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Sep 30, 2024
Delek US Q3 2024 Earnings Report
Delek US Holdings reported a net loss of $76.8 million for the third quarter of 2024, with adjusted net loss of $93.0 million and adjusted EBITDA of $70.6 million.
Key Takeaways
Delek US Holdings reported a net loss of $76.8 million for the third quarter of 2024, or $(1.20) per share. Adjusted net loss was $93.0 million, or $(1.45) per share, with adjusted EBITDA of $70.6 million. The company successfully closed several strategic transactions, including the sale of retail assets for $390 million and the drop-down of the Wink to Webster pipeline into DKL. The logistics segment achieved a record quarterly EBITDA of $106.1 million.
Net loss of $76.8 million or $(1.20) per share, with an adjusted net loss of $93.0 million or $(1.45) per share.
Adjusted EBITDA for the quarter was $70.6 million, significantly lower than $345.1 million in the prior year.
Successfully closed the sale of retail assets for $390 million and completed the drop-down of the Wink to Webster pipeline into DKL.
Logistics segment reported a record quarterly Adjusted EBITDA of $106.1 million, an increase from $96.5 million in the prior year quarter.
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 plans to continue executing on priorities including safe operations, midstream deconsolidation, Enterprise Optimization Plan efforts, and delivering shareholder value while maintaining financial strength and flexibility.
Positive Outlook
- Continued focus on safe and reliable operations.
- Further progress on midstream deconsolidation efforts.
- Execution of the Enterprise Optimization Plan (EOP) to increase profitability by at least $100 million.
- Commitment to delivering shareholder value.
- Maintaining financial strength and flexibility.
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.
- Uncertainties regarding future decisions by OPEC on production and pricing.
- Risks related to the integration of Delaware Gathering business by Delek Logistics.
- Potential for diminishment in fair value of acquired assets, possibly requiring write-downs or impairments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income