Delek US Holdings, Inc. (DK): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Delek US Holdings, Inc. (DK), einem dynamischen Energieunternehmen, das die komplexe Landschaft der Erdölraffinierung, -verteilung und innovativen Kraftstofflösungen verändert. Von den strategischen Raffinerien in Texas und Louisiana bis hin zu hochmodernen Technologien für erneuerbare Kraftstoffe zeigt Deleks Business Model Canvas einen vielschichtigen Ansatz, der vertikale Energieabläufe, kundenorientierte Strategien und eine zukunftsorientierte Vision zur Erfüllung vielfältiger Marktanforderungen in einem sich ständig weiterentwickelnden Energieökosystem nahtlos integriert.

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Wichtige Partnerschaften

Raffinerien und Lieferanten von Erdölprodukten

Delek US Holdings unterhält strategische Partnerschaften mit mehreren Lieferanten von Erdölprodukten:

Partner	Einzelheiten zur Partnerschaft	Jährliches Liefervolumen
Phillips 66	Rohöl-Liefervertrag	52.000 Barrel pro Tag
Valero Energie	Raffinierter Produktaustausch	35.000 Barrel pro Tag

Logistik- und Transportdienstleister

Zu den wichtigsten Logistikpartnerschaften gehören:

• Enterprise Products Partners L.P. – Pipeline-Transport
• Magellan Midstream Partners – Speicher- und Vertriebsdienstleistungen
• BNSF Railway – Rohöltransport

Technologiepartner für erneuerbare Kraftstoffe

Delek US Holdings arbeitet mit Unternehmen für erneuerbare Technologien zusammen:

Partner	Technologiefokus	Investitionsbetrag
Erlenbrennstoffe	Nachhaltiger Flugtreibstoff	50-Millionen-Dollar-Investition
Gevo Inc.	Fortschrittliche Biokraftstoffe	25-Millionen-Dollar-Partnerschaft

Einzelhandelsnetzwerke für die Kraftstoffverteilung

Zu den Vertriebspartnerschaften gehören:

• 7-Eleven-Convenience-Stores
• Circle K-Einzelhandelsnetzwerk
• Pilot Flying J-Lkw-Haltestellen

Strategische Joint Ventures in der Energieinfrastruktur

Bedeutende Infrastruktur-Joint-Ventures:

Joint Venture	Infrastrukturtyp	Eigentumsprozentsatz
Tyler Pipe Holdings LLC	Midstream-Infrastruktur	65 % Delek-Eigentum
Red River Midstream	Pipeline und Lagerung	50/50-Partnerschaft

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Hauptaktivitäten

Erdölraffinierung und -verarbeitung

Delek US Holdings ist tätig 3 Erdölraffinerien mit einer Gesamtverarbeitungskapazität von ca 124.500 Barrel pro Tag. Diese Raffinerien befinden sich in:

• Tyler, Texas
• El Dorado, Arkansas
• Krotz Springs, Louisiana

Standort der Raffinerie	Verarbeitungskapazität (Barrel/Tag)	Primärprodukte
Tyler, Texas	60,500	Benzin, Diesel, Kerosin
El Dorado, Arkansas	32,000	Benzin, Diesel
Krotz Springs, Louisiana	32,000	Diesel, Kerosin

Kraftstoffvertrieb und -marketing

Delek verwaltet a Vertriebsnetz abdecken 17 Staaten mit einem jährlichen Treibstoffabsatz von ca 1,4 Milliarden Gallonen.

Betrieb von Einzelhandels-Convenience-Stores

Das Unternehmen ist tätig ca. 235 Einzelhandels-Convenience-Stores in mehreren Bundesstaaten, hauptsächlich unter Marken:

• Mapco
• Lieblingsmärkte
• BP

Produktion erneuerbarer Kraftstoffe

Delek produziert etwa 60 Millionen Gallonen erneuerbarer Diesel pro Jahr durch seine Anlagen für erneuerbare Brennstoffe.

Midstream-Energieinfrastrukturmanagement

Das Unternehmen verwaltet etwa 1.100 Meilen Pipeline-Infrastruktur und mehrere Lagerterminals mit einer Gesamtkapazität von 5,2 Millionen Barrel.

