $141.8 million net cash position.
Refining SegmentRefining segment
contribution margin was $(14.0) million in the second quarter 2017
compared to $40.0 million in the second quarter 2016. On a
year-over-year basis, results benefited from a Gulf Coast 5-3-2
crack spread that increased to $10.86 per barrel for the second
quarter 2017, compared to $9.80 per barrel for the same period in
2016. In addition, RINs expense related to renewable fuels blending
obligations declined to approximately $5.5 million in the second
quarter 2017, compared to $12.3 million in the prior year
period.
However, a combination of factors more than offset
a higher crack spread and lower RINs expense to reduce contribution
margin on a year-over-year basis. First, results in the second
quarter 2017 were reduced by approximately $31.7 million related to
a realized loss on a crude oil inventory hedging strategy
associated with the supply and offtake agreement with J. Aron at
the El Dorado refinery. This loss was included in the second
quarter 2017 net hedging loss of $29.5 million compared to a $17.4
million hedging loss in the prior year period. Second, there was a
total inventory loss of $14.0 million in the second quarter 2017
compared to a benefit of $12.9 million in the prior year period
with the lower of cost or market valuation primarily driving the
change on a year-over-year basis. Finally, on a year-over-year
basis lower margins on residual products, including asphalt,
reduced performance at the El Dorado refinery.
The Midland WTI crude differential to Cushing WTI
was an average discount of $0.83 per barrel in second quarter 2017
compared to an average discount of $0.18 per barrel in the second
quarter 2016. In addition, contango in the oil futures market
decreased to $0.54 per barrel in the second quarter 2017, compared
to contango of $1.43 per barrel in the second quarter 2016. On a
year-over-year basis, while the combination of the Midland discount
and contango resulted in a reduced average crude oil price per
barrel in the second quarter 2017, the benefit declined by $0.24
per barrel compared to the second quarter 2016. This decline in
benefit on a year-over-year basis reduced margins at both
refineries.
See the table below for a summary of certain
information by refinery impacting our refining segment
operations:
|
Tyler, Texas |
|
El Dorado, Arkansas |
Refinery
Operating Highlights |
Three Months Ended June 30, |
|
Three Months Ended June 30, |
|
2017 |
2016 |
|
2017 |
2016 |
Contribution Margin, $
in millions |
$ |
12.3 |
|
$ |
30.8 |
|
|
$ |
(26.3 |
) |
$ |
7.2 |
|
|
|
|
|
|
|
Crude Throughput,
bpd |
73,101 |
|
69,911 |
|
|
74,342 |
|
73,556 |
|
Total Throughput,
bpd |
78,456 |
|
73,394 |
|
|
74,954 |
|
75,268 |
|
Total Sales Volume,
bpd |
79,404 |
|
74,398 |
|
|
76,826 |
|
80,173 |
|
|
|
|
|
|
|
Refining Margin, $/bbl
sold |
$ |
5.07 |
|
$ |
7.84 |
|
|
$ |
(0.01 |
) |
$ |
4.52 |
|
Adjusted Refining
Margin, $/bbl sold (1) |
$ |
7.43 |
|
$ |
6.83 |
|
|
$ |
3.79 |
|
$ |
6.08 |
|
|
|
|
|
|
|
Direct Operating
Expense, $ in millions |
$ |
24.3 |
|
$ |
22.3 |
|
|
$ |
26.3 |
|
$ |
25.7 |
|
Direct Operating
Expense, $/bbl sold |
$ |
3.37 |
|
$ |
3.29 |
|
|
$ |
3.76 |
|
$ |
3.52 |
|
(1) Reconciliations of refining margin and
adjusted refining margin per barrel are included in the tables
below.
Logistics SegmentDelek US and its
affiliates beneficially own approximately 63.5 percent (including
the 2 percent general partner interest) of all outstanding Delek
Logistics units. The logistics segment's results include 100
percent of the performance of Delek Logistics and adjustments for
the non-controlling interests are made on a consolidated basis.
On a year-over-year basis, segment contribution
margin in the second quarter 2017 increased to $31.7 million
compared to $30.0 million in the second quarter 2016. The wholesale
marketing and terminalling performance led by a higher gross margin
per barrel in west Texas was the primary factor offsetting the
effect of lower volume in the SALA Gathering System and reduced
performance from the Paline Pipeline on a year-over-year basis.
Second Quarter 2017 Results | Conference
Call InformationDelek US will hold a conference call to
discuss its second quarter 2017 results on Thursday, August 3, 2017
at 9:00 a.m. Central Time. Investors will have the opportunity to
listen to the conference call live by going to www.DelekUS.com and
clicking on the Investor Relations tab. Participants are encouraged
to register at least 15 minutes early to download and install any
necessary software. For those who cannot listen to the live
broadcast, a telephonic replay will be available through November
3, 2017 by dialing (855) 859-2056, passcode 56764628. An archived
version of the replay will also be available at
www.DelekUS.com for 90 days.
Investors may also wish to listen to Delek
Logistics’ (NYSE:DKL) second quarter earnings conference call that
will be held on Thursday, August 3, 2017 at 8:00 a.m. Central Time
and review Delek Logistics’ earnings press release. Market trends
and information disclosed by Delek Logistics may be relevant to the
logistics segment reported by Delek US. Both a replay of the
conference call and press release for Delek Logistics are available
online at www.deleklogistics.com.
