Delek US Holdings, Inc. · NYSE:DK
Delek US — Investor Presentation (June 2024)
20 slides from Delek US's investor presentation, June 2024
Slide 1: Investor Presentation
Investor Presentation JUNE 2024
Slide 2: Forward Looking Statement
Forward Looking Statement Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively
Slide 3: Delek US Holdings
Delek US Holdings Integrated Downstream Unlocking Value for Financial Energy Company Shareholders and Unitholders Strength and Flexibility Refining – 302,000 BPD throughput Evaluating opportunities across Delek US Delek US Holdings (DK) – $753.4 million capacity from four PADD 3 refineries with busi
Slide 4: Strategic Objectives
Strategic Objectives 2024 Priorities Operational Financial Strength and Strategic Excellence Shareholder Return Initiatives Run safely, reliably and in Execute a prudent and Improve cost and process an environmentally disciplined capital allocation efficiencies to reach responsible manner approach r
Slide 5: Integrated Company with Asset Diversity and Scale
Integrated Company with Asset Diversity and Scale Source 207,000 bpd from Permian Basin RIO • Growing gathering system • Wink to Webster JV Crude Oil Pipeline Delek Tech 5
Slide 6: Financial Summary
Financial Summary Financial Highlights $ in millions (except per share) 1Q23 4Q23 1Q24 Net Income (Loss) $64.3 $(164.9) $(32.6) Adjusted Net Income (Loss) $92.7 $(93.2) $(26.2) Adjusted Net Income (Loss) per share $1.37 $(1.46) $(0.41) Adjusted EBITDA $284.6 $60.6 $158.7 Cash from Operations $395.1
Slide 7: 2024 Consolidated Cash Flow
2024 Consolidated Cash Flow ($MM's) $166.7 $822.2 $(41.6) $753.4 $(193.9) 12/31/2024 Operating Activities Investing Activities Financing Activities 3/31/2024 Cash Balance* Cash Balance* *includes cash and cash equivalents 7
Slide 8: Capital Program
Capital Program 1Q24 Actual & 2024 Forecast 1Q24 35% 2024 $'s in Millions 1Q24 Forecast Regulatory & Sustaining Growth ($ millions) Total Total 65% Refining $ 22 $ 220 Logistics (Delek Logistics Partners) 15 70 2024 Retail 4 15 Forecast 23% Corporate & Other 5 25 Regulatory & Sustaining Growth Capit
Slide 9: Net Debt
Net Debt $'s in Millions Mar 31, 2024 Dec 31, 2023 Consolidated long-term debt - current portion $ 14.5 $ 44.5 Consolidated long-term debt - non-current portion 2,482.4 2,555.3 Consolidated total long-term debt $ 2,496.9 $ 2,599.8 Less: Cash and cash equivalents 753.4 822.2 Consolidated net debt $ 1
Slide 10: Refining
Refining DK Refining System Crude Slate % *as of March 31, 2024 Crude Throughput 19.0% Capacity Nelson Refinery (BPD) Complexity 3.4% WTI Crude Oil Tyler 75,000 8.7 Gulf Coast Sweet Crude 6.2% Local Arkansas Crude Oil El Dorado 80,000 10.2 Other Big Spring 73,000 10.5 71.4% Krotz Springs 74,000 8.8
Slide 11: Operational Excellence
Refining Improvement Plan Path to refinery optimization Tyler Refinery Current State Future State Past State Commercially optimized with reliable operations Sustainable operational reliability Sustainable operational reliability Commercial optimization opportunities Commercial optimization realized
Slide 12: Logistics
Logistics • Primarily through 72.7% owned MLP, Delek Logistics Partners, LP • Diversified portfolio of assets integrated with Refining and (DKL) Marketing • Positioned to benefit from activity in the Permian Basin • Multi-year minimum volume commitment (MVC) contracts Gathering & Processing Marketin
Slide 13: Retail
Retail ~80% integration with existing downstream operations offering synergies and competitive advantage Operate 250 C-stores in West Texas and New Mexico 162 thousand of gallons in fuel sales (per site) per quarter Implement interior rebranding/ re-imaging 13
Slide 14: Environmental, Social, and Governance (ESG)
Environmental, Social, and Governance (ESG) 14
Slide 15: Adjusted EBITDA
Adjusted EBITDA 4Q23 vs 1Q24 ($MM's) $116.5 $0.3 $158.7 $(2.8) $(15.9) $60.6 4Q23 Refining Logistics Retail Corporate 1Q24 1Q24 Adjusted EBITDA Results by Segment Refining Logistics Retail Corporate $106.1 $99.7 $6.5 $(53.6) 15
Slide 16: Guidance
Guidance 2nd Quarter 2024 $'s in Millions Low High Operating Expenses $215 $225 General and Administrative Expenses $60 $65 Depreciation and Amortization $90 $95 Net Interest Expense $80 $90 Barrels per day (bpd) Low High Total Crude Throughput 287,000 300,000 Total Throughput 299,000 312,000 Total
Slide 17: Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) Three Months Ended Three Months Ended March 31, December 31, $ in millions (unaudited) 2024 2023 2023 Reported net (loss) income attributable to Delek US $ (32.6) $ 64.3 $ (164.9) Adjusting items (1) Inventory LCM valuation
Slide 18: Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended Three Months Ended March 31, December 31, $ per share (unaudited) 2024 2023 2023 Reported diluted (loss) income per share $ (0.51) $ 0.95 $ (2.57) Adjusting items, after tax (per share)
Slide 19: Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA
Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Three Months Ended Three Months Ended March 31, December 31, $ in millions (unaudited) 2024 2023 2023 Reported net (loss) income attributable to Delek US $ (32.6) $ 64.3 $ (164.9) Add: Interest expense, net 87.7 76.5 79.
Slide 20: Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended March 31, 2024 Corporate, Other $ in millions (unaudited) Refining Logistics Retail and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 101.1 $ 99.7 $ 6.5 $ (64.2) $ 143.1 Adju
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