Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q3 2023 Earnings Presentation
17 slides from Delek Us's earnings presentation, Nov 7, 2023
Slide 1: Third Quarter 2023 Earnings Conference Call
Exhibit 99.2 Third Quarter 2023 Earnings Conference Call November 7, 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
Overview Delivered strong third-quarter results Solid operational performance across all businesses $130 million returned to shareholders1 $416 million debt reduction YTD Executing on safety and reliability improvements 3 Tyler Refinery, Tyler, TX 1 - Through October 31, 2023.
Slide 4: Strategic Objectives
Strategic Objectives Last Twelve Months Review Accomplishments Operational Excellence Safety and reliability • 2023 best safety yr; 3Q23 record total throughput, successful TYR TA Streamline processes • Standardizing structure and processes throughout operations Financial Strength and Shareholder Re
Slide 5: Total Refining Throughput
Total Refining Throughput 3Q vs 2Q 2023 MBPD 295.5 10.8 2.6 305.9 -0.9 -2.1 2Q23 Tyler El Dorado Big Spring Krotz Springs 3Q23 3Q23 Production Margin per bbl. Tyler El Dorado Big Spring Krotz Springs $23.66 $12.57 $15.92 $12.45 5 *Throughputs are rounded
Slide 6: Third Quarter Highlights
Third Quarter Highlights Quarterly Highlights $ in millions (except per share) Net Income $128.7 Adjusted Net Income $131.9 Adjusted Net Income per share $2.02 Adjusted EBITDA $345.1 Cash from operations $432.6 6
Slide 7: Adjusted EBITDA
Adjusted EBITDA 3Q vs 2Q 2023 ($MM) $84.4 $5.6 $1.2 $345.1 $(5.5) $259.4 2Q23 Refining Logistics Retail Corporate 3Q23 3Q23 Adjusted EBITDA Results by Segment Refining Logistics Retail Corporate $285.5 $96.5 $16.2 $(53.1) 7 *$MM's are rounded
Slide 8: Third Quarter Consolidated Cash Flow
Third Quarter Consolidated Cash Flow ($MM) $432.6 $(58.7) $901.7 $821.6 $(293.8) 6/30/2023 Operating Activities Investing Activities Financing Activities 9/30/2023 Cash Balance* Cash Balance* 8 *includes cash and cash equivalents
Slide 9: Capital Expenditures
Capital Expenditures Capital Expenditure Allocation 4% $'s in Millions 3Q23 YTD 23% 3Q23 Capital Expenditures $302 YTD 73% $'s in Millions 2023 Forecast 2023 Capital Expenditures $380 - 390 Forecast 9% 21% Estimated Proceeds* 20 Regulatory Sustaining Growth Net Capital Expenditures $360 - 370 70% *I
Slide 10: Net Debt
Net Debt $'s in Millions Sept 30, 2023 Jun 30, 2023 Dec 31, 2022 Consolidated long-term debt - current portion $ 29.5 $ 49.5 $ 74.5 Consolidated long-term debt - non-current portion $ 2,608.5 $ 2,761.4 $ 2,979.2 Consolidated total long-term debt $ 2,638.0 $ 2,810.9 $ 3,053.7 Less: Cash and cash equi
Slide 11: Fourth Quarter 2023 Forecast
Fourth Quarter 2023 Forecast $'s in Millions Low High Operating Expenses $210 $220 General and Administrative Expenses $65 $70 Depreciation and Amortization $90 $95 Net Interest Expense $80 $85 Barrels per day (bpd) Low High Total Crude Throughput 284,000 302,000 Total Throughput 292,000 305,000 Tot
Slide 12: Supplemental Slides
12 Supplemental Slides . fusy
Slide 13: Adjusted EBITDA
Adjusted EBITDA 3Q 2023 vs 3Q 2022 ($MM) $414.0 $5.0 $2.7 $345.1 $(70.2) $(6.4) 3Q22 Refining Logistics Retail Corporate 3Q23 3Q23 Adjusted EBITDA Results by Segment Refining Logistics Retail Corporate $285.5 $96.5 $16.2 $(53.1) 13
Slide 14: Reconciliation of U.S. GAAP Net Income per share to Adjusted Net Income per Share
Reconciliation of U.S. GAAP Net Income (Loss) per share to Adjusted Net Income (Loss) Per Share Three Months Ended September 30, $ per share (unaudited) 2023 2022 Reported diluted income per share $ 1.97 $ 0.10 Adjusting items, after tax (per share) (1) (2) Net inventory LCM valuation (benefit) loss
Slide 15: Reconciliation of Net Income attributable to Delek to Adjusted EBITDA
Reconciliation of Net (Loss) Income attributable to Delek to Adjusted EBITDA Three Months Three Months Ended September 30, Ended June 30, $ in millions (unaudited) 2023 2022 2023 Reported net (loss) income attributable to Delek $ 128.7 $ 7.4 $ (8.3) Add: Interest expense, net 82.3 50.7 80.4 Income t
Slide 16: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek to Adjusted Segment EBITDA: Three Months Ended September 30, 2023 Corporate, Other $ in millions (unaudited) Refining Logistics Retail and Eliminations Consolidated Segment EBITDA Attributable to Delek $ 285.1 $ 96.5 $ 16.2 $ (64.0) $ 333.8 Adju
Slide 17: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek to Adjusted Segment EBITDA: Three Months Ended September 30, 2023 Corporate, Other $ in millions (unaudited) Refining Logistics Retail and Eliminations Consolidated Segment EBITDA Attributable to Delek $ 285.1 $ 96.5 $ 16.2 $ (64.0) $ 333.8 Adju