Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 98

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 98
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 sold decreased by $0.24 per gallon and $0.33 per gallon, respectively; 

◦the volumes of diesel sold increased by 2.0 million gallons, and the volumes of gasoline sold decreased by 1.6 million; and

•incremental costs associated with the H2O Midstream and Gravity Acquisitions of $1.7 million and $4.7 million, respectively.

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Management's Discussion and Analysis

Operating Expenses

Q2 2025 vs. Q2 2024

Operating expenses increased by $8.6 million, or 29.1%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by the following:

•incremental expenses associated with the H2O Midstream and Gravity Acquisitions of $4.8 million and $11.0 million, respectively; and 

This increase was partially offset by the following: 

•a decrease in outside services. 

YTD 2025 vs. YTD 2024

Operating expenses increased by $17.6 million, or 28.6%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by the following:

•incremental expenses associated with the H2O Midstream and Gravity Acquisitions of $10.2 million and $17.8 million, respectively.

This increase was partially offset by the following: 

•a decrease in outside services. 

EBITDA

Q2 2025 vs. Q2 2024

EBITDA decreased by $10.5 million, or 10.4%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by the following:

•lower revenue related to sales-type lease accounting;

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

These increase were partially offset by the following: 

•incremental EBITDA of $9.4 million and $10.3 million associated with H2O Midstream and Gravity Acquisitions, respectively; and

•a $1.13 per barrel increase in wholesale margins.

YTD 2025 vs. YTD 2024

EBITDA decreased by $24.7 million, or 12.3%, in the six months ended June 30, 2025 compared to the six months ended June