Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q1 2024 Earnings Presentation
20 slides from Delek Us's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Conference Call
Exhibit 99.2 First Quarter 2024 Earnings Conference Call May 7, 2024
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
Overview Refining operations ran well El Dorado and Krotz Springs refineries received the AFPM Elite Silver Safety Award Logistics delivered $100 million EBITDA quarter Advanced 'sum of the parts' value unlock directive 3 Big Spring El Dorado Refinery, El Refinery, Dorado AR Big Spring, TX
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: Delek Logistics
Delek Logistics • ~$400 million+ annual run-rate EBITDA • Multi-year minimum volume commitment (MVC) contracts • ~50% EBITDA from 3rd party business, largely focused in Midland • Significant growth opportunities to grow in G&P and well and Delaware Basins positioned in the Permian Basin Gathering &
Slide 6: Total Refining Throughput
Total Refining Throughput 1Q 2024 vs 4Q 2023 MBPD 306.4 6.7 296.7 -7.0 -4.1 -5.3 4Q23 Tyler El Dorado Big Spring Krotz Springs 1Q24 1Q24 Production Margin per bbl. Tyler El Dorado Big Spring Krotz Springs $15.72 $9.29 $12.87 $12.85 6 *Throughputs are rounded
Slide 7: Financial Summary
Financial Summary 1st Quarter 2024 Financial Highlights $ in millions (except per share) Net Loss $(32.6) Adjusted Net Loss $(26.2) Adjusted Net Loss per share $(0.41) Adjusted EBITDA $158.7 Cash from operations $166.7 7
Slide 8: Adjusted EBITDA
Adjusted EBITDA 1Q 2024 vs 4Q 2023 ($MM) $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 $(53.6) 8 *$MM's are rounded
Slide 9: Consolidated Cash Flow
Consolidated Cash Flow 1Q 2024 vs 4Q 2023 ($MM) $166.7 $822.2 $(41.6) $753.4 $(193.9) 12/31/2023 Operating Activities Investing Activities Financing Activities 3/31/2024 Cash Balance* Cash Balance* 9 *includes cash and cash equivalents
Slide 10: Capital Program
Capital Program 1Q24 Actual & 2024 Forecast 1Q24 2024 35% $'s in Millions 1Q24 Actual Forecast Regulatory & Sustaining Growth ($ millions) Total Total 65% Refining $ 22 $ 220 Logistics (Delek Logistics Partners) 15 70 Retail 4 15 23% 2024 Forecast Corporate & Other 5 25 Regulatory & Sustaining Growt
Slide 11: Net Debt
Net Debt 2024 vs 2023 $'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
Slide 12: 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 13: Supplemental Slides
13 Supplemental Slides . fusy
Slide 14: Total Refining Throughput
Total Refining Throughput 1Q 2024 vs 1Q 2023 MBPD 37.8 6.4 296.7 268.5 -7.7 -8.3 1Q23 Tyler El Dorado Big Spring Krotz Springs 1Q24 1Q24 Production Margin per bbl. Tyler El Dorado Big Spring Krotz Springs $15.72 $9.29 $12.87 $12.85 14 *Throughputs are rounded
Slide 15: Adjusted EBITDA
Adjusted EBITDA 1Q 2024 vs 1Q 2023 ($MM) $284.6 $8.3 $0.1 $158.7 $(124.1) $(10.2) 1Q23 Refining Logistics Retail Corporate 1Q24 1Q24 Adjusted EBITDA Results by Segment Refining Logistics Retail Corporate $106.1 $99.7 $6.5 $(53.6) 15 *$MM's are rounded
Slide 16: Reconciliation of 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 March 31, $ in millions (unaudited) 2024 2023 Reported net (loss) income attributable to Delek US $ (32.6) $ 64.3 Adjusting items (1) Inventory LCM valuation (benefit) loss (8.8) (1.7) Tax effect 2.0 0.4 I
Slide 17: Reconciliation of GAAP Net Income (Loss) per share to Adjusted
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended March 31, $ per share (unaudited) 2024 2023 Reported diluted (loss) income per share $ (0.51) $ 0.95 Adjusting items, after tax (per share) (1) (2) Net inventory LCM valuation (benefit)
Slide 18: Reconciliation of Net (Loss) Income 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 19: Reconciliation of Segment EBITDA 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
Slide 20: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended December 31, 2023 Corporate, Other $ in millions (unaudited) Refining Logistics Retail and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (58.3) $ 84.2 $ 9.3 $ (72.0) $ (36.8)