Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 149

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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 Tyler refinery and El Dorado refinery), a 11.8% increase in the average Gulf Coast 3-2-1 crack spread (the primary measure for the Big Spring refinery) and a 10.8% increase in the average Gulf Coast 2-1-1 crack spread (the primary measure for the Krotz Springs refinery); and

•a decrease in lease expense as a result of reclassification of certain fees with Delek Logistics from lease expense to interest expense under finance lease accounting. These finance leases have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.

These increases were partially offset by the following:

•a decrease in sales volume; and

•an increase in RINs pricing.

YTD 2025 vs. YTD 2024

Refining margin decreased by $49.5 million, or 11.6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, with a refining margin percentage of 7.1% as compared to 6.6% for the six months ended June 30, 2025 and 2024, respectively, primarily driven by the following: 

•a 9.5% decrease in the 5-3-2 crack spread (the primary measure for the Tyler refinery and El Dorado refinery), a 9.2% decrease in the average Gulf Coast 3-2-1 crack spread (the primary measure for the Big Spring refinery) and a 17.3% decrease in the average Gulf Coast 2-1-1 crack spread (the primary measure for the Krotz Springs refinery); 

•a decrease in sales volumes (including purchased products); and

•an increase in RINs pricing.

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Management's Discussion and Analysis

These decreases were partially offset by the following:

•a decrease in lease expense as a result of reclassification of certain fees with Delek Logistics from lease expense to interest expense under finance lease accounting. These finance leases have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.

EBITDA

Q2 2025 vs. Q2 2024

EBITDA increased by $77.8 million, or 449.7%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to an increase in refining margin driven by increased crack spreads partially offset by