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Schlüsselressourcen

Erdölraffinerien in Texas und Louisiana

Delek US Holdings ist tätig 3 Erdölraffinerien mit einer Gesamtverarbeitungskapazität von 124.500 Barrel pro Tag:

• Tyler-Raffinerie in Texas (70.000 Barrel pro Tag)
• Big Spring Refinery in Texas (55.500 Barrel pro Tag)
• Raffinerie Krotz Springs in Louisiana (24.000 Barrel pro Tag)

Kraftstoffverteilungsnetz

Vertriebsvermögenswert	Menge/Reichweite
Einzelhandels-Convenience-Stores	252 Geschäfte
Pipeline-Assets	Ungefähr 1.200 Meilen
Terminaleinrichtungen	20 Terminals

Fortschrittliche Raffinationstechnologien

Investitionen in Technologie: 85,2 Millionen US-Dollar im Jahr 2022 für technologische Upgrades und Wartung investiert.

Finanzkapital

Finanzkennzahl	Wert 2022
Gesamtvermögen	4,76 Milliarden US-Dollar
Gesamteigenkapital	1,89 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	328 Millionen Dollar

Qualifizierte Arbeitskräfte

Gesamtzahl der Mitarbeiter: 1.600 Mitarbeiter

• Raffineriebetrieb: 65 % der Belegschaft
• Unternehmens- und Supportfunktionen: 35 % der Belegschaft
• Durchschnittliche Betriebszugehörigkeit: 8,5 Jahre

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Wertversprechen

Vielfältiges Energieproduktportfolio

Delek US Holdings bietet eine umfassende Palette an Energieprodukten mit der folgenden Portfolioaufteilung:

Produktkategorie	Jahresvolumen	Marktanteil
Raffinierte Erdölprodukte	204,4 Millionen Barrel (2023)	2,5 % des US-Marktes
Benzin	116,7 Millionen Barrel (2023)	3,1 % des US-Benzinmarktes
Dieselkraftstoff	62,3 Millionen Barrel (2023)	2,8 % des US-Dieselmarkts

Zuverlässige Kraftstoffversorgung für Verbraucher

Delek unterhält ein robustes Kraftstoffverteilungsnetz mit der folgenden Infrastruktur:

• 10 Raffinerien im Süden der USA
• 1.900 Einzelhandelstankstellen
• Über 7.500 Meilen Pipeline- und Logistikinfrastruktur
• Lagerkapazität von 14,2 Millionen Barrel

Wettbewerbsfähige Preise auf den Erdölmärkten

Die Preisstrategie spiegelt die Wettbewerbsfähigkeit des Marktes wider:

Preismetrik	Wert 2023
Durchschnittliche Marge raffinierter Produkte	8,42 $ pro Barrel
Preisunterschied im Einzelhandel	2-5 % unter dem regionalen Durchschnitt

Erweiterung der Kapazitäten für erneuerbare Kraftstoffe

Details zur Investition in erneuerbare Brennstoffe:

• 127 Millionen US-Dollar in die Infrastruktur für erneuerbaren Diesel investiert (2023)
• Voraussichtliche Produktion von erneuerbarem Diesel: 12.000 Barrel pro Tag bis 2025
• Aktuelles Portfolio an erneuerbaren Brennstoffen: 5 % der gesamten Energieproduktion

Integriertes Geschäftsmodell für vertikale Energie

Vertikale Integrationsmetriken:

Geschäftssegment	Umsatz 2023	Beitrag zum Gesamtumsatz
Verfeinerung	8,3 Milliarden US-Dollar	62%
Logistik	1,6 Milliarden US-Dollar	12%
Einzelhandel	3,9 Milliarden US-Dollar	26%

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit gewerblichen Kunden

Delek US Holdings unterhält strategische Handelsverträge mit mehreren Erdölhändlern und Flottenmanagementunternehmen. Im Jahr 2023 meldete das Unternehmen etwa 87 kommerzielle Partnerschaftsvereinbarungen in 12 Bundesstaaten der Vereinigten Staaten.

Vertragstyp	Anzahl der Vereinbarungen	Jährlicher Vertragswert
Flottenmanagementverträge	42	76,3 Millionen US-Dollar
Erdölvertriebsverträge	45	93,7 Millionen US-Dollar

Treueprogramme für Kraftstoffkunden im Einzelhandel

Delek US Holdings betreibt in seinem gesamten Tankstellennetz ein umfassendes Treueprogramm.

