Delek Us Holdings, Inc. · NYSE:DK

Delek Us — Scotia Howard Weil Energy Conference 2015

39 slides from Delek Us's conference presentation, Mar 24, 2015

1. Slide 1: Scotia Howard Weil Energy Conference Delek US Holdings March 2015

   Scotia Howard Weil Energy Conference Delek US Holdings March 2015

2. Slide 2: Safe Harbor Provision

   Safe Harbor Provision 2 Delek US Holdings and Delek Logistics Partners, LP are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL” respectively, and, as such, are governed by the rules and regulations of the United States Securities and Exchange Commission. Th

3. Slide 3: Integrated Business Model

   3 Integrated Business Model Flexible Crude Sourcing and Market Driven Production Enhance Performance Flexible Crude Oil Sourcing •Pipeline access to Midland; Gulf Coast; Cushing • Increasing Gathering – Texas and Arkansas •Access to Canadian crude Crude Logistics •Crude oil pipelines supporting refi

4. Slide 4: Delek US Holdings Overview

   Delek US Holdings Overview 4 (1) Rail supplied light crude capability consists of 25,000 bpd of light crude or 12,000 bpd heavy crude offloading that is available at a company owned facility at the El Dorado refinery. In addition, 20,000 bpd light crude capability is currently available via a third

5. Slide 5: Refining Segment Operational Update

   Refining Segment Operational Update

6. Slide 6: Increased Access to Cost Advantaged Crude

   Approximately 75% of crude slate consist of Midland and local crude supply Increased Access to Cost Advantaged Crude 6 45.0 45.0 87.0 97.0 17.2 17.9 18.6 18.6 0 50 100 150 200 2012 2013 2014 2015-1Q In 0 0 0 b p d Midland Local Total Crude Throughput $(3.31) $(2.71) $(6.11) $(2.07) $(3.48) $(2.38) $

7. Slide 7: Improved Operating Flexibility

   Increased ability to process light crude oil and ULSD capacity Improved Operating Flexibility 7  Since 2012 increased light crude processing capability by 27% based on 2015 target  ULSD capability expected to improve by 37%  El Dorado has ability to process 80 kbpd medium or mostly light crude 

8. Slide 8: Tyler Refinery Expansion and FCC Reactor Economics

   Completed in March 2015; Expected annual incremental EBITDA of $50 to $75 million Tyler Refinery Expansion and FCC Reactor Economics  Based on Incremental 10,000 to 15,000 bpd of crude throughput capacity – Estimated capital cost approximately $70 million; approx. $50 million spent in 2014  Expect

9. Slide 9: Refineries Serve Local Niche Markets

   Supports High Refining Utilization Refineries Serve Local Niche Markets 9 75 150 150 210 150 275 325 375 0 50 100 150 200 250 300 350 400 1Q2 0 13 2Q2 0 13 3Q2 0 13 4Q2 0 13 1Q2 0 14 2Q2 0 14 3Q2 0 14 4Q2 0 14  Delek Logistics Partners terminals support refining system:  Tyler refinery serves a 60

10. Slide 10: Affects of Declining Crude Oil Price Environment on Refining

    Affects of Declining Crude Oil Price Environment on Refining 10  Declining crude oil price environment has ability to improve capture rate in Delek US system  A $10 per barrel decline in crude oil price can increase capture rate by $0.80 per barrel (1)  Lower cost of volumetric losses at refineri

11. Slide 11: Improved Operating Cost per barrel

    Improved Operating Cost per barrel 11  Focus on reducing costs in operations  Total operating cost per barrel declined by 16% year over year in 4Q14  Lowered expenses per barrel at both refineries in 4Q14  Enhances competitive position $4.82 $4.71 $4.63 $4.41 $4.85 $4.25 2011 2012 2013 2014 4Q13

12. Slide 12: Historical and Projected Capital Spending

    Historical and Projected Capital Spending (excluding logistics) $42.3 $36.0 $65.9 $144.3 $201.1 $14.4 $36.5 $29.1 $37.9 $26.2 $0.1 $7.6 $26.5 $35.0 $22.4 Q1, $90.6 Q2, $61.8 Q3, $27.6 Q4, $17.3 $100.0 2010A 2011A 2012A 2013A 2014A 2015E 2016E Refining Retail Other Declining Capital Needs Expected af

