08/03/2021 | Press release | Distributed by Public on 08/03/2021 16:14
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Delek US Holdings, Inc. | ||||
Condensed Consolidated Balance Sheets (Unaudited)
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(In millions, except share and per share data)
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June 30, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 833.0 | $ | 787.5 |
Accounts receivable, net | 826.3 | 527.9 | ||
Inventories, net of inventory valuation reserves | 1,031.2 | 727.7 | ||
Other current assets | 271.0 | 256.4 | ||
Total current assets | 2,961.5 | 2,299.5 | ||
Property, plant and equipment: | ||||
Property, plant and equipment | 3,630.7 | 3,519.5 | ||
Less: accumulated depreciation | (1,268.1) | (1,152.3) | ||
Property, plant and equipment, net | 2,362.6 | 2,367.2 | ||
Operating lease right-of-use assets | 168.1 | 182.0 | ||
Goodwill | 729.7 | 729.7 | ||
Other intangibles, net | 105.7 | 107.8 | ||
Equity method investments | 360.8 | 363.6 | ||
Other non-current assets | 100.0 | 84.3 | ||
Total assets | $ | 6,788.4 | $ | 6,134.1 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 1,654.0 | $ | 1,144.0 |
Current portion of long-term debt | 46.4 | 33.4 | ||
Obligation under Supply and Offtake Agreements | 167.3 | 129.2 | ||
Current portion of operating lease liabilities | 44.8 | 50.2 | ||
Accrued expenses and other current liabilities | 878.8 | 546.4 | ||
Total current liabilities | 2,791.3 | 1,903.2 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 2,197.9 | 2,315.0 | ||
Obligation under Supply and Offtake Agreements | 329.0 | 224.9 | ||
Environmental liabilities, net of current portion | 109.4 | 107.4 | ||
Asset retirement obligations | 38.2 | 37.5 | ||
Deferred tax liabilities | 202.3 | 255.5 | ||
Operating lease liabilities, net of current portion | 122.4 | 131.8 | ||
Other non-current liabilities | 45.5 | 33.7 | ||
Total non-current liabilities | 3,044.7 | 3,105.8 | ||
Stockholders' equity: | ||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding | - | - | ||
Common stock, $0.01 par value, 110,000,000 shares authorized, 91,637,661 shares and 91,356,868 shares issued at June 30, 2021 and December 31, 2020, respectively | 0.9 | 0.9 | ||
Additional paid-in capital | 1,192.6 | 1,185.1 | ||
Accumulated other comprehensive loss | (7.4) | (7.2) | ||
Treasury stock, 17,575,527 shares, at cost, as of June 30, 2021 and December 31, 2020 | (694.1) | (694.1) | ||
Retained earnings | 342.0 | 522.0 | ||
Non-controlling interests in subsidiaries | 118.4 | 118.4 | ||
Total stockholders' equity | 952.4 | 1,125.1 | ||
Total liabilities and stockholders' equity | $ | 6,788.4 | $ | 6,134.1 |
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Delek US Holdings, Inc. | ||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||
(In millions, except share and per share data) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net revenues | $ | 2,191.5 | $ | 1,535.5 | $ | 4,583.7 | $ | 3,356.7 |
Cost of sales: | ||||||||
Cost of materials and other | 1,995.8 | 1,277.8 | 4,201.3 | 3,188.4 | ||||
Operating expenses (excluding depreciation and amortization presented below) | 129.6 | 103.4 | 257.6 | 232.6 | ||||
Depreciation and amortization | 60.5 | 53.6 | 122.8 | 100.6 | ||||
Total cost of sales | 2,185.9 | 1,434.8 | 4,581.7 | 3,521.6 | ||||
Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below) | 31.5 | 24.4 | 52.8 | 49.7 | ||||
General and administrative expenses | 58.6 | 61.7 | 105.7 | 127.4 | ||||
Depreciation and amortization | 5.8 | 6.0 | 12.0 | 11.6 | ||||
Other operating income, net | (4.9) | (14.2) | (3.0) | (14.9) | ||||
Total operating costs and expenses | 2,276.9 | 1,512.7 | 4,749.2 | 3,695.4 | ||||
Operating (loss) income | (85.4) | 22.8 | (165.5) | (338.7) | ||||
Interest expense | 33.2 | 29.8 | 62.8 | 66.1 | ||||
Interest income | (0.1) | (0.5) | (0.3) | (2.2) | ||||
Income from equity method investments | (6.8) | (10.7) | (11.6) | (15.8) | ||||
Gain on sale on non-operating refinery | - | (56.9) | - | (56.9) | ||||
Other expense (income), net | 6.8 | (1.5) | 5.8 | (2.4) | ||||
Total non-operating expense (income), net | 33.1 | (39.8) | 56.7 | (11.2) | ||||
(Loss) income before income tax benefit | (118.5) | 62.6 | (222.2) | (327.5) | ||||
Income tax benefit | (46.0) | (35.9) | (58.4) | (119.0) | ||||
Net (loss) income | (72.5) | 98.5 | (163.8) | (208.5) | ||||
Net income attributed to non-controlling interests | 8.6 | 10.8 | 15.9 | 18.2 | ||||