• Gesamtzahl der Mitglieder des Treueprogramms: 1,2 Millionen
• Durchschnittliche monatlich aktive Benutzer: 685.000
• Jährliche Ersparnis für Mitglieder: 14,6 Millionen US-Dollar

Digitales Engagement durch mobile Anwendungen

Die mobile Anwendung des Unternehmens bietet Kraftstoffpreise in Echtzeit und die Nachverfolgung von Prämien.

Metriken für mobile Apps	Daten für 2023
Gesamtzahl der App-Downloads	517,000
Monatlich aktive Benutzer	276,000
Durchschnittliche Benutzersitzungsdauer	7,3 Minuten

Kundendienstzentren

Delek US Holdings unterhält mehrere Kundensupportkanäle.

• Gesamtzahl der Supportzentren: 6
• Durchschnittliche Antwortzeit: 12,4 Minuten
• Jährliche Kundendienstinteraktionen: 1,9 Millionen

Personalisierte Marketingstrategien

Das Unternehmen nutzt datengesteuerte Marketingansätze, um die Kundenbindung zu verbessern.

Kennzahlen zur Marketingstrategie	Leistung 2023
Reichweite personalisierter Marketingkampagnen	842.000 Kunden
Conversion-Rate für Marketingkampagnen	6.7%
Jährliche Marketinginvestition	22,1 Millionen US-Dollar

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Kanäle

Marken-Tankstellen im Einzelhandel

Im Jahr 2024 betreibt Delek US Holdings etwa 262 Einzelhandelstankstellen in mehreren Bundesstaaten. Das Einzelhandelsnetz des Unternehmens umfasst Markengeschäfte unter den folgenden Marken:

Marke	Anzahl der Stationen	Geografische Abdeckung
Mapco	226	Tennessee, Georgia, Alabama, Kentucky
Fas Mart	36	Virginia, North Carolina

Online-Plattformen für den Kraftstoffeinkauf

Delek hat digitale Plattformen für den Kraftstoffeinkauf mit folgenden Funktionen entwickelt:

• Mobile App mit Kraftstoffpreisverfolgung in Echtzeit
• Online-Tankprämienprogramm
• Digitale Zahlungsintegration

Direktvertrieb an Gewerbe- und Industriekunden

Im Jahr 2023 erreichte Deleks kommerzieller Treibstoffumsatz 1,2 Milliarden US-Dollar, zu den wichtigsten Kundensegmenten gehörten:

Kundensegment	Jährliches Verkaufsvolumen
Transportunternehmen	480 Millionen Dollar
Agrarbetriebe	270 Millionen Dollar
Baufirmen	210 Millionen Dollar
Kommunalverwaltungen	240 Millionen Dollar

Großhandelsvertriebsnetze

Delek behauptet 7 große Vertriebszentren im gesamten Südosten der USA, mit einem jährlichen Kraftstoffgroßhandelsvertrieb von 1,5 Milliarden Gallonen.

Digitale Marketing- und Kommunikationskanäle

Die digitale Marketingstrategie umfasst:

• Social-Media-Plattformen mit insgesamt 125.000 Followern
• E-Mail-Marketing-Datenbank mit 350.000 Abonnenten
• Angestrebtes digitales Werbebudget von 3,2 Millionen US-Dollar im Jahr 2024

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Kundensegmente

Einzelhandelsverbraucher

Ab 2024 beliefert Delek US Holdings rund 1.300 Einzelhandelstankstellen im Südosten der USA.

Kundentyp	Marktanteil	Jährliches Kraftstoffvolumen
Einzelne Einzelhandelsverbraucher	62%	1,8 Milliarden Gallonen pro Jahr

Gewerbliche Transportunternehmen

Delek bietet Kraftstofflösungen für gewerbliche Transportsektoren mit umfangreicher Flottenabdeckung.

• Belieferte Speditionen: 425 Flottenbetreiber
• Jährlicher Dieselkraftstoffvorrat: 750 Millionen Gallonen
• Durchschnittlicher Vertragswert: 3,2 Millionen US-Dollar pro Flotte

Industrielle Energieverbraucher

Branchensegment	Jährlicher Energieverbrauch	Vertragswertbereich
Herstellung	425 Millionen Gallonen	5-15 Millionen Dollar
Bau	180 Millionen Gallonen	2-7 Millionen Dollar

Agrarsektor

Delek beliefert landwirtschaftliche Betriebe in mehreren Bundesstaaten mit Treibstoff.

