Slide 1: First Quarter 2023 Earnings Conference Call
Exhibit 99.2 First Quarter 2023 Earnings Conference Call May 8, 2023
Slide 2: Disclaimers
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: Overview
Find new image Overview Strong results Executed well Strengthened balance sheet Return to shareholders 3 Tyler Refinery, Tyler, TX
Slide 4: First Quarter Highlights
First Quarter Highlights $ Millions (except per share) Adjusted Net Income $93 Adjusted Net Income per share $1.37 Adjusted EBITDA $285 Cash from operations $395 4
Slide 5: Adjusted EBITDA 1Q2023 vs 4Q2022
Adjusted EBITDA 1Q2023 vs 4Q2022 ($MM) $300 $16 $285 $59 $1 $250 $(1) $210 $200 $150 $100 $50 $— 4Q22 Adj. EBITDA Refining Logistics Retail Corporate 1Q23 Adj. EBITDA $230 $91 $6 $(43) 1Q23 Adjusted EBITDA 5
Slide 6: 1st Quarter Consolidated Cash Flow
st 1 Quarter Consolidated Cash Flow ($MM) $1,400 $395 $1,200 $1,000 $(222) $841 $865 $800 $(149) $600 $400 $200 $— 12/31/2022 Operating Activities Investing Activities Financing Activities 3/31/2023 Cash Balance* Cash Balance* 6 *includes cash and cash equivalents
Slide 7: Capital Expenditures
Capital Expenditures Capital Expenditures Drivers 2023 $ Millions 2023 Est. 1Q23 Actual 10% 22% Refining $ 202 $ 147 Logistics 81 36 68% Retail 31 3 1Q23 1% 18% Corporate/Other 36 6 Delek Total $ 350 $ 192 81% Regulatory Sustaining Growth 7
Slide 8: Net Debt
Net Debt $ Millions March 31, 2023 December 31, 2022 Consolidated long-term debt - current portion $ 50 $ 75 Consolidated long-term debt - non-current portion 2,725 2,979 Consolidated total long-term debt 2,775 3,054 Less: Cash and cash equivalents 865 841 Consolidated net debt 1,910 2,213 Less: Del
Slide 9: 2nd Quarter 2023 Outlook
nd 2 Quarter 2023 Outlook $ Millions Low High Operating Expenses $195 $205 General and Administrative Expenses $70 $80 Depreciation and Amortization $80 $90 Net Interest Expense $70 $80 Barrels per day (bpd) Total Crude Throughput 290,000 300,000 Total Throughput 301,000 311,000 Total Throughput by
Slide 10: Supplemental Slides
10 Supplemental Slides . fusy
Slide 11: Adjusted EBITDA 1Q23 vs 1Q22
Adjusted EBITDA 1Q23 vs 1Q22 ($MM) $350 $27 $300 $191 $285 $(4) $(13) $250 $200 $150 $100 $84 $50 $— 1Q22 Adj. EBITDA Refining Logistics Retail Corporate 1Q23 Adj. EBITDA $230 $91 $6 $(43) 1Q23 Adjusted EBITDA 11
Slide 12: 2-1-1 Crack Spread Benchmark Update
2-1-1 Crack Spread Benchmark Update As Previously Reported Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 2-1-1: $19.11 $21.53 $32.47 $17.14 $11.10 $11.11 $8.68 $7.65 Updated Reporting Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 2-1-1: 50% Argus 50% Platts $23.81
Slide 13: OPEX and G&A Reclassification Adjustments
OPEX and G&A Reclassification Adjustments In the first quarter of 2023, we reassessed the classification of certain expenses and made certain reclassification adjustments to better represent the nature of those expenses. 13
Slide 14: Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) Per Share
Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended Three Months Ended March 31, December 31, $ per share (unaudited) 2023 2022 2022 Reported diluted loss per share $ 0.95 $ 0.09 $ (1.73) (1) (2) Adjusting items, after tax (per share) Net in
Slide 15: Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA
Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA Three Months Ended Three Months Ended March 31, December 31, $ in millions (unaudited) 2023 2022 2022 Reported net income (loss) attributable to Delek $ 64.3 $ 6.6 $ (118.7) Add: Interest expense, net 76.5 38.4 62.6 Income