About Delek US Holdings, Inc.Delek
US Holdings, Inc. is a diversified downstream energy company with
assets in petroleum refining, logistics, asphalt, renewable fuels
and convenience store retailing. The refining assets consist
of refineries operated in Tyler and Big Spring, Texas, El Dorado,
Arkansas and Krotz Springs, Louisiana with a combined nameplate
crude throughput capacity of 302,000 barrels per day. As of July 1,
2017, Delek US Holdings, through its subsidiaries, owns 100 percent
of the general partner and 81.6 percent of the limited partner
interest in Alon USA Partners, LP (NYSE: ALDW), which owns the
crude oil refinery in Big Spring, Texas, with a crude oil
throughput capacity of 73,000 barrels per day and an integrated
wholesale marketing business.
The logistics operations primarily consist of Delek
Logistics Partners, LP. Delek US Holdings, Inc. and its affiliates
also own approximately 63 percent (including the 2 percent general
partner interest) of Delek Logistics Partners, LP. Delek
Logistics Partners, LP (NYSE:DKL) is a growth-oriented master
limited partnership focused on owning and operating midstream
energy infrastructure assets.
The asphalt operations consist of owned or operated
asphalt terminals serving markets from Tennessee to the West Coast
through a combination of non-blended asphalt purchased from third
parties and production at the Big Spring, Texas and El Dorado,
Arkansas refineries. The renewables operations consist of plants in
Texas and Arkansas that produce biodiesel fuel and a renewable
diesel facility in California.
The convenience store retail business is the
largest 7-Eleven licensee in the United States and operates
approximately 300 convenience stores in central and west Texas and
New Mexico.
Safe Harbor Provisions Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements that are based upon current expectations
and involve a number of risks and uncertainties. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects, opportunities, plans,
actions and events and other statements, concerns, or matters that
are not historical facts are “forward-looking statements,” as that
term is defined under the federal securities laws. These
forward-looking statements include, but are not limited to,
statements regarding the integration of the combined companies
following the Alon transaction, transition plans, synergies,
opportunities, anticipated future performance and financial
position, and other factors.
Investors are cautioned that the following
important factors, among others, may affect these forward-looking
statements. These factors include but are not limited to: risks and
uncertainties related to the ability to successfully integrate the
businesses of Delek US and Alon USA Energy, Inc.; risks related to
disruption of management time from ongoing business operations due
to the integration implementation; the risk that any announcements
relating to the integration could have adverse effects on the
market price of Delek US' common stock; the risk that the
transaction could have an adverse effect on the ability of Delek US
and Alon to retain customers and retain and hire key personnel and
maintain relationships with their suppliers and customers and on
their operating results and businesses generally; the risk that the
combined company may be unable to achieve cost-cutting synergies or
it may take longer than expected to achieve those synergies;
uncertainty related to timing and amount of future share
repurchases and dividend payments; risks and uncertainties with
respect to the quantities and costs of crude oil we are able to
obtain and the price of the refined petroleum products we
ultimately sell; gains and losses from derivative instruments;
management's ability to execute its strategy of growth through
acquisitions and the transactional risks associated with
acquisitions and dispositions; acquired assets may suffer a
diminishment in fair value as a result of which we may need to
record a write-down or impairment in carrying value of the asset;
changes in the scope, costs, and/or timing of capital and
maintenance projects; operating hazards inherent in transporting,
storing and processing crude oil and intermediate and finished
petroleum products; our competitive position and the effects of
competition; the projected growth of the industries in which we
operate; general economic and business conditions affecting the
southern United States; and other risks described in Delek
US’ filings with the United States Securities and Exchange
Commission (the “SEC”), including risks described under the caption
“Risks Related to the Business of the Combined Company Following
the Mergers” in the Form S-4 (Registration Statement No.
333-216298) filed by Delek Holdco, Inc. (now named Delek US
Holdings, Inc.) which was declared effective by the SEC on May 26,
2017.
Forward-looking statements should not be read as a
guarantee of future performance or results and will not be accurate
indications of the times at or by which such performance or results
will be achieved. Forward-looking information is based on
information available at the time and/or management's good faith
belief with respect to future events, and is subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the statements.
Delek US undertakes no obligation to update or revise any such
forward-looking statements, except as required by applicable law or
regulation.
Non-GAAP Disclosures:
This earnings release includes references to
financial measures that are not defined under U.S. generally
accepted accounting principles ("GAAP"). These non-GAAP measures
include adjusted net income (loss) and adjusted net income (loss)
per share. Delek US believes that the presentation of these
non-GAAP measures reflects operating results that are more
indicative of Delek US' ongoing operating performance while
improving comparability to prior periods, and, as such, may provide
investors with an enhanced understanding of the Company's past
financial performance and prospects for the future. Adjusted
income or loss and adjusted net income or loss per share should not
be considered in isolation or as alternatives to net income or
loss, net income or loss per share, or any other measure of
financial performance presented in accordance with U.S. GAAP.
