Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q3 2020 Earnings Presentation
12 slides from Delek Us's earnings presentation, Nov 5, 2020
Slide 1: Third Quarter 2020 Earnings Call
Exhibit 99.2 Delek US Holdings, Inc. Third Quarter 2020 Earnings Call November 5, 2020
Slide 2: Disclaimers - Forward Looking Statements
Disclaimers 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. These slides
Slide 3: Third Quarter 2020 Transforming to More Diversified EBITDA
Third Quarter 2020 Transforming to More Diversified EBITDA • Reported EPS of $(1.20) and adjusted EPS of $(1.01) (1) ◦ Adjusted net loss of $74 million and adjusted EBITDA of $22 million (1) ▪ Adjusted quarterly results were impacted by net benefits totaling approximately $31 million (after-tax) or
Slide 4: Third Quarter 2020 cash flow and financial position
Third Quarter 2020 • Strong financial position with $808 million of cash on the balance sheet • Cash flow from operating activities of approx. $(37) million • Working capital impacted cash flow by approx. $(40) million • Total investing activities of approx. $7 million: ◦ Cash capital expenditures o
Slide 5: Capitalization
Capitalization ($ in millions) September 30, 2020 December 31, 2019 • Delek US Consolidated at September 30, 2020 ◦ Cash of $808 million Current Portion of Long-Term Debt $33 $36 Long-Term Debt $2,441 $2,031 ◦ Net debt of $1.7 billion Total Debt $2,474 $2,067 Cash $808 $955 • Excluding Delek Logisti
Slide 6: Guidance
Guidance 4Q20 Guidance Range ($ in millions) Low High Consolidated Operating Expenses $130 $140 Consolidated G&A $57 $63 Consolidated Depreciation and Amort. $63 $66 Net interest expense $28 $31 Total Crude Throughput 225,000 235,000 ***Krotz Springs Total Crude Throughput 20,000 30,000 Nine Months
Slide 7: Capital Expenditure
Capital Expenditure • Expected 2020 capital expenditures of $249 million ◦ $203.2 million: Refining Nine Months Ending ◦ $21.0 million: Logistics ($ in millions) September 30, 2020 2020 Forecast ◦ $9.9 million: Retail Refining: ◦ $14.6 million: Corporate Regulatory $41.2 $42.3 Maintenance/reliabilit
Slide 8: Pathway to Improving Cash Flow
Pathway to Improving Cash Flow • Reducing CAPEX approximately 40% Y/Y; 2021 spending guidance of $150 to $160 million (including turnarounds) • Exceeding G&A and operating cost reduction guidance in 2020; expect incremental $80 million reductions in 2021 • Krotz Springs Flexibility Plan ◦ Option 1:
Slide 9: Questions and Answers
Questions and Answers Significant Organic Focus on Long-Term Growth / Margin Shareholder Returns Improvement Opportunities An Integrated and Permian Focused Diversified Refining, Financial Flexibility Refining System Logistics and Marketing Company Complementary Logistics Systems
Slide 10: Non-GAAP Reconciliations of Adjusted Net Income
Non-GAAP Reconciliations of Adjusted Net Income Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions Three Months Ended September 30, Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss) 2020 2019 (Unaudited) Reported net income
Slide 11: Non-GAAP Reconciliations of Adjusted Net Income per Share
Non-GAAP Reconciliations of Adjusted Net Income per Share Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP per share data Three Months Ended September 30, Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share 2020 2019 (Unaudited) Repor
Slide 12: Non-GAAP Reconciliations of Adjusted EBITDA
Non-GAAP Reconciliations of Adjusted EBITDA Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions Three Months Ended September 30, Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA 2020 2019 (Unaudited) Reported net (loss) income attribut