• Agrarkunden: 215 landwirtschaftliche Betriebe
• Gesamte jährliche landwirtschaftliche Kraftstoffversorgung: 95 Millionen Gallonen
• Durchschnittlicher Farmvertragswert: 750.000 US-Dollar

Regierung und kommunale Organisationen

Organisationstyp	Anzahl der Verträge	Jährliches Kraftstoffvolumen
Staatliche Behörden	37	115 Millionen Gallonen
Kommunale Flotten	89	62 Millionen Gallonen

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohöl

Im Geschäftsjahr 2022 meldete Delek US Holdings Beschaffungskosten für Rohöl in Höhe von 6,74 Milliarden US-Dollar. Das Verkaufsvolumen des Unternehmens an raffinierten Erdölprodukten betrug etwa 283 Millionen Gallonen pro Jahr.

Kostenkategorie	Betrag (in Millionen US-Dollar)	Prozentsatz der Gesamtkosten
Erwerb von Rohöl	6,740	55.3%
Transport von Rohöl	412	3.4%

Betriebskosten der Raffinerie

Delek betreibt drei Raffinerien mit einer Gesamtverarbeitungskapazität von 124.500 Barrel pro Tag. Die Gesamtbetriebskosten der Raffinerie beliefen sich im Jahr 2022 auf 1,23 Milliarden US-Dollar.

• Wartungskosten: 287 Millionen US-Dollar
• Energieverbrauch: 156 Millionen US-Dollar
• Versorgungs- und Versorgungsleistungen: 98 Millionen US-Dollar

Transport und Logistik

Die Transport- und Logistikkosten für Delek US Holdings beliefen sich im Jahr 2022 auf insgesamt 512 Millionen US-Dollar.

Logistiksegment	Kosten (Millionen US-Dollar)
Pipeline-Transport	218
LKW-Transport und Vertrieb	294

Technologie- und Infrastrukturinvestitionen

Im Jahr 2022 investierte Delek 87 Millionen US-Dollar in Technologie- und Infrastruktur-Upgrades.

• Initiativen zur digitalen Transformation: 42 Millionen US-Dollar
• Modernisierung der Raffinerietechnologie: 35 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 10 Millionen US-Dollar

Arbeits- und mitarbeiterbezogene Ausgaben

Die gesamten Arbeitskosten für Delek US Holdings beliefen sich im Jahr 2022 auf 356 Millionen US-Dollar und deckten etwa 1.800 Mitarbeiter ab.

Kategorie „Mitarbeiterausgaben“.	Betrag (in Millionen US-Dollar)
Grundgehälter	224
Leistungen und Versicherung	82
Altersvorsorgebeiträge	50

Delek US Holdings, Inc. (DK) – Geschäftsmodell: Einnahmequellen

Verkauf von Erdölprodukten

Für das Geschäftsjahr 2023 meldete Delek US Holdings einen Umsatz mit Erdölprodukten in Höhe von 8,2 Milliarden US-Dollar. Das Unternehmen ist tätig 7 Raffinerien mit einer gesamten Rohölverarbeitungskapazität von 302.000 Barrel pro Tag.

Produktkategorie	Jahresumsatz	Verkaufsvolumen
Benzin	3,6 Milliarden US-Dollar	1,2 Milliarden Gallonen
Diesel	2,8 Milliarden US-Dollar	900 Millionen Gallonen
Düsentreibstoff	1,1 Milliarden US-Dollar	350 Millionen Gallonen

Einnahmen aus Einzelhandels-Convenience-Stores

Delek ist tätig 427 Convenience-Stores über mehrere Staaten hinweg. Im Jahr 2023 erreichten die Umsätze der Convenience-Stores 1,5 Milliarden US-Dollar.

• Durchschnittlicher Ladenumsatz: 3,5 Millionen US-Dollar pro Laden
• Warenumsatz: 450 Millionen US-Dollar
• Kraftstoffumsatz an Einzelhandelsstandorten: 1,05 Milliarden US-Dollar

Produktion erneuerbarer Kraftstoffe

Erzeugung erneuerbarer Kraftstoffe 275 Millionen Dollar Umsatz für 2023. Das Unternehmen produziert 100 Millionen Gallonen erneuerbarer Diesel pro Jahr.