13. Slide 13: Logistics Operational Update

    Logistics Operational Update

14. Slide 14: Strategic Partner in Delek Logistics Partners, LP

    Strategic Partner in Delek Logistics Partners, LP (NYSE: DKL) 14 Delek Logistics Partners , LP (NYSE:DKL) began operating on Nov. 7, 2012 and 100% of its performance is reported as a segment of Delek US beginning 4Q12. Delek US and its affiliates own approximately 62%, including the 2.0% general par

15. Slide 15: DKL: Improving EBITDA

    DKL: Improving EBITDA 15 1) Amounts provided in the Nov. 1, 2012 IPO prospectus showing forecasted performance for 12 months ending Sept. 30, 2013. 2) Information provided in Delek Logistics Partners, LP (NYSE: DKL) investor presentation available at www.deleklogistics.com for 2014 EBITDA based on p

16. Slide 16: DKL: Plans in Place for Future Growth

    DKL: Plans in Place for Future Growth 16 Dropdowns ■ Two assets expected to generate approximately $5 to $10 million of annual EBITDA ■ 25,000 bpd (light crude) rail offloading facility at El Dorado refinery ■ 300,000 bbl crude oil tank at Tyler refinery ■ Drop down expected in 1Q15 Paline Pipeline

17. Slide 17: DKL: Potential EBITDA Growth

    $96.5 $5 to $10 $1 $3 to $4 approx. $1.6 $11.0 $3.8 Pro Forma 2014 (1) Potential from Identified Drop Downs (2) Potential from Increased Light Crude Capability at El Dorado (3) Potential increase from Tyler Expansion (4) Annual Tariff Increase - 2014 FERC/Inflation adj Paline repricing (5) 3rd Party

18. Slide 18: Increased Distribution with Conservative Coverage and Leverage

    Increased Distribution with Conservative Coverage and Leverage 18 (1) MQD = minimum quarterly distribution set pursuant to the Partnership Agreement. (2) Distribution coverage based on distributable cash flow divided by distribution amount in each period. As presented by Delek Logistics Partners’ sl

19. Slide 19: Marginal Percentage Interest in Distributions

    19 Marginal Percentage Interest in Distributions Assumed Distribution per Limited Partner Unit if Delek Logistics Meets 15% Annual Growth Target (2) Delek Logistics GP Incentive Distribution Rights Total Quarterly Distribution Per Unit Target Amount Unitholders General Partner Minimum Quarterly Dist

20. Slide 20: Peer Comparisons

    Peer Comparisons (1) 20 (1) Source: Company reports; Capital IQ 2/20/15 ; NASDAQ OMX; (2) VLP did not have debt at 12/31/14; PBFX had limited historical EBITDA so it was not included. Based on adjusted EBITDA from reported financials. Current Yield as of 3/20/15 Distributable Cash Flow Coverage Rati

21. Slide 21: Retail Operational Update

    Retail Operational Update

22. Slide 22: Retail Locations Create Synergies for Product Marketing

    Fuel Gallons Sold Per Store (000’s) 1,039 1,082 1,112 1,204 2011 2012 2013 2014 951 1,011 1,037 1,106 2011 2012 2013 2014 Retail Locations Create Synergies for Product Marketing 22 Expanding Market Footprint in Markets Capable of Being Supplied by El Dorado Merchandise Sales Per Store ($000’s) Tenne

23. Slide 23: Focused on Organic Growth

    Focused on Organic Growth 23  Large Format Stores are focal point  Approximately 4,800 square feet  Offer customers wider product selection  Prepared food service offering increases traffic  Avg. approximately 4 million gallons and $2+million inside sales once market penetrated  3 year growth

24. Slide 24: Current Retail Valuation Comparison

    Current Retail Valuation Comparison 24 Valuations moving higher than historical 6x-8x range 9.0x 9.7x 12.8x 9.8x 12.8x CASY MUSA CAPL SUN CST EV/ 2015 EBITDA Average = 10.8x (1) Source: Capital IQ; Feb. 26, 2015

25. Slide 25: Financial Update

    Financial Update

26. Slide 26: Financial Highlights

    Financial Highlights $164 $151 $130 $445 $655 $439 $610 2008 2009 2010 2011 2012 2013 2014  At December 31, 2014  Cash of $444.1 million; Debt of $589.7 million  Includes $251.8 million of debt and $1.9 million of cash at Delek Logistics (DKL)  Excluding DKL, Delek US’ net cash position was appr

27. Slide 27: Peer Balance Sheet Metrics

    Peer Balance Sheet Metrics 27 0.1x 0.3x 0.4x 0.5x 0.9x 1.0x 1.1x 1.5x 2.5x HFC DK VLO PSX WNR MPC ALJ TSO PBF (1) Source: Capital IQ 3/20/15; based on amounts that were reported in year end financials. Not adjusted for inventory charges that may have occurred during the period. . 4Q14 Net Debt/ LTM

