Delek US Holdings, Inc. (DK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Delek US Holdings, Inc. (DK), una potencia de energía dinámica que transforma el complejo panorama de refinación, distribución y soluciones innovadoras de combustible innovadoras. Desde sus refinerías estratégicas en Texas y Louisiana hasta tecnologías de combustible renovable de vanguardia, el modelo de modelo de negocio de Delek revela un enfoque multifacético que integra perfectamente operaciones de energía vertical, estrategias centradas en el cliente y una visión de pensamiento a vienen -Cosistema de energía que evoluciona.

Delek US Holdings, Inc. (DK) - Modelo de negocio: asociaciones clave

Refinerías y proveedores de productos de petróleo

Delek US Holdings mantiene asociaciones estratégicas con múltiples proveedores de productos petroleros:

Pareja	Detalles de la asociación	Volumen de suministro anual
Phillips 66	Acuerdo de suministro de petróleo crudo	52,000 barriles por día
Energía de Valero	Intercambio de productos refinado	35,000 barriles por día

Proveedores de servicios de logística y transporte

Las asociaciones de logística clave incluyen:

• Enterprise Products Partners L.P. - Transporte de tuberías
• Magellan Midstream Partners - Servicios de almacenamiento y distribución
• Ferrocarril BNSF - Transporte de petróleo crudo

Socios de tecnología de combustible renovable

Delek US Holdings colabora con empresas de tecnología renovable:

Pareja	Enfoque tecnológico	Monto de la inversión
Combustibles de aliso	Combustible de aviación sostenible	Inversión de $ 50 millones
GEVO Inc.	Biocombustibles avanzados	Asociación de $ 25 millones

Redes de distribución de combustible minorista

Las asociaciones de distribución incluyen:

• Tiendas de conveniencia 7-Eleven
• Red minorista Circle K
• Pilot Flying J Truck Stops

Empresas conjuntas estratégicas en infraestructura energética

Empresas conjuntas de infraestructura significativas:

Empresa conjunta	Tipo de infraestructura	Porcentaje de propiedad
Tyler Pipe Holdings LLC	Infraestructura de la corriente intermedia	65% de propiedad delek
Río rojo medio de la corriente	Tubería y almacenamiento	Asociación 50/50

Delek US Holdings, Inc. (DK) - Modelo de negocio: actividades clave

Refinación y procesamiento de petróleo

Delek US Holdings opera 3 refinerías de petróleo con una capacidad de procesamiento total de aproximadamente 124,500 barriles por día. Estas refinerías se encuentran en:

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

Ubicación de la refinería	Capacidad de procesamiento (barriles/día)	Productos principales
Tyler, Texas	60,500	Gasolina, diesel, combustible para aviones
El Dorado, Arkansas	32,000	Gasolina, diesel
Krotz Springs, Louisiana	32,000	Diesel, combustible para aviones

Distribución y marketing de combustible

Delek maneja un red de distribución cubierta 17 estados con ventas anuales de combustible de aproximadamente 1.400 millones de galones.

Operaciones de tiendas de conveniencia minorista

La compañía opera Aproximadamente 235 tiendas minoristas de conveniencia En múltiples estados, principalmente bajo las marcas:

• Mapa
• Mercados favoritos
• BP

Producción de combustible renovable

Delek produce aproximadamente 60 millones de galones de diesel renovable anualmente a través de sus instalaciones de combustible renovable.

Gestión de la infraestructura energética de Midstream

La empresa administra Aproximadamente 1,100 millas de infraestructura de tuberías y Terminales de almacenamiento múltiples con una capacidad combinada de 5.2 millones de barriles.

Delek US Holdings, Inc. (DK) - Modelo de negocio: recursos clave

Refinerías de petróleo en Texas y Louisiana

Delek US Holdings opera 3 refinerías de petróleo con capacidad de procesamiento total de 124,500 barriles por día:

• Tyler Refinery en Texas (70,000 barriles por día)
• Big Spring Refinery en Texas (55,500 barriles por día)
• Refinería de Krotz Springs en Louisiana (24,000 barriles por día)

Red de distribución de combustible

Activo de distribución	Cantidad/alcance
Tiendas de conveniencia minorista	252 tiendas
Activos de tuberías	Aproximadamente 1,200 millas
Instalaciones de terminal	20 terminales

Tecnologías de refinación avanzadas

Gasto de capital en tecnología: $ 85.2 millones invertidos en 2022 para actualizaciones y mantenimiento tecnológicos.