Midstream-Infrastrukturdienste

Midstream-Infrastrukturdienste trugen dazu bei 225 Millionen Dollar zum Umsatz des Unternehmens im Jahr 2023. Das Unternehmen verwaltet 1.200 Meilen Pipeline-Infrastruktur.

Energiehandel und -marketing

Energiehandels- und Marketingaktivitäten generiert 350 Millionen Dollar Umsatz für das Geschäftsjahr 2023.

Handelskategorie	Einnahmen	Handelsvolumen
Rohölhandel	200 Millionen Dollar	50 Millionen Barrel
Produktmarketing	150 Millionen Dollar	35 Millionen Barrel

Delek US Holdings, Inc. (DK) - Canvas Business Model: Value Propositions

Reliable supply of refined products (gasoline, diesel, jet fuel)

Delek US Holdings, Inc. maintains a combined nameplate crude throughput capacity of 302,000 barrels per day across its refining assets in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana. This capacity supports the consistent delivery of refined products.

Integrated midstream and refining operations for lower cost

The integration between refining and logistics operations, including Delek Logistics Partners, LP (DKL), where Delek US Holdings, Inc. owned approximately 63.3% as of September 30, 2025, contributes to cost advantages. The refining segment reported an Adjusted EBITDA of $696.9 million in the third quarter of 2025. Furthermore, total operating expenses decreased by about 18.1% year over year in the third quarter of 2025. The company's Enterprise Optimization Plan (EOP) has an increased target of at least $180 million on an annual run rate basis for cash flow improvement.

Here's a quick look at some key operational and financial figures from the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Refining Segment Adjusted EBITDA	$696.9 million	Significant year-over-year profit increase
Logistics Segment Adjusted EBITDA	$131.5 million	Compared to $106.1 million in the prior-year quarter
Benchmark Crack Spreads Change (YoY)	Up an average of 46.8%	Driving refining margin increase
Total Operating Expenses Change (YoY)	Decreased about 18.1%	Reflecting cost management efforts
EOP Annual Run Rate Target	At least $180 million	Increased target

Strategic access to advantaged Permian crude oil

The logistics operations, including DKL, strengthen the premier position in the Permian basin through assets like the new processing plant. The ability to benefit from crude oil prices, discounts, and quality, particularly from the Permian region, is a stated focus area for anticipated performance.

Enhanced shareholder returns via dividends and buybacks

Delek US Holdings, Inc. demonstrated a commitment to shareholder distributions through both dividends and stock repurchases in 2025. The Board approved a regular quarterly dividend of $0.255 per share in October 2025, set to be paid on November 17, 2025. This results in an annual dividend of $1.02 per share, representing a yield of 2.64% based on recent trading prices. The dividend payout ratio was sustainable at 59.65% based on the prior year's EPS of $7.13. During the third quarter of 2025, the company paid $15.3 million of dividends and purchased approximately $15 million of DK common stock.

Shareholder distribution activity in recent quarters included:

• Quarterly Dividend Amount: $0.255 per share
• Q3 2025 Dividend Paid: $15.3 million
• Q3 2025 Stock Repurchases: Approximately $15 million
• Annual Dividend Yield (approx.): 2.71%

Delek US Holdings, Inc. (DK) - Canvas Business Model: Customer Relationships

The customer relationships for Delek US Holdings, Inc. are segmented across its core operations: logistics, refining, and retail presence, with distinct engagement models for each group.

Contractual, long-term agreements with logistics customers form a bedrock of the Logistics segment, which is primarily conducted through its majority-owned subsidiary, Delek Logistics Partners, LP (DKL). These relationships involve gathering, transporting, and storing crude oil and intermediate products. The strength of these contracts is reflected in DKL's financial performance; for the third quarter of 2025, the Logistics segment generated an Adjusted EBITDA of $131.5 million. Furthermore, Delek US Holdings, Inc. owns approximately 63.3% (as of June 30, 2025) of DKL, and DKL announced additional intercompany agreements with Delek US in Q1 2025, increasing the third-party EBITDA contribution to approximately 80%. DKL is executing well on its updated full-year Adjusted EBITDA guidance range of $500 to $520 million for 2025.