Additionally, because adjusted net income or loss and adjusted net
income or loss per share may be defined differently by other
companies in its industry, Delek US' definition may not be
comparable to similarly titled measures of other companies. See the
accompanying tables in this earnings release for a reconciliation
of these non-GAAP measures to the most directly comparable GAAP
measures.
Delek US Holdings, Inc. |
Consolidated Balance Sheets
(Unaudited) |
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
|
(In millions, except share and per share
data) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
572.3 |
|
|
$ |
689.2 |
|
Accounts
receivable |
|
284.0 |
|
|
265.9 |
|
Accounts
receivable from related party |
|
4.0 |
|
|
0.1 |
|
Inventories, net of inventory valuation reserves |
|
377.4 |
|
|
392.4 |
|
Other
current assets |
|
74.0 |
|
|
49.3 |
|
Total
current assets |
|
1,311.7 |
|
|
1,396.9 |
|
Property, plant and
equipment: |
|
|
|
|
Property,
plant and equipment |
|
1,619.1 |
|
|
1,587.6 |
|
Less:
accumulated depreciation |
|
(540.5 |
) |
|
(484.3 |
) |
Property,
plant and equipment, net |
|
1,078.6 |
|
|
1,103.3 |
|
Goodwill |
|
12.2 |
|
|
12.2 |
|
Other intangibles,
net |
|
27.0 |
|
|
26.7 |
|
Equity method
investments |
|
357.3 |
|
|
360.0 |
|
Other non-current
assets |
|
89.7 |
|
|
80.7 |
|
Total
assets |
|
$ |
2,876.5 |
|
|
$ |
2,979.8 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
470.4 |
|
|
$ |
494.6 |
|
Accounts
payable to related party |
|
3.8 |
|
|
1.8 |
|
Current
portion of long-term debt |
|
91.4 |
|
|
84.4 |
|
Obligation under Supply and Offtake Agreement |
|
145.4 |
|
|
124.6 |
|
Accrued
expenses and other current liabilities |
|
164.8 |
|
|
229.8 |
|
Total
current liabilities |
|
875.8 |
|
|
935.2 |
|
Non-current
liabilities: |
|
|
|
|
Long-term
debt, net of current portion |
|
731.1 |
|
|
748.5 |
|
Environmental liabilities, net of current portion |
|
5.8 |
|
|
6.2 |
|
Asset
retirement obligations |
|
5.4 |
|
|
5.2 |
|
Deferred
tax liabilities |
|
74.8 |
|
|
76.2 |
|
Other
non-current liabilities |
|
32.2 |
|
|
26.0 |
|
Total
non-current liabilities |
|
849.3 |
|
|
862.1 |
|
Stockholders’
equity: |
|
|
|
|
Preferred
stock, $0.01 par value, 10,000,000 shares authorized, no shares
issued and outstanding |
|
— |
|
|
— |
|
Common
stock, $0.01 par value, 110,000,000 shares authorized, 67,350,767
shares and 67,150,352 shares issued at June 30, 2017 and December
31, 2016, respectively |
|
0.7 |
|
|
0.7 |
|
Additional paid-in capital |
|
655.9 |
|
|
650.5 |
|
Accumulated other comprehensive loss |
|
(1.3 |
) |
|
(20.8 |
) |
Treasury
stock, 5,195,791 shares, at cost, as of both June 30, 2017 and
December 31, 2016 |
|
(160.8 |
) |
|
(160.8 |
) |
Retained
earnings |
|
476.6 |
|
|
522.3 |
|
Non-controlling interest in subsidiaries |
|
180.3 |
|
|
190.6 |
|
Total
stockholders’ equity |
|
1,151.4 |
|
|
1,182.5 |
|
Total
liabilities and stockholders’ equity |
|
$ |
2,876.5 |
|
|
$ |
2,979.8 |
|
Delek US Holdings, Inc. |
Consolidated Statements of Income
(Unaudited) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(In millions, except share and per share
data) |
Net sales |
|
$ |
1,230.7 |
|
|
$ |
1,147.3 |
|
|
$ |
2,412.8 |
|
|
$ |
2,033.4 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
1,157.8 |
|
|
1,025.3 |
|
|
2,193.5 |
|
|
1,841.1 |
|
Operating
expenses |
|
62.1 |
|
|
57.8 |
|
|
123.3 |
|
|
126.8 |
|
Insurance
proceeds — business interruption |
|
— |
|
|
— |
|
|
— |
|
|
(42.4 |
) |
General
and administrative expenses |
|
27.5 |
|
|
23.6 |
|
|
54.0 |
|
|
52.6 |
|
Depreciation and amortization |
|
29.5 |
|
|
29.3 |
|
|
58.5 |
|
|
57.6 |
|
Other
operating expense, net |
|
0.3 |
|
|
— |
|
|
0.3 |
|
|
— |
|
Total
