The following is a summary of the Delek US Holdings, Inc. (DK) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Delek US reported adjusted EBITDA of approximately $71 million for Q3 2024.

• There was a net loss of $77 million, or negative $1.20 per share. Adjusted net loss was $93 million, or negative $1.45 per share.

• Refining margin is $5 to $6 below mid-cycle, impacting profitability.

• Achieved $100 million net cash from the sale of retail and completed major acquisitions, strengthening the balance sheet.

Business Progress:

• Successfully closed transactions related to sum-of-the-parts efforts, including the sale of retail assets and the acquisition of H2O Midstream.

• Progress on Krotz Springs and El Dorado refinery enhancements.

• Implemented the Market Optionality plan to optimize product sales from refineries.

• Launched a new cost reduction and margin improvement plan aiming for a $100 million annual increase by the second half of 2025.

Opportunities:

• Focused on deconsolidating Delek Logistics to unlock value, improving third-party cash flow, and seizing growth opportunities in the Permian Basin.

Risks:

• Current refining margin below mid-cycle may necessitate adjustments in operations and could impact profitability.

• Need for continued investment in operational efficiency to mitigate the impact of low margin environment.

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