Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 146

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.

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Management's Discussion and Analysis

Refining Segment Operational Comparison of the Three and Six Months Ended June 30, 2025 versus the Three and Six Months Ended June 30, 2024 

Revenues

Q2 2025 vs. Q2 2024

Revenues for the refining segment decreased by $590.4 million, or 17.9%, in the second quarter of 2025 compared to the second quarter of 2024. The decrease was primarily driven by the following:

•a decrease in the average price of U.S. Gulf Coast gasoline of 15.2%, ULSD of 14.8% and U.S. Gulf Coast HSD of 2.1%; and

•a decrease in sales volumes (including purchased products).

Net revenues included sales to our logistics segment of $84.4 million and $106.7 million for the three months ended June 30, 2025 and June 30, 2024, respectively. We eliminate this intercompany revenue in consolidation.

YTD 2025 vs. YTD 2024

Revenues for the refining segment decreased $1,090.4 million, or 17.0%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily driven by the following:

•a decrease in the average price of U.S. Gulf Coast gasoline of 13.3% and ULSD of 13.4%; and