operating costs and expenses |
|
1,277.2 |
|
|
1,136.0 |
|
|
2,429.6 |
|
|
2,035.7 |
|
Operating
(loss) income |
|
(46.5 |
) |
|
11.3 |
|
|
(16.8 |
) |
|
(2.3 |
) |
Interest expense |
|
14.9 |
|
|
13.6 |
|
|
28.4 |
|
|
26.8 |
|
Interest income |
|
(0.8 |
) |
|
(0.4 |
) |
|
(1.8 |
) |
|
(0.7 |
) |
|
|
|
|
|
|
|
|
|
(Income) loss from
equity method investments |
|
(1.5 |
) |
|
10.6 |
|
|
(4.6 |
) |
|
28.6 |
|
Other expense (income),
net |
|
0.1 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.5 |
|
Total
non-operating expenses, net |
|
12.7 |
|
|
23.7 |
|
|
22.1 |
|
|
55.2 |
|
Loss from continuing
operations before income tax benefit |
|
(59.2 |
) |
|
(12.4 |
) |
|
(38.9 |
) |
|
(57.5 |
) |
Income tax benefit |
|
(27.0 |
) |
|
(9.9 |
) |
|
(22.0 |
) |
|
(33.5 |
) |
Loss from continuing
operations |
|
(32.2 |
) |
|
(2.5 |
) |
|
(16.9 |
) |
|
(24.0 |
) |
Discontinued
operations: |
|
|
|
|
|
|
|
|
Income
(loss) from discontinued operations |
|
— |
|
|
2.8 |
|
|
— |
|
|
(1.1 |
) |
Income
tax expense (benefit) |
|
— |
|
|
0.9 |
|
|
— |
|
|
(0.6 |
) |
Income (loss) from
discontinued operations, net of tax |
|
— |
|
|
1.9 |
|
|
— |
|
|
(0.5 |
) |
Net loss |
|
(32.2 |
) |
|
(0.6 |
) |
|
(16.9 |
) |
|
(24.5 |
) |
Net income attributed
to non-controlling interest |
|
5.7 |
|
|
6.4 |
|
|
9.8 |
|
|
11.7 |
|
Net loss attributable
to Delek |
|
$ |
(37.9 |
) |
|
$ |
(7.0 |
) |
|
$ |
(26.7 |
) |
|
$ |
(36.2 |
) |
|
|
|
|
|
|
|
|
|
Basic loss per
share: |
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
$ |
(0.61 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.58 |
) |
Income (loss) from
discontinued operations |
|
$ |
— |
|
|
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
Total basic loss per
share |
|
$ |
(0.61 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
Diluted loss per
share: |
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
$ |
(0.61 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.58 |
) |
Income (loss) from
discontinued operations |
|
$ |
— |
|
|
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
Total diluted loss per
share |
|
$ |
(0.61 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.59 |
) |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
62,054,485 |
|
|
61,827,201 |
|
|
62,016,489 |
|
|
61,979,604 |
|
Diluted |
|
62,054,485 |
|
|
61,827,201 |
|
|
62,016,489 |
|
|
61,979,604 |
|
Dividends declared per
common share outstanding |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.30 |
|
|
$ |
0.30 |
|
Delek US Holdings, Inc. |
|
Consolidated Statements of Cash Flows |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
2017 |
|
2016 |
|
Cash Flow Data |
|
(Unaudited) |
|
Operating
activities |
|
$ |
(36.3 |
) |
|
$ |
156.6 |
|
|
Investing
activities |
|
(42.7 |
) |
|
(59.4 |
) |
|
Financing
activities |
|
(37.9 |
) |
|
(22.3 |
) |
|
|
Net
(decrease) increase |
|
$ |
(116.9 |
) |
|
$ |
74.9 |
|
|
Delek US Holdings, Inc. |
Segment Data (Unaudited) |
(In millions) |
|
|
Three Months Ended June 30, 2017 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
1,144.8 |
|
|
$ |
87.1 |
|
|
$ |
(1.2 |
) |
|
$ |
1,230.7 |
|
Intercompany fees and sales |
|
8.2 |
|
|
39.6 |
|
|
(47.8 |
) |
|
— |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
1,115.4 |
|
|
85.0 |
|
|
(42.6 |
) |
|
1,157.8 |
|
Operating
expenses |
|
51.6 |
|
|
10.0 |
|
|
0.5 |
|
|
62.1 |
|
Segment
contribution margin |
|
$ |
(14.0 |
) |
|
$ |
31.7 |
|
|
$ |
(6.9 |
) |
|
10.8 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
27.5 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
29.5 |
|
Operating
loss |
|
|
|
|
|
|
|
$ |
(46.5 |
) |
Total assets |
|
$ |
1,949.6 |
|
|
$ |
415.5 |
|
|
$ |
511.4 |
|
|
$ |
2,876.5 |
|
Capital spending