Capital financiero

Métrica financiera	Valor 2022
Activos totales	$ 4.76 mil millones
Equidad total	$ 1.89 mil millones
Equivalentes de efectivo y efectivo	$ 328 millones

Fuerza laboral hábil

Total de empleados: 1.600 fuerza laboral

• Operaciones de refinería: 65% de la fuerza laboral
• Funciones corporativas y de apoyo: 35% de la fuerza laboral
• Promedio de la tenencia del empleado: 8.5 años

Delek US Holdings, Inc. (DK) - Modelo de negocio: propuestas de valor

Cartera de productos energéticos diversos

Delek US Holdings ofrece una gama integral de productos energéticos con el siguiente desglose de la cartera:

Categoría de productos	Volumen anual	Cuota de mercado
Productos de petróleo refinados	204.4 millones de barriles (2023)	2.5% del mercado estadounidense
Gasolina	116.7 millones de barriles (2023)	3.1% del mercado de gasolina estadounidense
Gasóleo	62.3 millones de barriles (2023)	2.8% de EE. UU. Mercado diesel

Suministro de combustible confiable para los consumidores

Delek mantiene una sólida red de distribución de combustible con la siguiente infraestructura:

• 10 refinerías en el sur de los Estados Unidos
• 1.900 estaciones de combustible minorista
• Más de 7,500 millas de infraestructura de tuberías e logística
• Capacidad de almacenamiento de 14,2 millones de barriles

Precios competitivos en mercados de petróleo

La estrategia de precios refleja la competitividad del mercado:

Métrico de fijación de precios	Valor 2023
Margen de producto refinado promedio	$ 8.42 por barril
Diferencial de precio de combustible minorista	2-5% por debajo del promedio regional

Expandir las capacidades de combustible renovable

Detalles de la inversión de combustible renovable:

• $ 127 millones invertidos en infraestructura diesel renovable (2023)
• Producción diesel renovable proyectada: 12,000 barriles por día para 2025
• Cartera actual de combustible renovable: 5% de la producción total de energía

Modelo de negocio de energía vertical integrado

Métricas de integración vertical:

Segmento de negocios	2023 ingresos	Contribución a los ingresos totales
Refinación	$ 8.3 mil millones	62%
Logística	$ 1.6 mil millones	12%
Minorista	$ 3.9 mil millones	26%

Delek US Holdings, Inc. (DK) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes comerciales

Delek US Holdings mantiene contratos comerciales estratégicos con múltiples distribuidores de petróleo y compañías de gestión de flotas. A partir de 2023, la compañía reportó aproximadamente 87 acuerdos de asociación comercial en 12 estados en los Estados Unidos.

Tipo de contrato	Número de acuerdos	Valor anual del contrato
Contratos de gestión de la flota	42	$ 76.3 millones
Contratos de distribución de petróleo	45	$ 93.7 millones

Programas de fidelización para clientes de combustible minorista

Delek US Holdings opera un programa de lealtad integral en su red de combustible minorista.

• Miembros del programa de lealtad total: 1.2 millones
• Usuarios activos mensuales promedio: 685,000
• Ahorro anual para miembros: $ 14.6 millones

Participación digital a través de aplicaciones móviles

La aplicación móvil de la compañía proporciona precios de combustible en tiempo real y el seguimiento de recompensas.

Métricas de aplicaciones móviles	2023 datos
Descargas totales de aplicaciones	517,000
Usuarios activos mensuales	276,000
Duración promedio de la sesión del usuario	7.3 minutos

Centros de apoyo al cliente

Delek US Holdings mantiene múltiples canales de atención al cliente.

• Centros de apoyo totales: 6
• Tiempo de respuesta promedio: 12.4 minutos
• Interacciones anuales de servicio al cliente: 1.9 millones

Estrategias de marketing personalizadas

La Compañía aprovecha los enfoques de marketing basados ​​en datos para mejorar la participación del cliente.

Métricas de estrategia de marketing	2023 rendimiento
Alcance de campaña de marketing personalizado	842,000 clientes
Tasa de conversión de la campaña de marketing	6.7%
Inversión de marketing anual	$ 22.1 millones

Delek US Holdings, Inc. (DK) - Modelo de negocios: canales

Estaciones de combustible minorista de marca

A partir de 2024, Delek US Holdings opera aproximadamente 262 estaciones de combustible minorista en múltiples estados. La red minorista de la compañía incluye tiendas de marca bajo las siguientes marcas:

Marca	Número de estaciones	Cobertura geográfica
Mapa	226	Tennessee, Georgia, Alabama, Kentucky
Fas mart	36	Virginia, Carolina del Norte

Plataformas de compra de combustible en línea

Delek ha desarrollado plataformas digitales para la compra de combustible con las siguientes capacidades:

• Aplicación móvil con seguimiento de precios de combustible en tiempo real
• Programa de recompensas de combustible en línea
• Integración de pagos digitales

Ventas directas a clientes comerciales e industriales

En 2023, las ventas de combustible comercial de Delek alcanzaron los $ 1.2 mil millones, con segmentos clave del cliente que incluyen:

Segmento de clientes	Volumen de ventas anual
Compañías de transporte	$ 480 millones
Negocios agrícolas	$ 270 millones
Empresas de construcción	$ 210 millones
Gobiernos municipales	$ 240 millones

Redes de distribución al por mayor

Delek mantiene 7 centros de distribución importantes En todo el sureste de los Estados Unidos, con una distribución anual de combustible mayorista de 1,5 mil millones de galones.

