Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q1 2025 Earnings Presentation
34 slides from Delek Us's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025 Earnings Conference Call
Exhibit 99.2 First Quarter 2025 Earnings Conference Call May 7, 2025
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 – DK Operations ▪ 1Q planned maintenance completed at Tyler & Big Spring ▪ Well positioned for the summer driving season – EOP & SOTP efforts ▪ New Intercompany transactions increase DKL third-party contribution to ~80% on pro-forma basis ▪ Increases consolidated financial liquidity by ~$25
Slide 4: Strategic Objectives DK/DKL Strategy
Strategic Objectives DK/DKL Strategy DK DKL Safe, Reliable, & Efficient Refiner Full-service Midstream Provider – Maximize Operating Leverage – One stop midstream shop • Better Reliability • Crude, Gas & Water – Throughput – Optimized yields • Lower cost per barrel – Increase Economic Separation – M
Slide 5: Tracking EOP Progress
Tracking EOP Progress – EOP lowers overall company breakeven by increasing free cash flow generation at constant margins – Expecting to achieve at least $120 million in run-rate cash flow improvements in 2H’2025 – These improvements are starting to reflect in results & will achieve run-rate expectat
Slide 6: EOP: Improving Free Cash Flow Generation at El Dorado
EOP: Improving Free Cash Flow Generation at El Dorado • El Dorado's EOP initiatives are focused on generating free cash flow through cycle • $50mm margin improvement plan consists of enhanced logistics, reduced costs, higher quality product slate and higher yields key in enhancing El Dorado's long-t
Slide 7: EOP: Lower G&A Costs
EOP: Lower G&A Costs Note: 4Q22 - 1Q25 include discontinued operations expenses related to Retail *Adjusted for transactions costs and restructuring costs 7
Slide 8: SOTP: Midstream Value Creation Options
SOTP: Midstream Value Creation Options 8
Slide 9: SOTP: DK and DKL Intercompany Transactions
SOTP: DK and DKL Intercompany Transactions Putting the Right Assets Under the Right Buckets 1. Announced incremental transactions to put 2. Announced transactions do not materially additional midstream activities in DKL and change EBITDA expectations for DK or DKL refining tied activities back to DK
Slide 10: SOTP: Progressing Economic Separation
SOTP: Progressing Economic Separation • DKL provides one of the best combinations of cash flow growth, distribution growth and yield in the AMZI index • DKL continues to increase its third-party cash flows to become a strong independent midstream company • DKL has increased its distribution 49 quart
Slide 11: SOTP: Progressing Deconsolidation
SOTP: Progressing Deconsolidation 3Q24: 3Q24: 1Q25: 1Q25: W2W Drop-Down Acquired H2O Acquired Gravity Intercompany Amend and Extend Midstream Water Midstream Transactions Note: Assumes DKL EBITDA is all 3rd party 11
Slide 12: SOTP: Bridging the DKL Valuation Gap to Create DK Value
SOTP: Bridging the DKL Valuation Gap to Create DK Value • Market is underestimating strong growth and rising independence of DKL • DKL has made significant strides in becoming an independent midstream company providing full suite midstream services in the Permian basin with > ~80% (on a pro-forma ba
Slide 13: SOTP: DKL Valuation Gap despite a Resilient Portfolio
SOTP: DKL Valuation Gap despite a Resilient Portfolio 13
Slide 14: Leading Shareholder and Unitholder Return to Investors
Leading Shareholder and Unitholder Return to Investors DK's balance sheet strength has allowed it do strong counter cyclical buybacks DK DKL (2) (1) (1) Based on SEC filings as of 3/31/25: VLO, MPC, CVI, PARR, DINO, PBF, PSX (2) Based on FactSet Broker Consensus as of 3/31/25: GEL, MPLX , HESM, WES,
Slide 15: Focus on Free Cash Flow: Lowered 2025 Capex
Focus on Free Cash Flow: Lowered 2025 Capex Reduction in capex, along with EOP efforts should enhance cash flow generation 15 Note: $ in millions, unless stated otherwise
Slide 16: DK Illustrative Valuation (based on mid-cycle EBITDA & FCF)
DK Illustrative Valuation(2) (based on mid-cycle EBITDA & FCF) Note: $ in millions, unless stated otherwise (1) FactSet data as of 5/1/25 (2) We are unable to provide a reconciliation of forward-looking estimates of EBITDA or other forward-looking non-GAAP measures because certain information needed
Slide 17: Total Refining Throughput
Total Refining Throughput 1Q 2025 vs 4Q 2024 MBPD 34.8 289.2 266.5 2.9 (1.5) (13.5) 4Q24 Tyler El Dorado Big Spring Krotz Springs 1Q25 1Q25 Production Margin per bbl. Tyler El Dorado Big Spring Krotz Springs $7.82 $3.83 $4.86 $6.40 17 Note: Throughputs are rounded