(excluding business combinations) |
|
$ |
11.2 |
|
|
$ |
2.1 |
|
|
$ |
1.7 |
|
|
$ |
15.0 |
|
|
|
Three Months Ended June 30, 2016 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations
(4) |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
980.6 |
|
|
$ |
75.5 |
|
|
$ |
— |
|
|
$ |
1,056.1 |
|
Intercompany fees and sales (1) |
|
97.1 |
|
|
36.3 |
|
|
(42.2 |
) |
|
91.2 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
988.1 |
|
|
73.1 |
|
|
(35.9 |
) |
|
1,025.3 |
|
Operating
expenses |
|
49.6 |
|
|
8.7 |
|
|
(0.5 |
) |
|
57.8 |
|
Segment
contribution margin |
|
$ |
40.0 |
|
|
$ |
30.0 |
|
|
$ |
(5.8 |
) |
|
64.2 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
23.6 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
29.3 |
|
Operating
income |
|
|
|
|
|
|
|
$ |
11.3 |
|
Total assets (2) |
|
$ |
2,002.2 |
|
|
$ |
381.8 |
|
|
$ |
964.0 |
|
|
$ |
3,348.0 |
|
Capital spending
(excluding business combinations) (3) |
|
$ |
3.6 |
|
|
$ |
0.8 |
|
|
$ |
2.7 |
|
|
$ |
7.1 |
|
Delek US Holdings, Inc. |
Segment Data (Unaudited) |
(In millions) |
|
|
Six Months Ended June 30, 2017 |
|
|
Refining |
|
|
Logistics |
|
Corporate, Other and Eliminations |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
2,235.3 |
|
|
|
$ |
180.0 |
|
|
$ |
(2.5 |
) |
|
$ |
2,412.8 |
|
Intercompany fees and sales |
|
17.2 |
|
|
|
76.2 |
|
|
(93.4 |
) |
|
— |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
2,099.7 |
|
|
|
177.6 |
|
|
(83.8 |
) |
|
2,193.5 |
|
Operating
expenses |
|
102.4 |
|
|
|
20.3 |
|
|
0.6 |
|
|
123.3 |
|
Segment
contribution margin |
|
$ |
50.4 |
|
|
|
$ |
58.3 |
|
|
$ |
(12.7 |
) |
|
$ |
96.0 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
|
54.0 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
58.5 |
|
Other
operating income |
|
|
|
|
|
|
|
|
0.3 |
|
Operating
loss |
|
|
|
|
|
|
|
|
$ |
(16.8 |
) |
|
|
|
|
|
|
|
|
|
|
Capital spending
(excluding business combinations) |
|
$ |
22.0 |
|
|
|
$ |
4.9 |
|
|
$ |
3.3 |
|
|
$ |
30.2 |
|
|
|
Six Months Ended June 30, 2016 |
|
|
Refining |
|
|
Logistics |
|
Corporate, Other and Eliminations
(4) |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
1,716.5 |
|
|
|
$ |
143.2 |
|
|
$ |
0.5 |
|
|
$ |
1,860.2 |
|
Intercompany fees and sales (1) |
|
188.5 |
|
|
|
72.7 |
|
|
(88.0 |
) |
|
173.2 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
1,776.0 |
|
|
|
139.9 |
|
|
(74.8 |
) |
|
1,841.1 |
|
Operating
expenses |
|
107.9 |
|
|
|
19.2 |
|
|
(0.3 |
) |
|
126.8 |
|
Insurance
proceeds - business interruption |
|
(42.4 |
) |
|
|
— |
|
|
— |
|
|
(42.4 |
) |
Segment
contribution margin |
|
$ |
63.5 |
|
|
|
$ |
56.8 |
|
|
$ |
(12.4 |
) |
|
$ |
107.9 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
|
52.6 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
|
57.6 |
|
Operating
loss |
|
|
|
|
|
|
|
|
$ |
(2.3 |
) |
Capital spending
(excluding business combinations) (3) |
|
$ |
3.6 |
|
|
|
$ |
1.9 |
|
|
$ |
4.8 |
|
|
$ |
10.3 |
|
(1) Intercompany fees and sales for the refining segment
include revenues from the Retail Entities of $91.2 million and
$173.2 million during the three and six months ended June 30,
2016, the operations of which are reported in discontinued
operations.
(2) Assets held for sale of $468.3 million are included in
the corporate, other and eliminations segment as of June 30,
2016.
(3) Capital spending excludes capital spending associated
with the Retail Entities of $2.6 million and $6.0 million during
the three and six months ended June 30, 2016.
(4) The corporate, other and eliminations segment
operating results for the three and six months ended June 30,
2016 have been restated to reflect the reclassification of the
Retail Entities to discontinued operations.