Canales de marketing digital y comunicación

La estrategia de marketing digital incluye:

• Plataformas de redes sociales con 125,000 seguidores combinados
• Base de datos de marketing por correo electrónico de 350,000 suscriptores
• Presupuesto de publicidad digital dirigido de $ 3.2 millones en 2024

Delek US Holdings, Inc. (DK) - Modelo de negocio: segmentos de clientes

Consumidores minoristas

A partir de 2024, Delek US Holdings sirve aproximadamente 1,300 estaciones de combustible minorista en el sureste de los Estados Unidos.

Tipo de cliente	Cuota de mercado	Volumen de combustible anual
Consumidores minoristas individuales	62%	1.8 mil millones de galones por año

Empresas de transporte comercial

Delek ofrece soluciones de combustible a los sectores de transporte comercial con una cobertura de flota significativa.

• Empresas de transporte atendidos: 425 operadores de flota
• Suministro anual de combustible diesel: 750 millones de galones
• Valor promedio del contrato: $ 3.2 millones por flota

Usuarios de energía industrial

Segmento de la industria	Consumo anual de energía	Rango de valor del contrato
Fabricación	425 millones de galones	$ 5-15 millones
Construcción	180 millones de galones	$ 2-7 millones

Sector agrícola

Delek suministra combustible a las operaciones agrícolas en múltiples estados.

• Clientes agrícolas: 215 granjas
• Suministro total anual de combustible agrícola: 95 millones de galones
• Valor promedio del contrato agrícola: $ 750,000

Organizaciones gubernamentales y municipales

Tipo de organización	Número de contratos	Volumen de combustible anual
Agencias estatales	37	115 millones de galones
Flotas municipales	89	62 millones de galones

Delek US Holdings, Inc. (DK) - Modelo de negocio: Estructura de costos

Gastos de adquisición de petróleo crudo

En el año fiscal 2022, Delek US Holdings informó gastos de adquisición de petróleo crudo de $ 6.74 mil millones. El volumen de ventas de productos de petróleo refinado de la compañía fue de aproximadamente 283 millones de galones por año.

Categoría de costos	Cantidad ($ millones)	Porcentaje de costos totales
Adquisición de petróleo crudo	6,740	55.3%
Transporte de crudo	412	3.4%

Costos operativos de refinería

Delek opera tres refinerías con una capacidad de procesamiento combinada de 124,500 barriles por día. Los gastos operativos de la refinería total para 2022 fueron de $ 1.23 mil millones.

• Costos de mantenimiento: $ 287 millones
• Consumo de energía: $ 156 millones
• Utilidades y suministros: $ 98 millones

Transporte y logística

Los gastos de transporte y logística para Delek US Holdings en 2022 totalizaron $ 512 millones.

Segmento logístico	Costo ($ millones)
Transporte de tuberías	218
Transporte y distribución	294

Inversiones de tecnología e infraestructura

En 2022, Delek invirtió $ 87 millones en actualizaciones de tecnología e infraestructura.

• Iniciativas de transformación digital: $ 42 millones
• Actualizaciones de tecnología de refinería: $ 35 millones
• Mejoras de ciberseguridad: $ 10 millones

Gastos laborales y relacionados con los empleados

Los costos laborales totales para Delek US Holdings en 2022 fueron de $ 356 millones, que cubrió aproximadamente 1,800 empleados.

Categoría de gastos de los empleados	Cantidad ($ millones)
Salarios base	224
Beneficios y seguro	82
Contribuciones de jubilación	50

Delek US Holdings, Inc. (DK) - Modelo de negocios: flujos de ingresos

Venta de productos de petróleo

Para el año fiscal 2023, Delek US Holdings informó ingresos por ventas de productos de petróleo de $ 8.2 mil millones. La compañía opera 7 refinerías con una capacidad total de procesamiento de petróleo crudo de 302,000 barriles por día.

Categoría de productos	Ingresos anuales	Volumen de ventas
Gasolina	$ 3.6 mil millones	1.200 millones de galones
Diesel	$ 2.8 mil millones	900 millones de galones
Combustible para aviones	$ 1.1 mil millones	350 millones de galones

Ingresos de las tiendas de conveniencia minorista

Delek opera 427 tiendas de conveniencia en múltiples estados. En 2023, los ingresos de las tiendas de conveniencia alcanzaron $ 1.5 mil millones.

• Ingresos promedio de la tienda: $ 3.5 millones por tienda
• Ventas de mercancías: $ 450 millones
• Ventas de combustible en ubicaciones minoristas: $ 1.05 mil millones

Producción de combustible renovable

Producción de combustible renovable generada $ 275 millones en ingresos para 2023. La compañía produce 100 millones de galones de diesel renovable anualmente.

Servicios de infraestructura de Midstream

Servicios de infraestructura de Midstream aportados $ 225 millones a los ingresos de la compañía en 2023. La compañía administra 1.200 millas de infraestructura de tuberías.

Comercio y marketing de energía

Actividades de comercio y marketing de energía generadas $ 350 millones en ingresos para el año fiscal 2023.

Categoría de negociación	Ganancia	Volumen comercial
Comercio de petróleo crudo	$ 200 millones	50 millones de barriles
Marketing de productos	$ 150 millones	35 millones de barriles

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.