Net (loss) income attributable to Delek | $ | (81.1) | $ | 87.7 | $ | (179.7) | $ | (226.7) |
Basic (loss) income per share | $ | (1.10) | $ | 1.19 | $ | (2.43) | $ | (3.08) |
Diluted (loss) income per share | $ | (1.10) | $ | 1.18 | $ | (2.43) | $ | (3.08) |
Weighted average common shares outstanding: | ||||||||
Basic | 73,911,582 | 73,547,582 | 73,857,975 | 73,492,656 | ||||
Diluted | 73,911,582 | 74,028,043 | 73,857,975 | 73,492,656 | ||||
Dividends declared per common share outstanding | $ | - | $ | 0.31 | $ | - | $ | 0.62 |
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Delek US Holdings, Inc. | ||||||||
Condensed Cash Flow Data (Unaudited) | ||||||||
(In millions) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows from operating activities: | ||||||||
Net cash provided by (used in) operating activities | $ | 169.2 | $ | (169.0) | $ | 134.9 | $ | (323.1) |
Cash flows from investing activities: | ||||||||
Net cash used in investing activities | (72.6) | (9.3) | (118.7) | (155.9) | ||||
Cash flows from financing activities: | ||||||||
Net cash (used in) provided by financing activities | (57.1) | 242.4 | 29.3 | 372.7 | ||||
Net increase (decrease) in cash and cash equivalents | 39.5 | 64.1 | 45.5 | (106.3) | ||||
Cash and cash equivalents at the beginning of the period | 793.5 | 784.9 | 787.5 | 955.3 | ||||
Cash and cash equivalents at the end of the period | $ | 833.0 | $ | 849.0 | $ | 833.0 | $ | 849.0 |
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Delek US Holdings, Inc. | ||||||||||
Segment Data (Unaudited) | ||||||||||
(In millions) | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||
Refining | Logistics | Retail |
Corporate,
Other and Eliminations (1)
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Consolidated (1)
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Net revenues (excluding intercompany fees and sales) | $ | 2,226.9 | $ | 66.1 | $ | 209.0 | $ | (310.5) | $ | 2,191.5 |
Inter-segment fees and revenues | 188.8 | 102.4 | - | (291.2) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 2,321.8 | 88.8 | 164.7 | (579.5) | 1,995.8 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 113.8 | 15.5 | 22.4 | 9.4 | 161.1 | |||||
Segment contribution margin | $ | (19.9) | $ | 64.2 | $ | 21.9 | $ | (31.6) | $ | 34.6 |
Depreciation and amortization | $ | 51.0 | $ | 10.0 | $ | 3.4 | $ | 1.9 | 66.3 | |
General and administrative expenses | 58.6 | |||||||||
Other operating income, net | (4.9) | |||||||||
Operating loss | $ | (85.4) | ||||||||
Capital spending (excluding business combinations) | $ | 60.7 | $ | 2.6 | $ | 0.5 | $ | 1.9 | $ | 65.7 |
Three Months Ended June 30, 2020 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues) | $ | 1,001.9 | $ | 27.3 | $ | 165.4 | $ | 340.9 | $ | 1,535.5 |
Inter-segment fees and revenues
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75.1 | 90.4 | - | (165.5) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 928.6 | 43.9 | 119.6 | 185.7 | 1,277.8 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 88.7 | 12.4 | 21.5 | 5.2 | 127.8 | |||||
Segment contribution margin | $ | 59.7 | $ | 61.4 | $ | 24.3 | $ | (15.5) | $ | 129.9 |
Depreciation and amortization | $ | 44.8 | $ | 8.7 | $ | 3.3 | $ | 2.8 | 59.6 | |
General and administrative expenses | 61.7 | |||||||||
Other operating income, net | (14.2) | |||||||||
Operating income | $ | 22.8 | ||||||||
Capital spending (excluding business combinations) | $ | 12.2 | $ | 0.7 | $ | 1.3 | $ | 0.8 | $ | 15.0 |
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Delek US Holdings, Inc. | ||||||||||
Segment Data (Unaudited) | ||||||||||
(In millions) | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues)
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$ | 3,811.4 | $ | 122.8 | $ | 383.8 | $ | 265.7 | $ | 4,583.7 |
Inter-segment fees and revenues | 344.4 | 198.6 | - | (543.0) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 3,969.5 | 169.9 | 301.2 | (239.3) | 4,201.3 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 227.4 | 29.6 | 43.8 | 9.6 | 310.4 | |||||
Segment contribution margin | $ | (41.1) | $ | 121.9 | $ | 38.8 | $ | (47.6) | $ | 72.0 |
Depreciation and amortization | $ | 103.1 | $ | 20.7 | $ | 6.6 | $ | 4.4 | 134.8 | |
Impairment of goodwill | $ | - | $ | - | $ | - | $ | - | - | |
General and administrative expenses
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105.7 | |||||||||
Other operating income, net | (3.0) | |||||||||
Operating loss | $ | (165.5) | ||||||||