Refining
Segment |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Tyler
Refinery |
|
(Unaudited) |
|
(Unaudited) |
Days in period |
|
91 |
|
|
91 |
|
|
181 |
|
|
182 |
|
Total sales volume
(average barrels per day)(1) |
|
79,404 |
|
|
74,398 |
|
|
71,906 |
|
|
73,358 |
|
Products manufactured
(average barrels per day): |
|
|
|
|
|
|
|
|
Gasoline |
|
41,817 |
|
|
39,052 |
|
|
37,955 |
|
|
37,829 |
|
Diesel/Jet |
|
30,810 |
|
|
28,457 |
|
|
27,767 |
|
|
28,150 |
|
Petrochemicals, LPG, NGLs |
|
3,207 |
|
|
3,132 |
|
|
2,621 |
|
|
2,540 |
|
Other |
|
1,678 |
|
|
1,717 |
|
|
1,613 |
|
|
1,600 |
|
Total
production |
|
77,512 |
|
|
72,358 |
|
|
69,956 |
|
|
70,119 |
|
Throughput (average
barrels per day): |
|
|
|
|
|
|
|
|
Crude
oil |
|
73,101 |
|
|
69,911 |
|
|
65,144 |
|
|
66,707 |
|
Other
feedstocks |
|
5,355 |
|
|
3,483 |
|
|
5,820 |
|
|
4,116 |
|
Total
throughput |
|
78,456 |
|
|
73,394 |
|
|
70,964 |
|
|
70,823 |
|
Per barrel of
sales: |
|
|
|
|
|
|
|
|
Tyler
refining margin |
|
$ |
5.07 |
|
|
$ |
7.84 |
|
|
$ |
5.01 |
|
|
$ |
6.41 |
|
Direct
operating expenses |
|
$ |
3.37 |
|
|
$ |
3.29 |
|
|
$ |
3.75 |
|
|
$ |
3.76 |
|
|
|
|
|
|
|
|
|
|
El Dorado
Refinery |
|
|
|
|
|
|
|
|
Days in period |
|
91 |
|
|
91 |
|
|
181 |
|
|
182 |
|
Total sales volume
(average barrels per day)(2) |
|
76,826 |
|
|
80,173 |
|
|
80,190 |
|
|
79,864 |
|
Products manufactured
(average barrels per day): |
|
|
|
|
|
|
|
|
Gasoline |
|
36,446 |
|
|
40,003 |
|
|
38,151 |
|
|
41,481 |
|
Diesel |
|
27,396 |
|
|
27,296 |
|
|
26,744 |
|
|
27,034 |
|
Petrochemicals, LPG, NGLs |
|
1,751 |
|
|
809 |
|
|
1,703 |
|
|
777 |
|
Asphalt |
|
7,205 |
|
|
4,413 |
|
|
6,635 |
|
|
4,224 |
|
Other |
|
1,014 |
|
|
939 |
|
|
1,001 |
|
|
915 |
|
Total
production |
|
73,812 |
|
|
73,460 |
|
|
74,234 |
|
|
74,431 |
|
Throughput (average
barrels per day): |
|
|
|
|
|
|
|
|
Crude
oil |
|
74,342 |
|
|
73,556 |
|
|
73,775 |
|
|
73,088 |
|
Other
feedstocks |
|
612 |
|
|
1,712 |
|
|
1,488 |
|
|
3,089 |
|
Total
throughput |
|
74,954 |
|
|
75,268 |
|
|
75,263 |
|
|
76,177 |
|
Per barrel of
sales: |
|
|
|
|
|
|
|
|
El Dorado
refining margin |
|
$ |
(0.01 |
) |
|
$ |
4.52 |
|
|
$ |
5.97 |
|
|
$ |
2.65 |
|
Direct
operating expenses |
|
$ |
3.76 |
|
|
$ |
3.52 |
|
|
$ |
3.53 |
|
|
$ |
3.76 |
|
|
|
|
|
|
|
|
|
|
Pricing
statistics (average for the period presented): |
|
|
|
|
|
|
|
|
WTI — Cushing crude oil
(per barrel) |
|
$ |
48.32 |
|
|
$ |
45.56 |
|
|
$ |
50.12 |
|
|
$ |
39.65 |
|
WTI — Midland crude oil
(per barrel) |
|
$ |
47.28 |
|
|
$ |
45.19 |
|
|
$ |
49.48 |
|
|
$ |
39.52 |
|
US Gulf Coast 5-3-2
crack spread (per barrel) |
|
$ |
10.86 |
|
|
$ |
9.80 |
|
|
$ |
10.68 |
|
|
$ |
8.74 |
|
US Gulf Coast Unleaded
Gasoline (per gallon) |
|
$ |
1.46 |
|
|
$ |
1.38 |
|
|
$ |
1.49 |
|
|
$ |
1.21 |
|
Ultra low sulfur diesel
(per gallon) |
|
$ |
1.47 |
|
|
$ |
1.34 |
|
|
$ |
1.52 |
|
|
$ |
1.19 |
|
Natural gas (per
MMBTU) |
|
$ |
3.05 |
|
|
$ |
2.13 |
|
|
$ |
3.02 |
|
|
$ |
2.05 |
|
(1) Total sales volume includes 743 and 842 bpd sold to
the logistics segment during the three and six months ended
June 30, 2017, respectively, and 785 and 1,070 bpd during the
three and six months ended June 30, 2016, respectively.
Total sales volume also includes sales of 1 and 5 bpd of
intermediate and finished products to the El Dorado refinery during
the three and six months ended June 30, 2017, respectively,
and 797 and 516 bpd during the three and six months ended
June 30, 2016, respectively. Total sales volume excludes 4,177
and 5,297 bpd of wholesale activity during the three and six months
ended June 30, 2017, respectively, and 740 and 371 during the
three and six months ended June 30, 2016, respectively.
(2) Total sales volume includes 525 and 787 bpd of
produced finished product sold to the Tyler refinery during the
three and six months ended June 30, 2017, respectively.
There were no produced finished products sold to the Tyler refinery
during the three and six months ended June 30, 2016.
Total sales volume excludes 19,219 and 18,880 bpd of wholesale
activity during the three and six months ended June 30, 2017,
respectively, and 20,450 and 22,585 bpd during the three and six
months ended June 30, 2016, respectively.
