Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 148

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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 impact to the Delek US consolidated results as these amounts eliminate in consolidation.

These decreases were partially offset by the following:

•an increase in RINs pricing.

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Management's Discussion and Analysis

Our refining segment purchases finished product from our logistics segment and has multiple service agreements with our logistics segment which, among other things, require the refining segment to pay terminalling and storage fees based on the throughput volume of crude and finished product in the logistics segment pipelines and the volume of crude and finished product stored in the logistics segment storage tanks, subject to minimum volume commitments. These costs and fees were $114.0 million and $156.5 million during the three months ended June 30, 2025 and 2024, respectively. These costs and fees were $239.9 million and $295.7 million during the six months ended June 30, 2025 and 2024, respectively. We eliminate these intercompany fees in consolidation.

Operating Expenses

Q2 2025 vs. Q2 2024

Operating expenses increased by $1.9 million, or 1.3%, in the second quarter of 2025 compared to the second quarter of 2024, driven by the following: 

•higher natural gas prices in 2025; and

•an increased outside services.

These increases were partially offset by the following:

•a decrease in insurance costs and lease and rental costs.

YTD 2025 vs. YTD 2024

Operating expenses decreased $5.8 million, or 1.8%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease in operating expenses was primarily driven by the following:

•a decrease in employee costs, insurance costs, and lease and rental costs.

These decreases were partially offset by the following:

•higher natural gas prices; and

•an increase in outside services.

Refining Margin

Q2 2025 vs. Q2 2024

Refining segment margin increased by $81.5 million, or 52.0%, in the second quarter of 2025 compared to the second quarter of 2024, with a refining margin percentage of 8.8% as compared to 4.7% for the second quarter of 2025 and 2024, respectively, primarily driven by the following:

•a 11.4% increase in the 5-3-2 crack spread (the primary measure for the