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Dec 31, 2024
Delek US Q4 2023 Earnings Report
Delek US reported a net loss in Q4 2023, with strong performance in logistics and retail segments, despite a challenging refining market.
Key Takeaways
Delek US Holdings reported a net loss of $164.9 million for Q4 2023, or $2.57 per share, with an adjusted net loss of $93.2 million. Despite a less favorable market environment for refining, the company achieved record total throughput in refining and strong results in its logistics and retail segments. The company returned $35.4 million to shareholders and reduced debt by $38.2 million in the quarter.
Net loss of $164.9 million ($2.57 per share) and adjusted net loss of $93.2 million ($1.46 per share) in Q4 2023.
Refining segment delivered a record total throughput rate despite a challenging market, with adjusted EBITDA of $(10.4) million.
Logistics segment achieved a record quarter with adjusted EBITDA of $99.4 million, driven by strong contributions from Midland and Delaware Gathering systems.
Retail segment's adjusted EBITDA increased to $9.3 million, primarily due to higher inside store margins and total retail fuel gallons sold.
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 estimates its 2024 capital program to be approximately $330 million, focusing on maintaining safe and reliable operations, enhancing its portfolio with strategic growth projects, and delivering shareholder value while maintaining financial strength and flexibility.
Positive Outlook
- 2024 capital expenditures are estimated to be lower than 2023, at approximately $330 million.
- The capital program reflects a dedication to maintaining safe and reliable operations.
- Strategic growth projects are planned to enhance the portfolio.
- The company aims to deliver shareholder value while maintaining financial strength and flexibility.
- Well-positioned from both operational and financial standpoints to deliver competitive returns.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income