Delek US Holdings, Inc. |
Reconciliation of Refining Margin per barrel
to Adjusted Refining Margin per barrel (3) |
$ in millions, except per share data |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
(Unaudited) |
Tyler (4) |
|
|
|
|
|
|
|
|
Reported refining
margin, $ per barrel |
|
$ |
5.07 |
|
|
$ |
7.84 |
|
|
$ |
5.01 |
|
|
$ |
6.41 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Net inventory valuation
loss (benefit) |
|
1.44 |
|
|
(2.09 |
) |
|
0.21 |
|
|
(1.36 |
) |
Hedging (gain)
loss |
|
(0.09 |
) |
|
1.17 |
|
|
0.01 |
|
|
0.92 |
|
Other inventory loss
(benefit) |
|
1.01 |
|
|
(0.09 |
) |
|
1.24 |
|
|
0.19 |
|
|
|
|
|
|
|
|
|
|
Adjusted refining
margin $/bbl |
|
$ |
7.43 |
|
|
$ |
6.83 |
|
|
$ |
6.47 |
|
|
$ |
6.16 |
|
|
|
|
|
|
|
|
|
|
El Dorado (5) |
|
|
|
|
|
|
|
|
Reported refining
margin, $ per barrel |
|
$ |
(0.01 |
) |
|
$ |
4.52 |
|
|
$ |
5.97 |
|
|
$ |
2.65 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Net inventory valuation
loss |
|
0.05 |
|
|
0.15 |
|
|
0.02 |
|
|
0.07 |
|
Hedging loss |
|
4.32 |
|
|
1.30 |
|
|
2.08 |
|
|
0.88 |
|
Other inventory
(benefit) loss |
|
(0.57 |
) |
|
0.11 |
|
|
(0.55 |
) |
|
1.09 |
|
RIN waiver |
|
— |
|
|
— |
|
|
(3.27 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Adjusted refining
margin $/bbl |
|
$ |
3.79 |
|
|
$ |
6.08 |
|
|
$ |
4.25 |
|
|
$ |
4.69 |
|
(3) Adjusted refining margin per barrel is presented to
provide a measure to evaluate performance excluding inventory
valuation adjustments, hedging (realized and unrealized) gains and
losses, and other items at the individual refinery level. Delek US
believes that the presentation of adjusted measures provides useful
information to investors in assessing its results of operations at
each refinery. Because adjusted refining margin per barrel may be
defined differently by other companies in its industry, Delek US'
definition may not be comparable to similarly titled measures of
other companies.
(4) Tyler adjusted refining margins exclude the following
items.
Net inventory valuation benefit
(loss) - There was approximately $(10.4) million valuation
loss and $14.2 million of valuation benefit in the second quarter
2017 and 2016, respectively. There was approximately $(2.7) million
valuation loss and $18.1 million of valuation benefit in the six
months ended June 30, 2017 and 2016, respectively. These amounts
resulted from lower of cost or market adjustments on LIFO inventory
in the respective periods.Hedging effect - A total
hedging gain of $0.7 million and loss of $(7.9) million was
recognized in the second quarter 2017 and 2016, respectively. A
total hedging loss of $(0.1) million and $(12.3) million was
recognized in the six months ended June 30, 2017 and 2016,
respectively.Other inventory - A loss of $(7.3)
million and a benefit of $0.6 million was recognized in the second
quarter 2017 and 2016, respectively. A loss of $(16.2)
million and $(2.6) million was recognized in the six months ended
June 30, 2017 and 2016, respectively. These amounts consist of the
inventory valuation effect versus market prices in the respective
periods.
(5) El Dorado adjusted refining margins exclude the
following items.
Net inventory valuation benefit
(loss) - There were $(0.3) million and $(1.1) million of
valuation losses in the second quarter 2017 and 2016, respectively.
There were approximately $(0.3) million and $(1.1) million of
valuation losses in the six months ended June 30, 2017 and 2016,
respectively. These amounts resulted from lower of cost or market
adjustments on FIFO inventory in the respective
periods.Hedging effect - The total hedging loss of
$(30.2) million and $(9.5) million was recognized in the second
quarter 2017 and 2016, respectively. A total hedging loss of
$(30.2) million and $(12.7) million was recognized in the six
months ended June 30, 2017 and 2016, respectively.Other
inventory - A benefit of $4.0 million and $(0.8) million
loss was recognized in the second quarter 2017 and 2016,
respectively. A benefit of $8.0 million and a loss of $(15.9)
million was recognized in the six months ended June 30, 2017 and
2016, respectively. These amounts consist of the inventory
valuation effect versus market prices in the respective
periods.RIN waiver - In March 2017, the El Dorado,
Arkansas refinery received approval from the Environmental
Protection Agency for a small refinery exemption from the
requirements of the renewable fuel standard for the 2016 calendar
year. This waiver equated to a benefit of approximately $47.5
million recognized in the first quarter 2017.