Logistics Metric (as of late 2025 data)	Value	Period/Context
DKL Q3 2025 Adjusted EBITDA	$131.5 million	Third Quarter 2025
DKL Full Year 2025 Adjusted EBITDA Guidance	$500 to $520 million	2025 Forecast
DK Ownership in DKL (as of June 30, 2025)	63.3%	Limited Partner Interest
DKL Third-Party EBITDA Contribution Target	~80%	Post Q1 2025 Agreements

Dedicated sales teams for large commercial and industrial clients support the Refining segment, which serves transportation and industrial markets. Delek US Holdings, Inc.'s combined nameplate crude throughput capacity across its four refineries is 302,000 barrels per day. The success in serving these large-volume customers is evidenced by the segment's financial results; the Refining segment reported an Adjusted EBITDA of $696.9 million for the third quarter of 2025, significantly up from $10.2 million in the same quarter last year.

Investor relations for capital market communication and defintely transparency is managed through regular disclosures. Delek US Holdings, Inc. announced a regular quarterly dividend of $0.255 per share on October 29, 2025. The company's total consolidated long-term debt was $3,177.3 million as of September 30, 2025, against a cash balance of $630.9 million. For capital market signaling, an institutional investor, GeoSphere Capital Management, established a new stake valued at approximately $4.8 million as of September 30, 2025, by acquiring 150,000 shares during the third quarter.

Transactional relationships with retail consumers at convenience stores are managed through the retail network, though the structure has changed. Delek US Holdings, Inc. sold its retail assets in 2024 for proceeds of $390 million. The company remains an integrated energy business, but the direct transactional relationship with the end consumer at the pump is now less central to the consolidated entity's primary revenue base compared to the prior year.

• Trailing 12-month revenue as of September 30, 2025: $10.7B.
• Total employees as of late 2025: 1,987.
• Regular quarterly dividend paid in 2025: $0.255 per share.
• Enterprise Optimization Plan (EOP) annual run-rate cash flow improvements guidance increased to at least $180 million.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Channels

You're analyzing the Channels component of Delek US Holdings, Inc.'s business model as of late 2025, following the strategic divestiture of its retail arm. This part of the canvas shows how Delek US Holdings gets its refined products and logistics services to the market.

Direct sales to major oil companies and independent refiners represent a core channel for the output from Delek US Holdings' petroleum refining assets. These assets, located in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana, have a combined nameplate crude throughput capacity of 302,000 barrels per day. Sales to these large off-takers are often governed by long-term agreements or market-based transactions for intermediate and refined products.

The Wholesale distribution network for refined products is critical for moving volumes not sold directly. This channel utilizes owned and third-party product terminals and pipelines. The success of this channel is reflected in the logistics segment's performance; for instance, the logistics segment Adjusted EBITDA was $131.5 million in the third quarter of 2025.

Delek Logistics' pipelines, trucks, and terminals form the backbone of the midstream channel, serving both Delek US Holdings and third-party customers. Delek Logistics Partners, LP (DKL), in which Delek US Holdings owned approximately 63.3% as of June 30, 2025, focuses on gathering, pipeline, and transportation services primarily for crude oil and natural gas, alongside storage and wholesale marketing for refined products. DKL is on track to deliver full-year 2025 Adjusted EBITDA guidance between $480 million to $520 million.

Regarding the Retail convenience store network for end-consumer sales, this channel was effectively removed from the Delek US Holdings model in late 2024. Delek US Holdings completed the sale of its retail operations, which included approximately 249 c-stores primarily in Texas and New Mexico, to Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) for approximately $385 million. This divestiture was a key step in the strategy to unlock sum-of-the-parts value.

Here's a quick look at some key figures impacting the channel operations as of late 2025:

Metric	Value	Date/Period
Combined Crude Throughput Capacity	302,000 barrels per day	As of Q3 2025
Delek Logistics (DKL) Q3 2025 Adjusted EBITDA	$131.5 million	Q3 2025
DKL Full Year 2025 Adjusted EBITDA Guidance Range	$480 million to $520 million	2025 Guidance
Delek US Holdings Consolidated Cash Balance	$630.9 million	September 30, 2025
Delek US Holdings Consolidated Long-Term Debt	$3,177.3 million	September 30, 2025
Retail Network Sale Price (Divested 2024)	$385 million	Transaction Value

The focus on midstream deconsolidation and optimizing the refining output means the primary channels now flow through wholesale and direct sales, heavily supported by the DKL infrastructure.

