Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Investor Presentation (March 2024)
18 slides from Delek Us's investor presentation, Mar 15, 2024
Slide 1: Investor Presentation March 2024
Investor Presentation March 2024
Slide 2: Forward Looking Statement
Delek Tech 2 Forward Looking Statement 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”,
Slide 3: Delek US Holdings: Unlocking Value for Shareholders and Unitholders
Delek Tech 3 Delek US Holdings Unlocking Value for Shareholders and Unitholders Financial Strength and Flexibility Integrated Downstream Energy Company (1) FactSet - 3/12/2024 Pricing Information. (2) Multiples based on sell-side research (Wells Fargo, TPH, Scotiabank, Raymond James, Piper Sandler)
Slide 4: Well prepared for mid-cycle market environment
Well prepared for mid-cycle market environment Strategic Objectives 2024 Priorities Run safely, reliably and in an environmentally responsible manner Complete successful turnaround of Krotz Springs Refinery Streamline structures and processes Execute a prudent and disciplined capital allocation appr
Slide 5: Integrated Company with Asset Diversity and Scale
Delek Tech 5 Integrated Company with Asset Diversity and Scale Source 207,000 bpd from Permian Basin • Growing gathering system • Wink to Webster JV Crude Oil Pipeline RIO
Slide 6: Financial Summary
Financial Summary Financial Highlights $ in millions (except per share) 2022 2023 Net Income $257.1 $19.8 Adjusted Net Income $513.5 $196.6 Adjusted Net Income per share $7.17 $2.98 Adjusted EBITDA $1,169.8 $949.7 Cash from Operations $425.3 $1,013.6 2023 Capital Allocation $ in millions Capital Pro
Slide 7: Adjusted EBITDA 2023 vs 2022
Adjusted EBITDA 2023 vs 2022 ($MM's) 2023 Adjusted EBITDA Results by Segment Refining Logistics Retail Corporate $706.4 $378.2 $46.9 $(181.8) $1,169.8 $(322.8) $62.9 $2.8 $37.0 $949.7 2022 Refining Logistics Retail Corporate 2023 7
Slide 8: 2023 Consolidated Cash Flow
2023 Consolidated Cash Flow ($MM's) *includes cash and cash equivalents $841.3 $1,013.6 $(408.0) $(624.7) $822.2 12/31/2022 Cash Balance* Operating Activities Investing Activities Financing Activities 12/31/2023 Cash Balance* 8
Slide 9: Capital Program
Capital Program $'s in Millions 2023 2024 Forecast ($ millions) Total Total Refining $ 247 $ 220 Logistics (Delek Logistics Partners) 81 70 Retail 30 15 Corporate & Other 31 25 Capital expenditures 389 330 Estimated proceeds* 17 — Capital Program $ 372 $ 330 2023 77% 23% Regulatory & Sustaining Grow
Slide 10: Net Debt
Net Debt $'s in Millions Dec 31, 2023 Dec 31, 2022 Consolidated long-term debt - current portion $ 44.5 $ 74.5 Consolidated long-term debt - non-current portion 2,555.3 2,979.2 Consolidated total long-term debt $ 2,599.8 $ 3,053.7 Less: Cash and cash equivalents 822.2 841.3 Consolidated net debt $ 1
Slide 11: DK Refining System
Delek Tech 11 Refining DK Refining System Tyler El Dorado Big Spring Krotz Springs PADD 3 Refining System with Crude Slate Optionality Crude Slate % *as of December 31, 2023 73.0% 4.3% 4.0% 18.7% WTI Crude Oil Gulf Coast Sweet Crude Local Arkansas Crude Oil Other 79.5% 20.5% WTI Crude Oil East Texas
Slide 12: Refining Improvement Plan
Inconsistent operational reliability Commercial optimization realized Refining Improvement Plan Path to refinery optimization O pe ra ti on al E xc el le nc e Commercial Optimization El Dorado TylerKrotz Springs Big Spring Tyler Refinery Commercially optimized with reliable operations El Dorado Refi
Slide 13: Logistics assets: Gathering, Marketing, Storage and Pipeline JVs
Gathering & Processing Marketing & Terminalling Storage & Transportation Pipeline Joint Ventures Includes pipelines, trucks, and ancillary assets that provide crude oil gathering, refined products transportation and storage services Midland and Delaware gathering assets ~2,204 miles of pipeline & ga
Slide 14: Retail
14 Retail ~80% integration with existing downstream operations offering synergies and competitive advantage Operate 250 C-stores in West Texas and New Mexico 704 thousand of gallons in fuel sales (per site) per quarter Implement interior rebranding/ re-imaging
Slide 15: Environmental, Social, and Governance (ESG)
Environmental, Social, and Governance (ESG) 15
Slide 16: Guidance 1st Quarter 2024
Guidance 1st 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 $85 Barrels per day (bpd) Low High Total Crude Throughput 269,000 281,000 Total Throughput 289,000 301,000 Total
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income attributable to Delek US to Adjusted EBITDA Year Ended December 31, $ in millions (unaudited) 2023 2022 Reported net (loss) income attributable to Delek US $ 19.8 $ 257.1 Add: Interest expense, net 318.2 195.3 Income tax expense (benefit) 5.1 63.9 Depreciation and
Slide 18: Reconciliation of Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section in 4Q23 Earnings Release. (2) Starting with the quarter ended September 30, 2023, we updated our other invent
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