Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 266

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 266
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EBITDA decreased by $24.7 million, or 12.3%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by the following:

•recording certain throughput and storage fees in interest income due to sales-type lease accounting that were previously recorded as revenue in prior year period; and

•lower revenue due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings;

These decreases were partially offset by the following: 

•incremental EBITDA of $19.6 million and $24.2 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

• a $0.29 per barrel increase in wholesale margins.

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Management's Discussion and Analysis

Liquidity and Capital Resources 

Sources of Capital  

Our primary sources of liquidity and capital resources are 

•cash generated from our operating activities; 

•borrowings under our debt facilities; and

•potential issuances of additional equity and debt securities. 

At June 30, 2025, our total liquidity amounted to $2,385.2 million comprised primarily of $1,769.7 million in unused credit commitments under our revolving credit facilities (as discussed in Note 10 of our condensed consolidated financial statements in Item 1. Financial Statements, of this Quarterly Report on Form 10-Q) and $615.5 million in cash and cash equivalents. Historically, we have generated adequate cash from operations to fund ongoing working capital requirements, pay quarterly cash dividends, repurchase common stock and fund operational capital expenditures. On July 30, 2025, our Board of Directors approved a quarterly cash dividend of $0.255 per share of our common stock. During the three and six months ended June 30, 2025, 685,050 and 2,694,470, respectively, shares of our common stock were repurchased and cancelled at the time of the transaction for a total of $12.9 million and $44.4 million, respectively. As of June 30, 2025, there was $499.1 million of authorization remaining under Delek's aggregate stock repurchase program.

Other funding sources including borrowings under existing credit agreements, and issuance of equity and debt securities have been utilized to meet our funding requirements and support our growth capital projects and acquisitions. In addition, we have historically been able to source funding at terms that reflect market conditions, our financial position and our