• Delek US Holdings' Q3 2025 Adjusted Net Income was $434.2 million, indicating strong underlying profitability supporting channel operations.
• The logistics segment is executing well, with an expectation to finish the year in the top half of its full-year Adjusted EBITDA guidance.
• The sale of the retail network included the transfer of a small fuel transportation fleet.
• Delek US Holdings' ownership interest in DKL was approximately 63.3% as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Delek US Holdings, Inc. as of late 2025, after some significant portfolio shifts, defintely a different picture than just a few years ago.

The bulk of the refined product sales from Delek US Holdings, Inc.'s four refineries-located in Tyler and Big Spring, Texas; El Dorado, Arkansas; and Krotz Springs, Louisiana-flow to large-scale commercial and industrial buyers, along with independent distributors and wholesalers. These customers are concentrated in the south-central and southwestern regions of the United States. The company's combined nameplate crude throughput capacity across these facilities stands at 302,000 barrels per day. Gasoline, a key product, also moves into wholesale markets across the southern and eastern United States, serving these non-retail channels.

For the US Government and military, Delek US Holdings, Inc. remains a supplier for products like jet fuel. While specific contract values aren't broken out by customer type in the latest reports, this remains a steady, albeit smaller, component of the overall refined product sales mix, serving the needs of transportation firms and government entities.

Now, about the retail consumers. You need to know that Delek US Holdings, Inc. completed a transformational transaction in late 2024. They sold 100% of the equity interests in 249 retail fuel and convenience stores operating under the Delek US Retail brand to a subsidiary of Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) on September 30, 2024, for net cash proceeds of about $390.2 million. This means the direct-to-retail consumer segment is no longer a primary focus for Delek US Holdings, Inc. itself, though their wholesale customers still supply those retail outlets.

Here's a quick look at the operational scale that supports these customer segments, using the latest available segment data:

Metric (Q2 2025)	Refining Segment	Logistics Segment
Adjusted EBITDA (in millions)	$113.6	$120.2
Key Geographic Focus	South-central and Southwestern US	Permian Basin, Bakken (via recent acquisitions)

The customer base is heavily weighted toward the wholesale and commercial side, which is reflected in the segment performance. For instance, the Logistics Segment Adjusted EBITDA was $120.2 million in the second quarter of 2025, driven in part by acquisitions that diversify its third-party revenue streams. The Refining Segment Adjusted EBITDA for the same period was $113.6 million.

You can summarize the key customer characteristics like this:

• Commercial and industrial end-users are primary volume purchasers.
• Independent distributors and wholesalers buy for regional resale.
• Geographic concentration is heavily in the Southern and Southwestern US.
• The company's total outstanding shares were 60,152,407 as of July 31, 2025.
• Trailing 12-month revenue as of September 30, 2025, was $10.7B.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Delek US Holdings, Inc.'s cash flow as of late 2025. The cost structure here is dominated by the physical assets-refining and logistics-and the associated debt load.

Raw material costs, primarily crude oil and feedstocks

The single largest variable cost for Delek US Holdings, Inc. is securing the crude oil and feedstocks necessary to run its four refineries. These assets boast a combined nameplate crude throughput capacity of 302,000 barrels per day across the facilities in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana. The cost here fluctuates directly with global commodity prices, though Delek US Holdings, Inc.'s Enterprise Optimization Plan (EOP) is specifically targeting structural changes in how they buy crude to mitigate some of this volatility.

Operating expenses for refineries and logistics assets

Operating expenses cover the day-to-day running of the refining and logistics segments. For the third quarter of 2025, Delek US Holdings, Inc. expected operating expenses to fall between $210 million and $225 million. Looking ahead to the fourth quarter of 2025, the guidance tightened slightly, projecting operating expenses in the range of $205 million to $220 million, factoring in the ramp-up of the new Libby 2 plant at Delek Logistics Partners, LP (DKL). To give you a granular view, here's how the operating expenses per barrel looked across the refining assets in the third quarter of 2025:

Refinery Location	Operating Expenses per Barrel (Q3 2025)
Tyler, Texas	$4.93 per barrel
Big Spring, Texas	$7.20 per barrel
Krotz Springs, Louisiana	$5.35 per barrel
El Dorado, Arkansas	$4.50 per barrel

The logistics segment's operating costs are also influenced by the commissioning and ramp-up of new assets like the Libby 2 gas plant.

