Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 132

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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 13.3% and ULSD of 13.4% and decreased sales volumes (including purchased products), partially offset by an increase in the average price of U.S. Gulf Coast HSD of 3.1%; and

•in our logistics segment, decreased revenue of $21.1 million in our West Texas marketing operations. 

These decreases were partially offset by the following: 

•incremental revenue associated with the H2O Midstream Acquisition and Gravity Acquisition of $31.8 million and $46.8 million, respectively.

Total Operating Costs and Expenses

Cost of Materials and Other

Q2 2025 vs. Q2 2024

Cost of materials and other was $2,415.0 million for the second quarter of 2025 compared to $3,025.5 million for the second quarter of 2024, a decrease of $610.5 million, or 20.2%. The net decrease in cost of materials and other was primarily driven by the following:

•decreases in cost of crude oil feedstocks at the refineries, including a 21.1% decrease in the average cost of WTI Cushing crude oil and a 21.2% decrease in the average cost of WTI Midland crude oil and a decrease in sales volume (including purchased products).

These decreases were partially offset by the following: 

•incremental costs associated with the H2O Midstream Acquisition and Gravity Acquisition; and

•an increase in RINs pricing.

50 |

Management's Discussion and Analysis

YTD 2025 vs. YTD 2024

Cost of materials and other was $4,814.5 million for the six months ended June 30, 2025, compared to $5,758.4 million for six months ended June 30, 2024, a decrease of $943.9 million, or 16.4%. The net decrease in cost of materials and other primarily related to the following:

•a decrease in the cost of crude oil feedstocks at the refineries, including a 14.4% decrease in the average cost of WTI Cushing crude oil and a 14.6% decrease in the average cost of WTI Midland crude oil and decreased sales volume (including purchased products).

These decreases were partially offset by the following: 

•incremental costs associated with the H2O Midstream Acquisition and Gravity Acquisition; and

•an increase in RINs pricing.

Operating