Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 75

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 75
---
 2024

In the second quarter of 2025 and 2024, we generated net revenues of $2,764.6 million and $3,308.1 million, respectively, a decrease of $543.5 million, or 16.4%. The decrease in net revenues was primarily driven by the following factors:

•in our refining segment, decreases in the average price of U.S. Gulf Coast gasoline of 15.2%, ULSD of 14.8% and U.S. Gulf Coast HSD of 2.1% and decreased sales volume (including purchased products); and

•in our logistics segment, decreased revenue of $18.4 million in our West Texas marketing operations.

These decreases were partially offset by the following: 

•incremental revenue associated with the H2O Midstream Acquisition and Gravity Acquisition of $15.3 million and $24.0 million, respectively.

YTD 2025 vs. YTD 2024

We generated net revenues of $5,406.5 million and $6,436.1 million during the six months ended June 30, 2025 and 2024, respectively, a decrease of $1,029.6 million, or 16.0%. The decrease in net revenues was primarily due to the following:

•in our refining segment, decreases in the average price of U.S. Gulf Coast gasoline of 13.3% and ULSD of 13.4% and decreased sales volumes (including purchased products), partially offset by an increase in the average price of U.S. Gulf Coast HSD of 3.1%; and

•in our logistics segment, decreased revenue of $21.1 million in our West Texas marketing operations. 

These decreases were partially offset by the following: 

•incremental revenue associated with the H2O Midstream Acquisition and Gravity Acquisition of $31.8 million and $46.8 million, respectively.

Total Operating Costs and Expenses

Cost of Materials and Other

Q2 2025 vs. Q2 2024

Cost of materials and other was $2,415.0 million for the second quarter of 2025 compared to $3,025.5 million for the second quarter of 2024, a decrease of $610.5 million, or 20.2%. The net decrease in cost of materials and other was primarily driven by the following:

•decreases in cost of crude oil feedstocks at the refin