Capital spending (excluding business combinations) | $ | 118.5 | $ | 10.4 | $ | 1.3 | $ | 2.5 | $ | 132.7 |
Six Months Ended June 30, 2020 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues)
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$ | 2,571.1 | $ | 84.2 | $ | 344.0 | $ | 357.4 | $ | 3,356.7 |
Inter-segment fees and revenues
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233.8 | 196.9 | - | (430.7) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 2,835.2 | 145.2 | 263.7 | (55.7) | 3,188.4 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 200.4 | 27.2 | 43.7 | 11.0 | 282.3 | |||||
Segment contribution margin | $ | (230.7) | $ | 108.7 | $ | 36.6 | $ | (28.6) | $ | (114.0) |
Depreciation and amortization | $ | 82.0 | $ | 15.0 | $ | 6.2 | $ | 9.0 | 112.2 | |
General and administrative expenses
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127.4 | |||||||||
Other operating income, net | (14.9) | |||||||||
Operating loss | $ | (338.7) | ||||||||
Capital spending (excluding business combinations) | $ | 180.3 | $ | 3.7 | $ | 7.5 | $ | 11.8 | $ | 203.3 |
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Delek US Holdings, Inc. | ||||||||||
Schedule of Inventory/Commodity Hedging Gains (Losses) | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 3.5 | $ | - | $ | - | $ | - | $ | 3.5 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
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(24.9) | 0.2 | - | - | (24.7) | |||||
Total inventory/commodity unrealized hedging gain (loss) | (21.4) | 0.2 | - | - | (21.2) | |||||
Total inventory/commodity realized hedging gain (loss) | (1.2) | (0.5) | - | - | (1.7) | |||||
Total inventory/commodity hedging gain (loss) | $ | (22.6) | $ | (0.3) | $ | - | $ | - | $ | (22.9) |
Delek US Holdings, Inc. | ||||||||||
Schedule of Inventory/Commodity Hedging Gains (Losses) | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | (2.5) | $ | - | $ | - | $ | - | $ | (2.5) |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
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(7.4) | (2.3) | - | 0.8 | (8.9) | |||||
Total inventory/commodity unrealized hedging gain (loss) | (9.9) | (2.3) | - | 0.8 | (11.4) | |||||
Total inventory/commodity realized hedging gain (loss) | (137.0) | 1.3 | - | (6.6) | (142.3) | |||||
Total inventory/commodity hedging gain (loss) | $ | (146.9) | $ | (1.0) | $ | - | $ | (5.8) | $ | (153.7) |
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Delek US Holdings, Inc. | ||||||||||
Schedule of Inventory/Commodity Hedging Gains (Losses) | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 4.5 | $ | - | $ | - | $ | - | $ | 4.5 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
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(14.2) | 0.4 | - | 0.2 | (13.6) | |||||
Total inventory/commodity unrealized hedging gain (loss) | (9.7) | 0.4 | - | 0.2 | (9.1) | |||||
Total inventory/commodity realized hedging gain (loss) | (17.9) | (1.6) | - | 0.4 | (19.1) | |||||
Total inventory/commodity hedging gain (loss) | $ | (27.6) | $ | (1.2) | $ | - | $ | 0.6 | $ | (28.2) |
Delek US Holdings, Inc. | ||||||||||
Schedule of Inventory/Commodity Hedging Gains (Losses) | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 41.8 | $ | - | $ | - | $ | - | $ | 41.8 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
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(3.1) | - | - | (8.9) | (12.0) | |||||
Total inventory/commodity unrealized hedging gain (loss) | 38.7 | - | - | (8.9) | 29.8 | |||||
Total inventory/commodity realized hedging gain (loss) | (105.2) | 2.1 | - | (15.9) | (119.0) | |||||
Total inventory/commodity hedging gain (loss) | $ | (66.5) | $ | 2.1 | $ | - | $ | (24.8) | $ | (89.2) |
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Refining Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Tyler, TX Refinery | (Unaudited) | (Unaudited) | ||||||
Days in period | 91 | 91 | 181 | 182 | ||||
Total sales volume - refined product (average barrels per day)(1)
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77,529 | 69,746 | 75,389 | 72,364 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 37,495 | 37,225 | 38,522 | 38,633 | ||||
Diesel/Jet | 30,449 | 27,897 | 29,102 | 27,650 | ||||
Petrochemicals, LPG, NGLs | 2,079 | 3,216 | 1,903 | 2,604 | ||||
Other | 1,633 | 1,319 | 1,552 | 1,281 | ||||
Total production | 71,656 | 69,657 | 71,079 | 70,168 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 72,639 | 64,408 | 68,718 | 65,187 | ||||
