Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 133

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 133
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 Expenses

Q2 2025 vs. Q2 2024

Operating expenses (included in both cost of sales and other operating expenses) were $212.0 million for the second quarter of 2025 compared to $186.0 million for the second quarter of 2024, an increase of $26.0 million, or 14.0%. 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.

YTD 2025 vs. YTD 2024

Operating expenses (included in both cost of sales and other operating expenses) were $424.4 million for the six months ended June 30, 2025 compared to $400.9 million in six months ended June 30, 2024, an 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