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Mar 31, 2024
Delek US Q1 2024 Earnings Report
Delek US Holdings reported a net loss in Q1 2024, with adjusted EBITDA of $158.7 million, reflecting lower refining crack spreads partially offset by higher sales volume.
Key Takeaways
Delek US Holdings reported a net loss of $32.6 million for the first quarter of 2024, or $(0.51) per share. Adjusted net loss was $26.2 million, or $(0.41) per share, with adjusted EBITDA of $158.7 million. The refining segment's adjusted EBITDA decreased due to lower crack spreads, while the logistics segment saw an increase driven by Delaware Gathering systems and rate increases.
Net loss of $32.6 million or $(0.51) per share, with an adjusted net loss of $26.2 million or $(0.41) per share.
Adjusted EBITDA for the quarter was $158.7 million.
Delek Logistics successfully executed debt and equity offerings, improving liquidity to approximately $800 million and increasing outstanding DKL units to 47.2 million.
The company paid $15.7 million in dividends and increased its regular quarterly dividend to $0.250 per share in May.
Delek US
Delek US
Delek US Revenue by Segment
Revenue by Segment
Refining Revenue
CapyFin.comLogistics Revenue
CapyFin.comCorporate, Other and Eliminations Revenue
CapyFin.com Forward Guidance
Delek US Holdings plans to continue executing on its priorities of safe and reliable operations, enhancing its portfolio with strategic growth projects, and delivering shareholder value while maintaining financial strength and flexibility.
Positive Outlook
- Continued focus on operational excellence and favorable EHS performance trends.
- Strategic progress with Delek Logistics, improving financial strength and flexibility.
- Initiated a process to unlock value in the retail business.
- Well-positioned to execute the sum of the parts initiative and realize value for stakeholders.
- Commitment to enhancing the portfolio with strategic growth projects.
Challenges Ahead
- Navigated regional demand headwinds early in the quarter.
- Refining segment Adjusted EBITDA decreased compared to the prior year due to lower crack spreads.
- Increased losses from Corporate, Other and Eliminations driven by higher employee related expenses.
- Uncertainty related to timing and amount of future share repurchases and dividend payments.
- Risks and uncertainties regarding crude oil quantities, costs, and refined product prices.
Revenue & Expenses
Visualization of income flow from segment revenue to net income