28. Slide 28: Solid Return on Invested Capital in 2014

    Solid Return on Invested Capital in 2014 28 5.6% 16.7% 20.3% 22.0% 22.1% 24.7% PBF TSO PSX VLO DK MPC (1) Source: Based on reported earnings before interest and taxes and average capital. 2014 ROIC

29. Slide 29: Going Forward

    Going Forward

30. Slide 30: Growing and Improving Asset Base Across all Segments

    66 58 124 80 60 140 80 75 155 El Dorado Tyler Total 2013 2013 2013 4Q14 4Q14 4Q14 2015 Target 2015 Target` 2015 Target $64 $97 $150 + $25-$35 2013 2014 PF Annualized 1Q15 Incremental Target Annualized 2015 Exit Rate Target Growing and Improving Asset Base Across all Segments (1) 30 (in 000 bpd) ($ m

31. Slide 31: Peer Comparison

    Peer Comparison (1) 31 4.3x 4.5x 4.5x 4.9x 6.1x 6.4x 6.8x 9.1x 10.9x ALJ VLO WNR DK MPC PSX TSO HFC PBF (1) Source: Company reports; Capital IQ, March 20, 2015. Based on reported results for 2014, not adjusted for inventory charges that may have occurred during the period. EV/ LTM EBITDA

32. Slide 32: Questions and Answers

    32 Large, Complementary Logistics, Marketing and Retail Systems Significant Organic Growth / Margin Improvement Opportunities Focus on Shareholder Returns Strong Balance Sheet Strategically Positioned Refining Platform Questions and Answers

33. Slide 33: Appendix Additional Data

    Appendix Additional Data

34. Slide 34: Delek US Focused on Building an Integrated Business Model

    Delek US Focused on Building an Integrated Business Model 34 A core part of Delek US' strategy is to grow via prudent strategic transactions since 2001 (1) Includes logistic assets in purchase price. Purchase price includes working capital for refineries. (2) Mt. Pleasant includes $1.1 million of in

35. Slide 35: Historical and Projected Capital Spending

    $42.3 $36.0 $65.9 $144.3 $201.1 $164.2 $0.9 $10.5 $5.1 $7.2 $20.8 $14.4 $36.5 $29.1 $37.9 $26.2 $17.2 $0.1 $7.6 $26.5 $35.0 $22.4 $15.9 2010A 2011A 2012A 2013A 2014A 2015F Refining Logistics (Marketing) Retail Other Historical and Projected Capital Spending 35 $56.8mm $81.0mm $132.0mm $222.3mm Sourc

36. Slide 36: U.S. Refining Environment Trends

    -$30 -$20 -$10 $0 $10 $20 $30 $40 $50 J a n -1 0 F e b -1 0 M a r- 1 0 A pr -1 0 M a y -1 0 J u n -1 0 J u l- 1 0 A u g -1 0 S e p -1 0 O c t- 1 0 No v -1 0 De c -1 0 J a n -1 1 F e b -1 1 M a r- 1 1 A pr -1 1 M a y -1 1 J u n -1 1 J u l- 1 1 A u g -1 1 S e p -1 1 O c t- 1 1 No v -1 1 De c -1 1 J a

37. Slide 37: Access to Midland Crudes Benefits Margins

    ($14.00) ($12.00) ($10.00) ($8.00) ($6.00) ($4.00) ($2.00) $0.00 WTI Midland vs. WTI Cushing Crude Pricing Access to Midland Crudes Benefits Margins ($ per barrel) 97,000 bpd of Midland crude in DK system 37 Source: Argus – as of March 20, 2015

38. Slide 38: Non-GAAP Reconciliation

    Non-GAAP Reconciliation 38 Source: Company filings. ($ in millions) 2008 2009 2010 2011 2012 2013 2014 Net sales $4,723.7 $2,666.7 $3,755.6 $7,198.2 $8,726.7 $8,706.8 $8,324.3 Cost of goods sold 4,308.1 2,394.1 3,412.9 6,429.9 7,704.4 7,880.7 7,315.2 Operating expenses 240.8 219.0 229.5 320.9 363.3

39. Slide 39: Investor Relations Contact

    Investor Relations Contact: Assi Ginzburg Keith Johnson Chief Financial Officer Vice President of Investor Relations 615-435-1452 615-435-1366

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