UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 18 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38142 DELEK US HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | | 35-2581557 | | --- | --- | --- | ...

For the quarter ended December 2024, Delek US Holdings (DK) reported revenue of $2.37 billion, down 41.4% over the same period last year. EPS came in at -$2.54, compared to -$1.46 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $2.55 billion, representing a surprise of -6.92%. The company delivered an EPS surprise of +12.11%, with the consensus EPS estimate being -$2.89.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Exhibit 99.2 Fourth Quarter 2024 Earnings Conference Call February 25, 2025 2 Big Spring Refinery, Big Spring, TX El Dorado Refinery, El Dorado AR Overview • EOP & SOTP efforts • Operations: Another Safe and Reliable Quarter ◦ Successfully completed KSR Turnaround in 4Q'24 ◦ Further progress towards Midstream deconsolidation ◦ Working on additional deconsolidation options ◦ Original cost reductions (ZBB) exceeding $100mm target ◦ On track to achieve upper-end of $80 - $120mm cash flow improvement through en ...

Financial Data and Key Metrics Changes - Delek Logistics reported approximately $107 million in quarterly adjusted EBITDA, an increase from $100.9 million in the same period of 2023, representing a growth of about 1.3% [6][16] - Distributable cash flow as adjusted was $69.5 million, with a DCF coverage ratio of approximately 1.2 times, expected to return to a long-term objective of 1.3 times in the second half of 2025 [16][11] - The company initiated a strong 2025 EBITDA guidance of $480 to $520 million, indicating around 20% growth over 2024 adjusted EBITDA [11][12] Business Line Data and Key Metrics Changes - In the gathering and processing segment, adjusted EBITDA for the quarter was $66 million, up from $53.3 million in Q4 2023, driven by higher throughput from Permian Basin assets [17] - Wholesale marketing and terminalling adjusted EBITDA decreased to $21.2 million from $28.4 million in the prior year, primarily due to lower wholesale margins [18] - Storage and transportation adjusted EBITDA increased slightly to $17.8 million compared to $17.5 million in Q4 2023, attributed to higher storage and transportation rates [18] - Investments in pipeline joint ventures contributed $11.3 million this quarter, up from $8.5 million in Q4 2023, mainly due to contributions from the Wink to Webster drop down [19] Market Data and Key Metrics Changes - The company emphasized its strong position in the Permian Basin and highlighted the successful acquisitions in the Midland Basin, which enhance its competitive position [9][10] - The expansion of the processing plant in the Delaware Basin is on track to complete in the first half of 2025, which is expected to further strengthen market presence [10] Company Strategy and Development Direction - Delek US Holdings is focused on becoming a premier full-service crude, natural gas, and water provider in the Permian Basin, with plans for continued growth in 2025 [7] - The company is enhancing its economic separation from Delek US Holdings, with a $150 million buyback program authorized to enhance value for unit holders [12][13] - The board approved the 48th consecutive increase in the quarterly distribution to $1.10 per unit, reflecting a commitment to value creation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the guidance provided, highlighting the company's growth trajectory and the importance of economic separation from its sponsor [27][32] - The management noted strong demand in the Delaware area and the comprehensive offering of crude, gas, and water as key factors driving future growth [44] Other Important Information - The capital program for Q4 was $49.4 million, with $42.1 million allocated to the new gas processing plant and the remainder for growth projects [20] - For 2025, the company expects to spend approximately $75 million on completing the Lindy processing plant expansion and about $160 million on growth and maintenance projects [20] Q&A Session Summary Question: EBITDA guidance and high-end drivers - Management acknowledged the conservative guidance and discussed the potential drivers for the high end of the EBITDA range, emphasizing the company's growth and economic separation efforts [25][26] Question: Buyback program execution and funding - Management indicated that the buyback program would be executed over two years, with funding likely from free cash flow, considering the cost of capital advantages [29][33] Question: Drivers of EBITDA upside potential - Management highlighted several transactions, including the Gravity and H2O deals, as well as the Lindy plant expansion, contributing to the positive EBITDA outlook [39][40] Question: Demand and utilization of key assets - Management confirmed strong demand for assets in the Delaware area and the strategic expansion in the Midland Basin, which is expected to yield positive results [42][44]

Delek US Holdings (DK) came out with a quarterly loss of $2.54 per share versus the Zacks Consensus Estimate of a loss of $2.89. This compares to loss of $1.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.11%. A quarter ago, it was expected that this refinery operator would post a loss of $1.71 per share when it actually produced a loss of $1.45, delivering a surprise of 15.20%.Over the last four quarters, the company ha ...

