Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 259

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 259
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. YTD 2024

Operating expenses (included in both cost of sales and other operating expenses) were $655.7 million for the nine months ended September 30, 2025 compared to $586.0 million in nine months ended September 30, 2024, an increase of $69.7 million, or 11.9%. The increase in operating expenses was primarily driven by the following: 

•an increase in natural gas, chemical, and electric costs;

•an increase in employee costs;

•an increase in outside services;

•an increase in maintenance costs; and

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

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

Q3 2025 vs. Q3 2024

General and administrative expenses were $76.8 million for the third quarter of 2025 compared to $70.4 million for the third quarter of 2024, an increase of $6.4 million, or 9.1%. The increase was primarily driven by incentive compensation offset by decreases in employee costs.

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Management's Discussion and Analysis

YTD 2025 vs. YTD 2024

General and administrative expenses were $214.9 million for the nine months ended September 30, 2025 compared to $191.6 million in the  nine months ended September 30, 2024, an increase of $23.3 million, or 12.2%. The increase was primarily driven by increased restructuring costs and incentive compensation offset by decreases in employee costs.

Depreciation and Amortization

Q3 2025 vs. Q3 2024

Depreciation and amortization (included in both cost of sales and other operating expenses) was $101.3 million for the third quarter of 2025 compared to $98.1 million for the third quarter of 2024, an increase of $3.2 million, or 3.3%. 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 and Gravity Acquisition.

YTD 2025 vs. YTD 2024

Depreciation and amortization (included in both cost of sales and other operating expenses) was $296.