Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 136

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 136
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 Acquisition of $11.0 million and $20.7 million, respectively.

YTD 2025 vs. YTD 2024

We generated net revenues of $8,293.5 million and $9,478.5 million during the nine months ended September 30, 2025 and 2024, respectively, a decrease of $1,185.0 million, or 12.5%. The decrease in net revenues was primarily due to the following:

•in our refining segment, decreases in the average price of U.S. Gulf Coast gasoline of 11.3% and ULSD of 8.6% and decreased sales volumes (including purchased products); and

•in our logistics segment, decreased revenue of $18.7 million in our West Texas marketing operations. 

These decreases were partially offset by the following: 

•an increase in the average price of U.S. Gulf Coast HSD of 1.5%; and

•incremental revenue associated with the H2O Midstream Acquisition and Gravity Acquisition of $42.8 million and $67.5 million, respectively.

Total Operating Costs and Expenses

Cost of Materials and Other

Q3 2025 vs. Q3 2024

Cost of materials and other was $2,165.7 million for the third quarter of 2025 compared to $2,788.7 million for the third quarter of 2024, a decrease of $623.0 million, or 22.3%. 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 13.6% decrease in the average cost of WTI Cushing crude oil and a 13.4% decrease in the average cost of WTI Midland crude oil; and

•small refinery exemptions received in the third quarter of 2025 resulting in a reduction of our Consolidated Net RINs Obligation and therefore a reduction within Cost of materials and other of approximately $280.8 million.

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Management's Discussion and Analysis

These decreases were partially offset by the following: 

•an increase in sales volume (including purchased products); and

•incremental costs associated with the Gravity and H2O Midstream Acquisitions of $5.3 million and $1.2 million, respectively.

YTD 2025 vs. YTD 2024

Cost of materials and other was $6,980