Financial Performance - Delek US reported a net loss of $413.8 million or $(6.55) per share for Q4 2024, with an adjusted net loss of $160.5 million or $(2.54) per share[4]. - The company reported a net loss of $402.1 million for Q4 2024, compared to a net loss of $160.1 million in Q4 2023, indicating a worsening of 151.5%[22]. - Adjusted net income attributable to Delek was $(413.8) million for Q4 2024, compared to $(164.9) million in Q4 2023, reflecting a significant increase in losses[22]. - Basic loss per share for continuing operations was $(6.53) in Q4 2024, compared to $(2.62) in Q4 2023, marking an increase of 148.5%[22]. - For the three months ended December 31, 2024, Delek US Holdings reported a net loss attributable to the company of $413.8 million, compared to a net loss of $164.9 million for the same period in 2023[28]. - Adjusted net loss for the three months ended December 31, 2024, was $160.5 million, compared to an adjusted net loss of $93.2 million in the same period of 2023[28]. - The company reported a significant goodwill impairment of $212.2 million during the quarter, impacting overall financial results[28]. - The company’s total stockholders' equity decreased to $575.2 million as of December 31, 2024, down from $959.7 million as of December 31, 2023, a decline of 40.0%[20]. Revenue and EBITDA - Net revenues for Q4 2024 were $2,373.7 million, a decrease of 39.7% compared to $3,942.1 million in Q4 2023[22]. - Adjusted EBITDA for the year ended December 31, 2024, was $313.7 million, down from $949.7 million in 2023[30]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2024, was $286.3 million, down from $902.2 million in 2023[32]. - The logistics segment achieved an EBITDA of $342.7 million for the year ended December 31, 2024, up from $363.0 million in 2023, indicating relative stability[36]. - The refining segment reported an EBITDA of $(158.0) million for the year ended December 31, 2024, a stark contrast to $560.7 million in 2023[36]. Operational Metrics - The refining segment reported an Adjusted EBITDA of $(69.6) million for Q4 2024, a decrease from $(4.4) million in the same quarter last year, primarily due to lower refining crack spreads[5]. - Total sales volume of refined products decreased to 271,333 bpd in Q4 2024 from 308,932 bpd in Q4 2023, a decline of approximately 12%[37]. - Total refining production margin fell to $3.71 per barrel in Q4 2024 compared to $6.86 per barrel in Q4 2023, representing a decrease of about 46%[37]. - Total adjusted refining margin decreased to $56.3 million in Q4 2024 from $149.9 million in Q4 2023, a decline of approximately 62%[37]. - Crude utilization based on nameplate capacity was 83.5% in Q4 2024, down from 95.0% in Q4 2023[37]. Cash Flow and Debt - Delek US had a cash balance of $735.6 million and total consolidated long-term debt of $2,765.2 million as of December 31, 2024, resulting in a net debt of $2,029.6 million[9]. - Cash flows from operating activities for continuing operations were negative $162.6 million for the three months ended December 31, 2024, compared to positive cash flow of $87.3 million in the same period of 2023[23]. - The company recorded a net decrease in cash and cash equivalents of $302.0 million for the quarter, compared to a decrease of $79.5 million in the same period of 2023[23]. - The company incurred restructuring costs of $62.8 million for the year ended December 31, 2024, reflecting ongoing operational adjustments[36]. - The total long-term debt increased to $2,765.2 million in 2024 from $2,599.8 million in 2023, representing a rise of 6.4%[46]. Asset Management - Total assets decreased to $6,665.8 million as of December 31, 2024, down from $7,171.8 million as of December 31, 2023, representing a decline of 7.1%[20]. - Total current liabilities decreased to $2,516.0 million as of December 31, 2024, from $2,685.1 million as of December 31, 2023, a reduction of 6.3%[20]. - The company’s long-term debt, net of current portion, increased to $2,755.7 million as of December 31, 2024, from $2,555.3 million as of December 31, 2023, an increase of 7.8%[20]. Strategic Initiatives - The Enterprise Optimization Plan (EOP) is expected to increase overall profitability by at least $120 million, with a $100 million cost reduction run rate achieved through zero-based budgeting[3]. - Delek US sold retail assets for proceeds of $390 million and reduced its interest in Delek Logistics from 78.7% to 63.6%[3]. - The company completed the acquisition of H2O Midstream and Gravity Water Midstream, further enhancing its third-party cash flows[3]. - The company repurchased approximately $42 million in shares during 2024[3]. - The company paid $16.1 million in dividends and announced a regular quarterly dividend of $0.255 per share[8].

