Company: DK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050541
Chunk: 94

Company: Delek US Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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 of 1.9%.

These decreases were partially offset by the following:

•an increase in the average price of Gulf Coast ULSD of 1.8%; and

•an increase in sales volumes (including purchased products).

Net revenues included sales to our logistics segment of $85.5 million and $84.6 million for the three months ended September 30, 2025 and September 30, 2024, respectively. We eliminate this intercompany revenue in consolidation.

YTD 2025 vs. YTD 2024

Revenues for the refining segment decreased $1,276.1 million, or 13.5%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was primarily driven by the following:

•a decrease in the average price of U.S. Gulf Coast gasoline of 11.3% and ULSD of 8.6%; and

•a decrease in sales volumes (including purchased products).

These decreases were partially offset by the following:

•an increase in the average price of U.S. Gulf Coast HSD of 1.5%.

Revenues included sales to our logistics segment of $259.9 million and $284.2 million for the nine months ended September 30, 2025 and 2024, respectively. We eliminate this intercompany revenue in consolidation. 

Cost of Materials and Other

Q3 2025 vs. Q3 2024

Cost of materials and other decreased by $636.9 million, or 22.3%, in the third quarter of 2025 compared to the third quarter of 2024. The decrease was primarily driven by the following:

•decreases in the cost of WTI Cushing crude oil, from an average of $75.28 per barrel to an average of $65.06, or 13.6%, and decreases in the cost of WTI Midland crude oil, from an average of $75.96 per barrel to an average of $65.76, or 13.4%; and

•small refinery exemptions received in the third quarter of 2025 resulting in a reduction of our Consolidated Net RINs Obligation and therefore a reduction within Cost of materials and other of approximately $280.8 million.

These decreases were partially offset by the following:

•an increase in sales volumes (including purchased products).

YTD 2025 vs. YTD 2024

Cost