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Jun 30, 2024
Delek US Q2 2024 Earnings Report
Delek US Holdings reported a net loss of $37.2 million for the second quarter of 2024, with adjusted EBITDA of $107.5 million.
Key Takeaways
Delek US Holdings reported a net loss of $37.2 million and an adjusted net loss of $59.3 million for the second quarter of 2024. Adjusted EBITDA was $107.5 million. The company made significant progress on its 'Sum of the Parts' strategy, including the sale of retail assets and amendments to intercompany contracts, which are expected to provide a cash infusion of over $500 million.
Net loss of $37.2 million or $(0.58) per share, with an adjusted net loss of $59.3 million or $(0.92) per share.
Adjusted EBITDA for the quarter was $107.5 million.
Entered into an agreement to sell retail assets for $385 million and signed a ten-year fuel supply agreement with FEMSA.
Delek US and Delek Logistics amended and extended intercompany contracts for up to seven years, and DK executed a drop-down of Wink to Webster into DKL.
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, advancing strategic initiatives, and delivering shareholder value while maintaining financial strength and flexibility.
Positive Outlook
- Continued execution on strategic initiatives, including the 'Sum of the Parts' strategy.
- Focus on maintaining financial strength and flexibility.
- Commitment to delivering shareholder value.
- Ongoing efforts to run safe and reliable operations.
- Progress on midstream growth initiatives, including Permian Gathering System and Red River joint venture.
Challenges Ahead
- Uncertainty related to timing and amount of future share repurchases and dividend payments.
- Risks and uncertainties regarding crude oil quantities, costs, and refined petroleum product prices.
- Potential impact of OPEC decisions on production and pricing.
- Risks associated with acquisitions and dispositions, including timing of closing and potential diminishment in fair value of acquired assets.
- Changes in scope, costs, and timing of capital and maintenance projects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income