Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 77

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 increase of $23.5 million, or 5.9%. The increase in operating expenses was primarily driven by the following: 

•an increase in natural gas costs;

•an increase in employee costs;

•an increase in maintenance costs; and

•incremental expenses associated with the H2O Midstream Acquisition and Gravity Acquisition.

These increases were partially offset by the following: 

•a decrease in insurance costs; and

•a decrease in lease and rental costs.

General and Administrative Expenses

Q2 2025 vs. Q2 2024

General and administrative expenses were $76.6 million for the second quarter of 2025 compared to $60.2 million for the second quarter of 2024, an increase of $16.4 million, or 27.2%. The increase was primarily driven by increased restructuring costs and incentive compensation offset by decreases in employee costs.

YTD 2025 vs. YTD 2024

General and administrative expenses were $138.1 million for the six months ended June 30, 2025 compared to $121.2 million in six months ended June 30, 2024, an increase of $16.9 million, or 13.9%. The increase was primarily driven by increased restructuring costs and incentive compensation offset by decreases in employee costs.

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Management's Discussion and Analysis

Depreciation and Amortization

Q2 2025 vs. Q2 2024

Depreciation and amortization (included in both cost of sales and other operating expenses) was $94.1 million for the second quarter of 2025 compared to $88.4 million for the second quarter of 2024, an increase of $5.7 million, or 6.4%. The increase was a result of a general increase in our fixed asset base due to capital projects and turnarounds completed and depreciation and amortization attributable to the H2O Midstream Acquisition and Gravity Acquisition.

YTD 2025 vs. YTD 2024

Depreciation and amortization (included in both cost of sales and other operating expenses) was $195.4 million for the six months ended June 30, 2025 compared to $180.1 million in 2024, an increase of $15.3 million, or 8.5%. The increase was a result of a general increase in our fixed asset base due to capital projects and turnarounds completed and depreciation and