Logistics
Segment |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
(Unaudited) |
Pipelines &
Transportation: (average bpd) |
|
|
|
|
|
|
|
|
Lion
Pipeline System: |
|
|
|
|
|
|
|
|
Crude
pipelines (non-gathered) |
|
59,953 |
|
|
56,302 |
|
|
59,351 |
|
|
56,322 |
|
Refined
products pipelines to Enterprise Systems |
|
49,820 |
|
|
53,670 |
|
|
50,583 |
|
|
53,725 |
|
SALA
Gathering System |
|
15,957 |
|
|
18,288 |
|
|
16,242 |
|
|
18,645 |
|
East
Texas Crude Logistics System |
|
13,591 |
|
|
12,909 |
|
|
14,876 |
|
|
11,127 |
|
El Dorado
Rail Offloading Rack |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Wholesale
Marketing & Terminalling: |
|
|
|
|
|
|
|
|
East
Texas - Tyler Refinery sales volumes (average bpd)(6) |
|
77,878 |
|
|
70,188 |
|
|
70,677 |
|
|
68,301 |
|
West
Texas marketing throughputs (average bpd) |
|
13,422 |
|
|
12,594 |
|
|
13,942 |
|
|
13,482 |
|
West
Texas marketing margin per barrel |
|
$ |
4.26 |
|
|
$ |
2.13 |
|
|
$ |
3.44 |
|
|
$ |
1.00 |
|
Terminalling throughputs (average bpd)(7) |
|
128,111 |
|
|
126,476 |
|
|
122,026 |
|
|
122,645 |
|
(6) Excludes jet fuel and petroleum coke
(7) Consists of terminalling throughputs at our Tyler, Big
Sandy and Mount Pleasant, Texas, North Little Rock and El Dorado,
Arkansas, and Memphis and Nashville, Tennessee terminals.
Delek US Holdings, Inc. |
Reconciliation of Amounts Reported Under U.S.
GAAP |
$ in millions |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Reconciliation of Net Loss to Adjusted Net
Loss |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
Reported net
loss attributable to Delek |
$ |
(37.9 |
) |
|
$ |
(7.0 |
) |
|
$ |
(26.7 |
) |
|
$ |
(36.2 |
) |
|
|
|
|
|
|
|
|
Adjustments(8) |
|
|
|
|
|
|
|
Net inventory valuation
loss (gain) |
10.7 |
|
|
(12.9 |
) |
|
3.0 |
|
|
(16.9 |
) |
Tax effect of inventory
valuation |
(3.8 |
) |
|
4.5 |
|
|
(1.1 |
) |
|
5.9 |
|
Net after tax inventory
valuation loss (gain) |
6.9 |
|
|
(8.4 |
) |
|
1.9 |
|
|
(11.0 |
) |
|
|
|
|
|
|
|
|
Business interruption
proceeds |
— |
|
|
— |
|
|
— |
|
|
(42.4 |
) |
Tax effect of business
interruption proceeds |
— |
|
|
— |
|
|
— |
|
|
14.9 |
|
Net after tax business
interruption proceeds |
— |
|
|
— |
|
|
— |
|
|
(27.5 |
) |
|
|
|
|
|
|
|
|
Unrealized hedging
loss |
6.6 |
|
|
16.0 |
|
|
0.1 |
|
|
24.6 |
|
Tax effect of
unrealized hedging |
(2.2 |
) |
|
(5.7 |
) |
|
0.2 |
|
|
(8.6 |
) |
Net after tax
unrealized hedging loss |
4.4 |
|
|
10.3 |
|
|
0.3 |
|
|
16.0 |
|
|
|
|
|
|
|
|
|
Transaction related
expenses |
2.5 |
|
|
— |
|
|
4.2 |
|
|
$ |
— |
|
Tax effect of
transaction related expenses |
(0.9 |
) |
|
— |
|
|
(1.5 |
) |
|
$ |
— |
|
Net after tax
transaction related expenses |
1.6 |
|
|
— |
|
|
2.7 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Total after tax
adjustments |
12.9 |
|
|
1.9 |
|
|
4.9 |
|
|
$ |
(22.5 |
) |
|
|
|
|
|
|
|
|
Adjusted
net loss |
$ |
(25.0 |
) |
|
$ |
(5.1 |
) |
|
$ |
(21.8 |
) |
|
$ |
(58.7 |
) |
|
|
|
|
|
|
|
|
(8) The tax calculation is based on the appropriate
marginal income tax rate related to each adjustment and for each
respective time period, which is applied to the adjusted items in
the calculation of adjusted net loss in all periods.
Delek US Holdings, Inc. |
Reconciliation of Amounts Reported Under U.S.
GAAP |
per share data |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Reconciliation of Net Loss to Adjusted Net
Loss |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Reported net
loss per share attributable to Delek |
$ |
(0.61 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
Adjustments, after tax (per
share)(8) |
|
|
|
|
|
|
|
Net inventory valuation
loss (gain) |
0.11 |
|
|
(0.14 |
) |
|
0.03 |
|
|
(0.18 |
) |
Business interruption
proceeds |
— |
|
|
— |
|
|
— |
|
|
(0.44 |
) |
Unrealized hedging
loss |
0.07 |
|
|
0.17 |
|
|
— |
|
|
0.26 |
|
Transaction related
expenses |
0.03 |
|
|
— |
|
|
0.04 |
|
|
— |
|
|
|
|
|
|
|
|
|
Total adjustments |
0.21 |
|
|
0.03 |
|
|
0.07 |
|
|
(0.36 |
) |
|
|
|
|
|
|
|
|
Adjusted
net loss per share |
$ |
(0.40 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.95 |
) |
U.S. Investor / Media Relations Contact:
Keith Johnson
Delek US Holdings, Inc.
Vice President of Investor Relations
615-435-1366
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