Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 93

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 93
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.6% for the six months ended June 30, 2025 and 2024, respectively, primarily driven by the following: 

•a 9.5% decrease in the 5-3-2 crack spread (the primary measure for the Tyler refinery and El Dorado refinery), a 9.2% decrease in the average Gulf Coast 3-2-1 crack spread (the primary measure for the Big Spring refinery) and a 17.3% decrease in the average Gulf Coast 2-1-1 crack spread (the primary measure for the Krotz Springs refinery); 

•a decrease in sales volumes (including purchased products); and

•an increase in RINs pricing.

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Management's Discussion and Analysis

These decreases were partially offset by the following:

•a decrease in lease expense as a result of reclassification of certain fees with Delek Logistics from lease expense to interest expense under finance lease accounting. These finance leases have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.

EBITDA

Q2 2025 vs. Q2 2024

EBITDA increased by $77.8 million, or 449.7%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to an increase in refining margin driven by increased crack spreads partially offset by a decrease in sales volume and insurance and third party proceeds received in 2024 related to the fires in 2021 and 2022.

YTD 2025 vs. YTD 2024

EBITDA decreased by $43.5 million, or 35.5% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to a decrease in refining margin driven by decreased crack spreads, decreased sales volumes, and insurance and third party proceeds received in 2024 related to the fires in 2021 and 2022.

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Management's Discussion and Analysis

Logistics Segment

The table below sets forth certain information concerning our logistics segment operations ($ in millions, except per barrel amounts):

Selected Logistics Financial and Operating InformationThree Months Ended June 30,Six Months Ended June 30,2025202420252024Revenues$246.4 $264.6 $496.3 $516.7 Cost of materials and other$119.3 $138.1