Other feedstocks | (384) | 5,848 | 2,779 | 5,648 | ||||
Total throughput | 72,255 | 70,256 | 71,497 | 70,835 | ||||
Total refining revenue ( $ in millions) | $ | 625.0 | $ | 251.8 | $ | 1,115.0 | $ | 671.4 |
Cost of materials and other ($ in millions) | 588.3 | 44.1 | 1,029.5 | 610.6 | ||||
Total refining margin ($ in millions) (2)
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$ | 36.7 | $ | 207.7 | $ | 85.5 | $ | 60.8 |
Per barrel of refined product sales: | ||||||||
Tyler refining margin (2)(3)
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$ | 5.20 | $ | 32.72 | $ | 6.26 | $ | 4.62 |
Tyler adjusted refining margin (2)
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$ | 3.94 | $ | 21.24 | $ | 4.04 | $ | 10.32 |
Operating expenses | $ | 3.51 | $ | 3.00 | $ | 3.54 | $ | 3.38 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 86.7 | % | 94.2 | % | 90.6 | % | 93.3 | % |
East Texas crude oil | 13.3 | % | 5.8 | % | 9.0 | % | 6.7 | % |
Other | - | % | - | % | 0.4 | % | - | % |
El Dorado, AR Refinery | ||||||||
Days in period
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91 | 91 | 181 | 182 | ||||
Total sales volume - refined product (average barrels per day)(1)
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55,381 | 76,059 | 52,561 | 76,805 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 26,143 | 34,346 | 21,872 | 35,376 | ||||
Diesel | 20,534 | 30,060 | 17,271 | 28,849 | ||||
Petrochemicals, LPG, NGLs | 808 | 2,063 | 780 | 2,062 | ||||
Asphalt | 5,997 | 6,049 | 4,840 | 6,345 | ||||
Other | 603 | 605 | 521 | 788 | ||||
Total production | 54,085 | 73,123 | 45,284 | 73,420 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 54,086 | 71,406 | 44,479 | 71,514 | ||||
Other feedstocks | 1,451 | 2,369 | 1,558 | 2,506 | ||||
Total throughput | 55,537 | 73,775 | 46,037 | 74,020 | ||||
Total refining revenue ( $ in millions) | $ | 489.5 | $ | 343.3 | $ | 926.2 | $ | 955.2 |
Cost of materials and other ($ in millions) | 479.1 | 322.0 | $ | 930.0 | 993.5 | |||
Total refining margin ($ in millions) (2)
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$ | 10.4 | $ | 21.3 | $ | (3.8) | $ | (38.3) |
Per barrel of refined product sales: | ||||||||
El Dorado refining margin (2)
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$ | 2.06 | $ | 3.08 | $ | (0.39) | $ | (2.74) |
El Dorado adjusted refining margin (2)
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$ | 2.03 | $ | (4.29) | $ | (0.39) | $ | (2.74) |
Operating expenses | $ | 5.14 | $ | 3.53 | $ | 5.71 | $ | 3.98 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 48.9 | % | 51.4 | % | 46.9 | % | 42.9 | % |
Local Arkansas crude oil | 20.4 | % | 14.7 | % | 25.1 | % | 17.0 | % |
Other | 30.7 | % | 33.9 | % | 28.0 | % | 40.1 | % |
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Refining Segment (continued) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Big Spring, TX Refinery | (Unaudited) | (Unaudited) | ||||||
Days in period - based on date acquired | 91 | 91 | 181 | 182 | ||||
Total sales volume - refined product (average barrels per day) (1)
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69,191 | 70,679 | 68,947 | 54,382 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 33,501 | 35,789 | 33,159 | 25,198 | ||||
Diesel/Jet | 25,492 | 27,924 | 23,226 | 18,860 | ||||
Petrochemicals, LPG, NGLs | 4,335 | 3,563 | 3,745 | 2,472 | ||||
Asphalt | 1,012 | 2,055 | 1,400 | 1,452 | ||||
Other | 1,491 | 1,208 | 1,448 | 844 | ||||
Total production | 65,831 | 70,539 | 62,978 | 48,826 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 69,731 | 70,327 | 64,772 | 50,116 | ||||
Other feedstocks | (1,704) | 1,483 | (395) | 78 | ||||
Total throughput | 68,027 | 71,810 | 64,377 | 50,194 | ||||
Total refining revenue ( $ in millions) | $ | 615.1 | $ | 292.6 | $ | 1,117.1 | $ | 702.4 |
Cost of materials and other ($ in millions) | 572.0 | 241.9 | 1,033.2 | 695.4 | ||||
Total refining margin ($ in millions) (2)
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$ | 43.1 | $ | 50.7 | $ | 83.9 | $ | 7.0 |
Per barrel of refined product sales: | ||||||||
Big Spring refining margin (2)
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$ | 6.84 | $ | 7.88 | $ | 6.72 | $ | 0.71 |
Big Spring adjusted refining margin (2)
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$ | 6.81 | $ | 3.76 | $ | 6.68 | $ | 0.73 |
Operating expenses | $ | 5.34 | $ | 3.55 | $ | 5.88 | $ | 4.89 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 66.4 | % | 83.9 | % | 64.7 | % | 75.1 | % |
