Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 152

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 152
---
 generally protected from commodity price risk because inventory is purchased and then immediately sold at the rack.   

63 |

Management's Discussion and Analysis

Logistics Segment Operational Comparison of the Three and Six Months Ended June 30, 2025 versus the Three and Six Months Ended June 30, 2024 

Revenues

Q2 2025 vs. Q2 2024

Net revenues decreased by $18.2 million, or 6.9%, in the second quarter of 2025 compared to the second quarter of 2024, primarily driven by:

•decreased revenue of $18.4 million in our West Texas marketing operations driven by decreases in average sales prices per gallon, a net decrease in volumes sold, partially offset by an increase in RINs revenue: 

◦the average sales prices per gallon of gasoline and diesel sold decreased by $0.34 and $0.33 per gallon, respectively; 

◦the volumes of gasoline sold decreased by 2.7 million and the volumes of diesel sold increased by 0.3 million gallons;

◦RINs revenue increased from $1.3 million in the second quarter of 2024 to $2.2 million in the second quarter of 2025, due to increases in RINs prices; and 

•decrease of $7.4 million due to the assignment of the Big Spring refinery marketing agreement to Delek Holdings in the third quarter of 2024;

•decrease due to recording certain throughput fees as interest income under sales-type lease accounting that were previously recorded as revenue in the prior year period; and 

•partially offset by incremental revenue associated with Gravity and H2O Midstream acquisitions of $15.3 million and $24.0 million, respectively.

Net revenues included sales to our refining segment of $114.0 million and $156.5 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and sales to corporate and other of $0.1 million and $0.4 million for the three months June 30, 2025 and 2024, respectively.  We eliminate this intercompany revenue in consolidation.

YTD 2025 vs. YTD 2024

Net revenues decreased by $20.4 million, or 3.9%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily driven by the