Slide 18: Financial Summary
Financial Summary 1st Quarter 2025 Financial Highlights $ in millions (except per share) As Reported Adjusted Net Loss $(172.7) $(144.4) Net Loss Per Share $(2.78) $(2.32) EBITDA $(24.2) $26.5 Cash Flow From Operations $(62.4) $(88.0) 18
Slide 19: Adjusted EBITDA
Adjusted EBITDA 1Q 2025 vs 4Q 2024 ($MM) $9.3 $26.5 $42.2 $(1.8) $(23.2) 4Q24 Refining Logistics Corporate & Other 1Q25 1Q25 Adjusted EBITDA Results Discontinued Refining Logistics Corporate Operations (Retail) $(27.4) $116.5 $(62.2) $(0.4) 19
Slide 20: Consolidated Cash Flow
Consolidated Cash Flow 1Q 2025 vs 4Q 2024 ($MM) $735.6 $25.6 $265.2 $623.8 $(88.0) Gravity Acquisition DK Capex DKL Capex $55 million Other $(314.6) 12/31/2024 Operating Activities Working Capital Investing Activities Financing Activities 3/31/25 (1) (1) Cash Balance Excluding Working Impact Include
Slide 21: Capital Program
Capital Program 2025 YTD Actual 2025 $'s in Millions YTD 2025 Actual ($ millions) Total Refining $ 56 55% 45% Regulatory & Sustaining Logistics (Delek Logistics Partners) 72 Growth Corporate & Other 5 Capital expenditures $ 133 2025 Refining and Corporate Capital Spending Forecast: $150 - $170 milli
Slide 22: Net Debt
Net Debt 2025 vs 2024 $'s in Millions 3/31/2025 12/31/2024 Consolidated long-term debt - current portion $ 9.5 $ 9.5 DK long-term debt - non-current portion 880.1 880.3 DKL long-term debt - non-current portion 2,145.7 1,875.4 Consolidated total long-term debt $ 3,035.3 $ 2,765.2 Less: Cash and cash
Slide 23: Guidance
Guidance 2nd Quarter 2025 $'s in Millions Low High Operating Expenses $215 $225 General and Administrative Expenses $52 $57 Depreciation and Amortization $95 $105 Net Interest Expense $80 $90 Barrels per day (bpd) Low High Total Crude Throughput 292,000 308,000 Total Throughput 302,000 318,000 Total
Slide 24: Supplemental Slides
Delek @ Supplemental Slides 24
Slide 25: Total Refining Throughput
Total Refining Throughput 1Q 2025 vs 1Q 2024 MBPD 296.7 8.9 289.2 (3.1) (7.8) (5.5) 1Q24 Tyler El Dorado Big Spring Krotz Springs 1Q25 1Q25 Production Margin per bbl. Tyler El Dorado Big Spring Krotz Springs $7.82 $3.83 $4.86 $6.40 Note: Throughputs are rounded 25
Slide 26: Adjusted EBITDA
Adjusted EBITDA 1Q 2025 vs 1Q 2024 ($MM) $158.7 $16.8 $26.5 $(4.0) $(137.5) $(7.5) 1Q24 Refining Logistics Corporate Discontinued 1Q25 Operations (Retail) 1Q25 Adjusted EBITDA Results Discontinued Refining Logistics Corporate Operations (Retail) $(27.4) $116.5 $(62.2) $(0.4) 26
Slide 27: Net Income (Loss)
Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted Net Income (Loss) Three Months Ended March 31, $ in millions (unaudited) 2025 2024 Reported net loss attributable to Delek US $ (172.7) $ (32.6) Adjusting items (1) Inventory LCM valuation (benefit) loss 0.2 (8.8) Tax effect — 2.0 Inventory L
Slide 28: Adjusted Net Income (Loss) Per Share
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) 2025 2024 Reported diluted loss per share $ (2.78) $ (0.51) Adjusting items, after tax (per share) (1) (2) Net inventory LCM valuation (benefit) loss —
Slide 29: 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) 2025 2024 2024 Reported net loss attributable to Delek US $ (172.7) $ (32.6) $ (413.8) Add: Interest expense, net 84.1 87.7 68.9 Inco
Slide 30: Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended March 31, 2025 Corporate, Other $ in millions (unaudited) Refining Logistics and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (16.2) $ 85.5 $ (78.9) $ (9.6) Adjusting items
Slide 31: Segment EBITDA to Adjusted Segment EBITDA
Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA Three Months Ended December 31, 2024 Corporate, Other $ in millions (unaudited) Refining Logistics and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ (293.2) $ 73.8 $ (67.7) $ (287.1) Adjusting
Slide 32: Continuing Operations to Adjusted EBITDA
Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations Three Months Ended Three Months Ended March 31, December 31, $ in
Slide 33: Discontinued Operations to Adjusted EBITDA
Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended Three Months Ended March 31, December 3
Slide 34: Cash Flow from Operations
Reconciliation of Cash Flow from Operations to Adjusted Cash Flow from Operations Reconciliation of Cash Flow from Operations to Adjusted Cash Flow from Operations Three Months Ended March 31, $ in millions (unaudited) 2025 Reported cash flow from operations $ (62.4) Less: Working capital impacts (1