WTS crude oil | 33.6 | % | 16.1 | % | 35.3 | % | 24.9 | % |
Krotz Springs, LA Refinery | ||||||||
Days in period - based on date acquired
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91 | 91 | 181 | 182 | ||||
Total sales volume - refined product (average barrels per day) (1)
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77,318 | 61,441 | 51,286 | 71,229 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 33,056 | 17,461 | 19,661 | 24,135 | ||||
Diesel/Jet | 26,611 | 21,742 | 15,370 | 26,337 | ||||
Heavy oils | 868 | 215 | 527 | 473 | ||||
Petrochemicals, LPG, NGLs | 6,601 | 840 | 3,948 | 1,923 | ||||
Other | 6,705 | 18,871 | 8,948 | 14,704 | ||||
Total production | 73,841 | 59,129 | 48,454 | 67,572 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 70,883 | 59,468 | 42,377 | 65,975 | ||||
Other feedstocks | 2,240 | 1,114 | 6,786 | 2,104 | ||||
Total throughput | 73,123 | 60,582 | 49,163 | 68,079 | ||||
Total refining revenue ( $ in millions) | $ | 687.4 | $ | 219.6 | $ | 1,007.1 | $ | 663.2 |
Cost of materials and other ($ in millions) | 668.4 | 223.1 | 974.0 | 677.7 | ||||
Total refining margin ($ in millions) (2)
|
$ | 19.0 | $ | (3.5) | $ | 33.1 | $ | (14.5) |
Per barrel of refined product sales: | ||||||||
Krotz Springs refining margin (2)
|
$ | 2.71 | $ | (0.64) | $ | 3.56 | $ | (1.12) |
Krotz Springs adjusted refining margin (2)
|
$ | 2.64 | $ | (8.12) | $ | 3.61 | $ | (1.12) |
Operating expenses | $ | 3.96 | $ | 3.53 | $ | 5.19 | $ | 3.47 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI Crude | 65.0 | % | 69.7 | % | 67.9 | % | 67.7 | % |
Gulf Coast Sweet Crude | 33.5 | % | 30.3 | % | 30.9 | % | 32.3 | % |
Other | 1.5 | % | - | % | 1.2 | % | - | % |
13 |
|
Summary of Other Favorable (Unfavorable) Items Impacting Refining Margin: | ||||||||
$ in millions | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Tyler | ||||||||
Significant impact of fixed price crude transactions (1)
|
$ | - | $ | (110.0) | $ | - | $ | (110.0) |
$ | - | $ | (110.0) | $ | - | $ | (110.0) | |
El Dorado | ||||||||
Other inventory impact | $ | 42.0 | $ | (58.7) | $ | 40.1 | $ | (78.1) |
Impact of RINs inventory true-up (2)
|
(12.3) | - | (12.3) | - | ||||
$ | 29.7 | $ | (58.7) | $ | 27.8 | $ | (78.1) | |
Big Spring | ||||||||
Other inventory impact | $ | 6.7 | $ | (11.1) | $ | 20.7 | $ | (56.7) |
$ | 6.7 | $ | (11.1) | $ | 20.7 | $ | (56.7) | |
Krotz Springs | ||||||||
Other inventory impact | $ | (0.9) | $ | (15.9) | $ | (10.9) | $ | (25.4) |
$ | (0.9) | $ | (15.9) | $ | (10.9) | $ | (25.4) |
Summary of Other Favorable (Unfavorable) Items Impacting Contribution Margin (excluding the refining segment): | ||||||||
$ in millions | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Corporate and Other | ||||||||
Other inventory impact | $ | 3.6 | $ | - | $ | (0.1) | $ | (3.1) |
$ | 3.6 | $ | - | $ | (0.1) | $ | (3.1) |
14 |
|
Inter-refinery Sales | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||
(in barrels per day) | 2021 | 2020 | 2021 | 2020 |
(Unaudited) | (Unaudited) | |||
Tyler refined product sales to other Delek refineries | 1,797 | 2,190 | 1,945 | 1,477 |
El Dorado refined product sales to other Delek refineries | 961 | 1,074 | 704 | 446 |
Big Spring refined product sales to other Delek refineries | 874 | 1,269 | 801 | 1,147 |
Krotz Springs refined product sales to other Delek refineries | 590 | 197 | 297 | 245 |
Refinery Sales to Other Segments | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||
(in barrels per day) | 2021 | 2020 | 2021 | 2020 |
(Unaudited) | (Unaudited) | |||
Tyler refined product sales to other Delek segments | 897 | 1,592 | 909 | 2,400 |
El Dorado refined product sales to other Delek segments | 11 | 11 | 9 | 169 |
Big Spring refined product sales to other Delek segments | 22,179 | 20,570 | 22,145 | 22,841 |
Krotz Springs refined product sales to other Delek segments | 2,069 | - | 2,038 | - |
Pricing statistics | ||||||||
(average for the period presented) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
WTI - Cushing crude oil (per barrel) | $ | 66.19 | $ | 29.77 | $ | 62.21 | $ | 37.93 |
WTI - Midland crude oil (per barrel) | $ | 66.41 | $ | 29.77 | $ | 62.74 | $ | 37.90 |
WTS -- Midland crude oil (per barrel) | $ | 66.57 | $ | 29.61 | $ | 62.73 | $ | 37.69 |
LLS (per barrel) | $ | 68.04 | $ | 31.30 | $ | 64.21 | $ | 39.73 |
Brent crude oil (per barrel) | $ | 69.08 | $ | 33.35 | $ | 65.22 | $ | 42.16 |
