Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 259

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 259
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 We eliminate these intercompany fees in consolidation.

Operating Expenses

Q2 2025 vs. Q2 2024

Operating expenses increased by $1.9 million, or 1.3%, in the second quarter of 2025 compared to the second quarter of 2024, driven by the following: 

•higher natural gas prices in 2025; and

•an increased outside services.

These increases were partially offset by the following:

•a decrease in insurance costs and lease and rental costs.

YTD 2025 vs. YTD 2024

Operating expenses decreased $5.8 million, or 1.8%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease in operating expenses was primarily driven by the following:

•a decrease in employee costs, insurance costs, and lease and rental costs.

These decreases were partially offset by the following:

•higher natural gas prices; and

•an increase in outside services.

Refining Margin

Q2 2025 vs. Q2 2024

Refining segment margin increased by $81.5 million, or 52.0%, in the second quarter of 2025 compared to the second quarter of 2024, with a refining margin percentage of 8.8% as compared to 4.7% for the second quarter of 2025 and 2024, respectively, primarily driven by the following:

•a 11.4% increase in the 5-3-2 crack spread (the primary measure for the 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