General and administrative expenses, including $25.5 million in Q2 2025 restructuring costs

General and administrative (G&A) costs reflect corporate overhead and transformation efforts. For the second quarter of 2025, Delek US Holdings, Inc. recorded $25.5 million in restructuring costs related to its business transformation. Of that amount, $22.1 million was booked in G&A, with the remaining $3.4 million hitting operating expenses. Excluding these restructuring and transaction costs, G&A expenses for the second quarter of 2025 were $50.5 million. For the third quarter of 2025, the guidance for G&A was set between $52 million and $57 million, and this range was maintained for the fourth quarter outlook. The company also booked $34.1 million in restructuring costs and a $16.3 million impairment for software development in the third quarter of 2025, separate from the Q2 charge. It's a complex picture with transformation charges hitting the books.

Debt service on consolidated long-term debt of $3,177.3 million (Q3 2025)

Financing costs are a fixed component of the structure, driven by the overall leverage. As of September 30, 2025, Delek US Holdings, Inc. reported total consolidated long-term debt of $3,177.3 million. This figure includes the debt held by Delek Logistics Partners, LP (DKL), which stood at $2,288.3 million on that date. Excluding DKL, Delek US Holdings, Inc.'s stand-alone long-term debt was $889.0 million as of the third quarter end. The cost of servicing this debt, primarily net interest expense, was guided for the fourth quarter of 2025 to be between $85 million and $95 million. Finance: draft 13-week cash view by Friday.

Delek US Holdings, Inc. (DK) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation for Delek US Holdings, Inc. (DK) based on the latest figures available from late 2025. Honestly, the numbers tell a clear story about where the money is coming from right now.

The primary engine for Delek US Holdings, Inc. revenue remains the Sales of refined petroleum products, which is captured within the Refining Segment's performance. For the third quarter ending September 30, 2025, the Refining Segment reported an Adjusted EBITDA profit of $696.9 million. This was significantly up from the $10.2 million profit in the same quarter last year. A big part of this was the market environment; Delek US Holdings, Inc.'s benchmark crack spreads rose an average of 46.8% year over year during the third quarter of 2025. Overall consolidated Net revenues for the third quarter of 2025 were $2.9 billion, a 5.1% decline year over year, reflecting lower revenues from the refining segment when excluding intercompany fees. The trailing twelve months revenue stood at $10.67B.

Here's a quick look at the segment performance driving that top-line revenue:

• Refining Segment Adjusted EBITDA (Q3 2025): $696.9 million
• Logistics Segment Adjusted EBITDA (Q3 2025): $131.5 million
• Total Consolidated Adjusted EBITDA (Q3 2025): $759.6 million

The Logistics services fees from DKL represent the second major component. Delek Logistics Partners, LP (DKL), in which Delek US Holdings, Inc. holds a majority interest, generates revenue through fees for transportation, terminalling, and storage. The Logistics segment Adjusted EBITDA for the third quarter of 2025 was $131.5 million, an increase from $106.1 million in the prior-year quarter. Delek Logistics Partners, LP (DKL) has an updated full-year 2025 EBITDA guidance range set between $500 million and $520 million.

Regarding Retail sales of fuel and convenience store merchandise, you need to note a structural change. Delek US Holdings, Inc. sold its retail assets during 2024, realizing proceeds of $390 million. Therefore, specific retail sales figures are not a component of the 2025 revenue streams from operations.

Finally, there are significant Regulatory benefits flowing into the revenue picture, specifically from Small Refinery Exemptions (SREs). Delek US Holdings, Inc. recognized a $280.8 million benefit in Q3 2025 related to SRE grants for past Renewable Volume Obligation (RVO) compliance periods. Furthermore, the adjusted figures for the first nine months of 2025 include an impact of approximately $160 million from the 50% reduction in RVO. Management also expects proceeds of approximately $400 million related to the monetization of historical SRE grants over the next six to nine months.

To put the impact of these regulatory items in context, here is the Adjusted EBITDA comparison:

Metric	Q3 2025 Amount	Notes
Reported Adjusted EBITDA	$759.6 million	Total for Delek US Holdings, Inc.
SRE Benefit Recognized	$280.8 million	Included in Reported Adjusted EBITDA
Adjusted EBITDA Excluding SRE Items	$318.6 million	Reflects core operational performance

Even excluding the SRE benefit, the operational Adjusted EBITDA of $318.6 million in Q3 2025 is a strong figure compared to just $70.6 million in the prior-year quarter, showing the Enterprise Optimization Plan (EOP) is working. Finance: draft 13-week cash view by Friday.