U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)
|
$ | 16.72 | $ | 6.67 | $ | 15.20 | $ | 8.74 |
U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)
|
$ | 18.29 | $ | 7.08 | $ | 16.38 | $ | 9.32 |
U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)
|
$ | 9.79 | $ | 2.35 | $ | 8.75 | $ | 5.35 |
U.S. Gulf Coast Unleaded Gasoline (per gallon) | $ | 1.99 | $ | 0.81 | $ | 1.85 | $ | 1.02 |
Gulf Coast Ultra low sulfur diesel (per gallon) | $ | 1.95 | $ | 0.91 | $ | 1.83 | $ | 1.19 |
U.S. Gulf Coast high sulfur diesel (per gallon) | $ | 1.67 | $ | 0.73 | $ | 1.58 | $ | 1.04 |
Natural gas (per MMBTU) | $ | 2.98 | $ | 1.75 | $ | 2.85 | $ | 1.81 |
15 |
|
Delek US Holdings, Inc. | ||||||||
Reconciliation of Refining margin per barrel to Adjusted Refining margin per barrel (1)
|
||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Tyler (2)
|
||||||||
Reported refining margin, $ per barrel | $ | 5.20 | $ | 32.72 | $ | 6.26 | $ | 4.62 |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | (1.26) | (11.48) | (2.22) | 5.70 | ||||
Adjusted refining margin $/bbl | $ | 3.94 | $ | 21.24 | $ | 4.04 | $ | 10.32 |
El Dorado (3)
|
||||||||
Reported refining margin, $ per barrel | $ | 2.06 | $ | 3.08 | $ | (0.39) | $ | (2.74) |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | (0.03) | (7.37) | - | - | ||||
Adjusted refining margin $/bbl | $ | 2.03 | $ | (4.29) | $ | (0.39) | $ | (2.74) |
Big Spring (4)
|
||||||||
Reported refining margin, $ per barrel | $ | 6.84 | $ | 7.88 | $ | 6.72 | $ | 0.71 |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | (0.03) | (4.12) | (0.04) | 0.02 | ||||
Adjusted refining margin $/bbl | $ | 6.81 | $ | 3.76 | $ | 6.68 | $ | 0.73 |
Krotz Springs (5)
|
||||||||
Reported refining margin, $ per barrel | $ | 2.71 | $ | (0.64) | $ | 3.56 | $ | (1.12) |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | (0.07) | (7.48) | 0.05 | - | ||||
Adjusted refining margin $/bbl | $ | 2.64 | $ | (8.12) | $ | 3.61 | $ | (1.12) |
16 |
|
Logistics Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Pipelines & Transportation: (average bpd) | ||||||||
Lion Pipeline System: | ||||||||
Crude pipelines (non-gathered) | 53,316 | 79,066 | 48,743 | 75,995 | ||||
Refined products pipelines | 39,193 | 56,093 | 32,806 | 55,110 | ||||
SALA Gathering System
|
17,430 | 9,447 | 14,670 | 13,449 | ||||
East Texas Crude Logistics System
|
27,497 | 10,275 | 26,790 | 12,224 | ||||
Big Spring Gathering Assets (3)
|
79,589 | 105,162 | 76,672 | 105,162 | ||||
Plains Connection System | 122,529 | - | 115,484 | - | ||||
Wholesale Marketing & Terminalling: | ||||||||
East Texas - Tyler Refinery sales volumes (average bpd) (1)
|
74,565 | 65,028 | 73,271 | 68,839 | ||||
West Texas wholesale marketing throughputs (average bpd)
|
9,395 | 9,143 | 9,765 | 12,612 | ||||
West Texas wholesale marketing margin per barrel
|
$ | 4.24 | $ | 0.64 | $ | 3.81 | $ | 1.96 |
Big Spring wholesale marketing throughputs (average bpd)
|
75,136 | 76,004 | 74,038 | 71,195 | ||||
Terminalling throughputs (average bpd) (2)
|
139,987 | 138,593 | 142,250 | 136,961 |
Retail Segment
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Number of stores (end of period) | 252 | 253 | 252 | 253 | ||||
Average number of stores | 252 | 253 | 252 | 253 | ||||
Average number of fuel stores | 247 | 248 | 247 | 248 | ||||
Retail fuel sales (thousands of gallons) | 42,978 | 42,436 | 82,744 | 90,376 | ||||
Average retail gallons sold per average number of fuel stores (in thousands)
|
174 | 171 | 336 | 365 | ||||
Average retail sales price per gallon sold | $ | 2.90 | $ | 1.79 | $ | 2.71 | $ | 2.02 |
Retail fuel margin ($ per gallon) (1)
|
$ | 0.39 | $ | 0.45 | $ | 0.37 | $ | 0.37 |
Merchandise sales (in millions) | $ | 84.5 | $ | 89.4 | $ | 159.2 | $ | 161.1 |
Merchandise sales per average number of stores (in millions) | $ | 0.3 | $ | 0.4 | $ | 0.6 | $ | 0.6 |
Merchandise margin % | 32.7 | % | 30.8 | % | 32.7 | % | 31.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Same-Store Comparison (2)
|
(Unaudited) | (Unaudited) | ||||||
Change in same-store fuel gallons sold | 1.3 | % | (19.7) | % | (10.7) | % | (13.9) | % |
Change in same-store merchandise sales | (5.4) | % | 13.1 | % | (1.9) | % | 7.6 | % |
17 |
|
Delek US Holdings, Inc. | ||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||
$ in millions | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss) | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported net loss attributable to Delek | $ | (81.1) | $ | 87.7 | $ | (179.7) | $ | (226.7) |