Core Viewpoint - Delek US Holdings, Inc. has shown resilience in a challenging oil and gas market, achieving a slight increase in share price while outperforming the broader sector and key peers [1][4]. Group 1: Stock Performance - Delek US Holdings experienced a 0.1% increase in share price over the past three months, contrasting with a 3.2% decline in the broader oil and gas sector and a 2.2% decline in the refining and marketing sub-industry [1]. - Key peers such as Marathon Petroleum Corporation, RGC Resources, and PBF Energy saw share price declines of 3.8%, 5.5%, and 9.7%, respectively [1]. Group 2: Factors Supporting Performance - Strategic positioning in the Permian Basin allows Delek to benefit from long-term crude production growth, supported by investments in gathering and pipeline infrastructure [5]. - The company plans to reduce capital expenditures by $80-$100 million in 2025 compared to 2024, which is expected to enhance cash flow and strengthen the balance sheet [6]. - Delek continues to prioritize shareholder value, paying $16.4 million in dividends and repurchasing $20 million worth of shares in Q3 2024, alongside announcing a quarterly dividend of 25.5 cents per share for Q4 2024 [7][8]. - The Enterprise Optimization Plan aims to increase profitability by $100 million annually through cost reductions and operational improvements [9]. - A $390 million retail asset sale has significantly improved liquidity, raising cash reserves above $1 billion, which enhances financial flexibility for various strategic initiatives [10]. Group 3: Challenges to Monitor - Delek's refining operations are heavily concentrated in the U.S. Gulf Coast and Midcontinent regions, exposing the company to regional supply-demand imbalances and extreme weather events [11]. - The company carries a significant long-term debt of $2.79 billion and a net debt position of $1.75 billion, which may limit growth opportunities [12]. - Operational challenges, including unplanned outages at key refineries, have negatively impacted throughput and margins, particularly at the El Dorado refinery [13]. - Over-reliance on asset sales for liquidity raises concerns about long-term revenue diversification, especially in a cyclical refining business [14]. - Earnings are significantly affected by fluctuations in crude oil prices and refining margins, which can be volatile due to various external factors [15].

Core Insights - Delek is focusing on deconsolidating its midstream segment, Delek Logistics Partners, to unlock shareholder value while maintaining cash flow benefits [2] - The company is implementing a balanced capital allocation strategy that includes dividends, share buybacks, and growth investments, with a planned reduction in capital expenditures by $80-$100 million for 2025 [3] - Delek has transformed into a diversified downstream energy company with a focus on the Permian region, benefiting from lower pricing in this area [4] Factors Favoring DK Stock - The logistics segment achieved record EBITDA of $106.1 million in Q3 2024, driven by strong contributions from Delaware Gathering systems and strategic pipeline developments [5] - Delek returned $16.4 million in dividends and executed $20 million in share buybacks in Q3 2024, with a regular quarterly dividend of 25.5 cents per share announced for Q4 2024 [6] Cautionary Factors - The refining segment experienced a significant decline in adjusted EBITDA to $10.2 million in Q3 2024 from $296.1 million in Q3 2023, due to a 49.1% year-over-year drop in benchmark crack spreads [8] - The company faces earnings volatility due to fluctuations in crude oil prices and refining margins, with the logistics segment providing some stability [9] - As of September 30, 2024, Delek had consolidated long-term debt of $2.79 billion, resulting in a net debt position of $1.75 billion, which could pose risks if refining margins remain weak [10] - Limited growth in the core refining segment is evident, with throughput at key refineries falling below expectations [12]

Core Viewpoint - Delek US Holdings has experienced significant fluctuations in refining margins over the past five years, particularly during the COVID-19 pandemic and the subsequent recovery phase [1]. Group 1: Company Performance - The refining margins for Delek crashed during the COVID-19 pandemic, indicating a challenging operating environment for the company [1]. - Following the pandemic, refining margins surged, suggesting a recovery and potential growth opportunities for Delek [1].

Core Insights - Delek US Holdings, Inc. reported a third-quarter 2024 adjusted net loss of $1.45 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.71, but a decline from a profit of $2.02 per share in the same quarter last year due to weak contributions from the Refining segment [1][4] - Net revenues decreased by 35.9% year over year to $3 billion, missing the Zacks Consensus Estimate by $48 million [1] - Adjusted EBITDA for the quarter was $70.6 million, down from $345.1 million in the year-ago period [2] Financial Performance - Total operating expenses decreased by approximately 29.6% year over year to $3.1 billion, with capital expenditures of $128.5 million during the same period [7] - The company had cash and cash equivalents of $1 billion and long-term debt of $2.8 billion as of September 30, 2024, resulting in a debt to total capital ratio of about 76.1% [7] Segment Performance - Refining segment's adjusted EBITDA was $10.2 million, a significant decline from $296.1 million in the prior-year quarter, attributed to lower refining crack spreads which fell by an average of 49.1% [4] - Logistics segment reported an adjusted EBITDA of $106.1 million, an increase from $96.5 million in the year-ago quarter, driven by contributions from Delaware Gathering systems and the Wink to Webster pipeline dropdown [6] Dividends and Guidance - The board approved a regular quarterly dividend of 25.5 cents per share, payable on November 18, 2024, to shareholders of record as of November 12 [2] - For 2024, the company expects capital expenditures of $330 million, with specific allocations for Refining, Logistics, Discontinued Operations, and Corporate & Other [15] Key Transactions - Delek Logistics completed the acquisition of H2O Midstream for $229.5 million, which includes water disposal and recycling operations in the Midland Basin of Texas [8][9] - The company finalized the sale of its retail operations for approximately $390.2 million in net cash proceeds before taxes, recognizing a pretax gain of $98.4 million from the transaction [10][11]