Adjusting items | ||||||||
Net inventory LCM valuation (benefit) loss | (9.7) | (203.1) | (30.1) | 75.1 | ||||
Tax effect | 2.2 | 47.7 | 6.9 | (17.7) | ||||
Net after-tax inventory LCM valuation (benefit) loss | (7.5) | (155.4) | (23.2) | 57.4 | ||||
El Dorado refinery fire - workers compensation loss | - | - | 3.8 | - | ||||
El Dorado refinery fire property and equipment loss - accelerated depreciation | - | - | 1.0 | |||||
Total El Dorado refinery fire losses | - | - | 4.8 | - | ||||
Tax effect | - | - | (1.1) | - | ||||
Net after-tax El Dorado refinery fire losses | - | - | 3.7 | - | ||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.7 | 8.9 | 13.6 | 12.0 | ||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (0.4) | - | (1.8) | - | ||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.3 | 8.9 | 11.8 | 12.0 | ||||
Tax effect | (5.8) | (2.0) | (2.8) | (2.7) | ||||
Net after-tax unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 18.5 | 6.9 | 9.0 | 9.3 | ||||
Non-cash change in fair value of Supply and Offtake ('S&O') Obligation associated with hedging activities (1)
|
- | - | (6.9) | - | ||||
Tax effect | - | - | 1.5 | - | ||||
Net after-tax non-cash change in fair value of S&O Obligation associated with hedging activities | - | - | (5.4) | - | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | 6.5 | - | 6.5 | - | ||||
Tax effect | (1.6) | - | (1.6) | - | ||||
Net after-tax non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | 4.9 | - | 4.9 | - | ||||
Gain from sale of Bakersfield non-operating refinery | - | (56.9) | - | (56.9) | ||||
Tax effect | - | 12.8 | - | 12.8 | ||||
Net after-tax gain from sale of Bakersfield non-operating refinery | - | (44.1) | - | (44.1) | ||||
Tax benefit from loss carryback provided by CARES Act (2)
|
- | (16.8) | - | (16.8) | ||||
Tax adjustment to reduce deferred tax asset valuation allowance resulting from Big Springs Gathering Assets Acquisition | - | - | - | (22.3) | ||||
Total after tax adjusting items | 15.9 | (209.4) | (11.0) | (16.5) | ||||
Adjusted net loss | $ | (65.2) | $ | (121.7) | $ | (190.7) | $ | (243.2) |
18 |
|
Delek US Holdings, Inc. | ||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||
per share data | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported diluted (loss) income per share | $ | (1.10) | $ | 1.18 | $ | (2.43) | $ | (3.08) |
Adjusting items, after tax (per share) (1) (2)
|
||||||||
Net inventory LCM valuation loss (benefit) | (0.10) | (2.10) | (0.31) | 0.78 | ||||
El Dorado refinery fire losses | - | - | 0.05 | - | ||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.25 | 0.09 | 0.12 | 0.13 | ||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | - | - | (0.07) | - | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | 0.07 | - | 0.07 | - | ||||
Gain from sale of Bakersfield non-operating refinery | - | (0.60) | - | (0.60) | ||||
Tax benefit from loss carryback provided by CARES Act | - | (0.23) | - | (0.23) | ||||
Tax adjustment to reduce deferred tax asset valuation allowance resulting from Big Springs Gathering Assets Acquisition | - | - | - | (0.30) | ||||
Total adjusting items | 0.22 | (2.84) | (0.14) | (0.22) | ||||
Adjusted net loss per share | $ | (0.88) | $ | (1.66) | $ | (2.57) | $ | (3.30) |
19 |
|
Delek US Holdings, Inc. | ||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||
$ in millions | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported net (loss) income attributable to Delek | $ | (81.1) | $ | 87.7 | $ | (179.7) | $ | (226.7) |
Add: | ||||||||
Interest expense, net | 33.1 | 29.3 | 62.5 | 63.9 | ||||
Income tax benefit | (46.0) | (35.9) | (58.4) | (119.0) | ||||
Depreciation and amortization | 66.3 | 59.6 | 134.8 | 112.2 | ||||
EBITDA | (27.7) | 140.7 | (40.8) | (169.6) | ||||
Adjusting items | ||||||||
Net inventory LCM valuation (benefit) loss | (9.7) | (203.1) | (30.1) | 75.1 | ||||
El Dorado refinery fire - workers compensation loss | - | - | 3.8 | - | ||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.7 | 8.9 | 13.6 | 12.0 | ||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (0.4) | - | (1.8) | - | ||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.3 | 8.9 | 11.8 | 12.0 | ||||
Non-cash change in fair value of S&O Obligation associated with hedging activities (1)
|
- | - | (6.9) | - | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | 6.5 | - | 6.5 | - | ||||
Gain from sale of Bakersfield non-operating refinery | - | (56.9) | - | (56.9) | ||||
Net income attributable to non-controlling interest | 8.6 | 10.8 | 15.9 | 18.2 | ||||
Total Adjusting items | 29.7 | (240.3) | 1.0 | 48.4 | ||||
Adjusted EBITDA | $ | 2.0 | $ | (99.6) | $ | (39.8) | $ | (121.2) |
20 |
|
Delek US Holdings, Inc. | ||||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||
Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Reported segment contribution margin | $ | (19.9) | $ | 64.2 | $ | 21.9 | $ | (31.6) | $ | 34.6 |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | (9.6) | - | 0.1 | (0.2) | (9.7) | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.9 | (0.2) | - | - | 24.7 | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (0.4) | - | - | - | (0.4) | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 24.5 | (0.2) | - | - | 24.3 | |||||
Total Adjusting items | 14.9 | (0.2) | 0.1 | (0.2) | 14.6 | |||||
Adjusted segment contribution margin | $ | (5.0) | $ | 64.0 | $ | 22.0 | $ | (31.8) | $ | 49.2 |
Delek US Holdings, Inc. | ||||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||
Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Reported segment contribution margin | $ | 59.7 | $ | 61.4 | $ | 24.3 | $ | (15.5) | 129.9 | |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | (193.7) | (2.9) | (3.2) | (3.3) | (203.1) | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 7.4 | 2.3 | - | (0.8) | 8.9 | |||||
Total Adjusting items | (186.3) | (0.6) | (3.2) | (4.1) | (194.2) | |||||
Adjusted segment contribution margin | $ | (126.6) | $ | 60.8 | $ | 21.1 | $ | (19.6) | $ | (64.3) |
21 |
|
Delek US Holdings, Inc. | ||||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||
Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Reported segment contribution margin | $ | (41.1) | $ | 121.9 | $ | 38.8 | $ | (47.6) | $ | 72.0 |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | (30.2) | - | 0.1 | - | (30.1) | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 14.2 | (0.4) | - | (0.2) | 13.6 | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (1.8) | - | - | - | (1.8) | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 12.4 | (0.4) | - | (0.2) | 11.8 | |||||
Non-cash change in fair value of S&O Obligation associated with hedging activities (1)
|
(6.9) | - | - | - | (6.9) | |||||
Total Adjusting items | (24.7) | (0.4) | 0.1 | (0.2) | (25.2) | |||||
Adjusted segment contribution margin | $ | (65.8) | $ | 121.5 | $ | 38.9 | $ | (47.8) | $ | 46.8 |
Delek US Holdings, Inc. | ||||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||||
$ in millions | ||||||||||
(unaudited) | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||
Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations |
Consolidated | |||||
Reported segment contribution margin | $ | (230.7) | $ | 108.7 | $ | 36.6 | $ | (28.6) | $ | (114.0) |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | 75.3 | (0.1) | - | (0.1) | 75.1 | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 3.1 | - | - | 8.9 | 12.0 | |||||
Total Adjusting items | 78.4 | (0.1) | - | 8.8 | 87.1 | |||||
Adjusted segment contribution margin | $ | (152.3) | $ | 108.6 | $ | 36.6 | $ | (19.8) | $ | (26.9) |
22 |
|
Delek US Holdings, Inc. | ||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||
$ in millions | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Reconciliation of Refining Segment Gross Margin (Loss) to Refining Margin | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Net revenues
|
$ | 2,415.7 | $ | 1,077.0 | $ | 4,155.8 | $ | 2,804.9 |
Cost of sales
|
2,486.6 | 1,062.1 | 4,300.0 | 3,117.6 | ||||
Gross margin | (70.9) | 14.9 | (144.2) | (312.7) | ||||
Add back (items included in cost of sales):
|
||||||||
Operating expenses (excluding depreciation and amortization)
|
113.8 | 88.7 | 227.4 | 200.4 | ||||
Depreciation and amortization
|
51.0 | 44.8 | 103.1 | 82.0 | ||||
Refining margin
|
$ | 93.9 | $ | 148.4 | $ | 186.3 | $ | (30.3) |
Delek US Holdings, Inc. | ||||
Reconciliation of Amounts Reported Under U.S. GAAP | ||||
$ in millions | ||||
Calculation of Net Debt | June 30, 2021 | December 31, 2020 | ||
(Unaudited) | ||||
Long-term debt - current portion | $ | 46.4 | $ | 33.4 |
Long-term debt -non-current portion | 2,197.9 | 2,315.0 | ||
Total long-term debt | 2,244.3 | 2,348.4 | ||
Less: Cash and cash equivalents | 833.0 | 787.5 | ||
Net debt - consolidated | 1,411.3 | 1,560.9 | ||
Less: DKL net debt | 926.5 | 988.0 | ||
Net debt, excluding DKL | $ | 484.8 | $ | 572.9 |
23 |
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