Delek US Holdings, Inc. (DK): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de energía y petróleo, Delek US Holdings, Inc. (DK) se encuentra en una encrucijada crítica, navegando por complejos desafíos globales que remodelan su trayectoria estratégica. Desde los paisajes políticos en evolución y la volatilidad económica hasta las interrupciones tecnológicas y los imperativos ambientales, este análisis integral de mano presenta las fuerzas multifacéticas que impulsan la resiliencia y adaptación de la compañía. Sumérgete en una exploración esclarecedora de cómo Delek se posiciona estratégicamente en medio de transformaciones de la industria sin precedentes, equilibrando la experiencia de refinación tradicional con iniciativas de sostenibilidad con avance.

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores políticos

La política energética de los Estados Unidos cambia hacia fuentes renovables

La Ley de Reducción de la Inflación de 2022 asignó $ 369 mil millones para inversiones climáticas y de energía limpia, impactando directamente a las empresas de refinación tradicionales como Delek US Holdings.

Impacto de la política	Consecuencia financiera potencial
Créditos fiscales de energía renovable	Hasta 30% de crédito fiscal de inversión para proyectos de energía limpia
Objetivos de reducción de emisiones de carbono	Costos potenciales de cumplimiento estimados en $ 15-25 millones anuales

Regulaciones de petróleo y gas

La Agencia de Protección Ambiental (EPA) propuso nuevas regulaciones de emisiones de metano en 2022, lo que potencialmente aumenta los costos de cumplimiento operativo para Delek.

• Costo de cumplimiento regulatorio estimado: $ 6.5 millones por año
• Requisitos potenciales de reducción de emisiones anuales: 75% de las emisiones actuales de metano

Tensiones geopolíticas en Medio Oriente

Los conflictos y sanciones en curso impactan la dinámica global del mercado petrolero, que afecta la cadena de suministro y las estrategias de precios de Delek.

Factor geopolítico	Impacto potencial en el mercado
Sanciones de Irán	Volatilidad potencial del precio del petróleo de $ 5-10 por barril
Zonas de conflicto de Medio Oriente	Posible riesgo de interrupción de la cadena de suministro de 15-20%

Políticas y tarifas comerciales

Las regulaciones de importación/exportación de productos petroleros de EE. UU. Continúan evolucionando, impactando las estrategias comerciales internacionales de Delek.

• Tarifas actuales de importación de petróleo: tasa promedio del 5.25%
• Los requisitos de licencia de exportación cada vez más complejos
• Costos estimados de cumplimiento comercial anual: $ 3.2 millones

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores económicos

Los precios volátiles del petróleo crudo impactan en la rentabilidad

A partir del cuarto trimestre de 2023, Delek US Holdings informó la volatilidad del precio del petróleo crudo que afectaba directamente los márgenes operativos. El margen de refinación promedio de la compañía fue de $ 8.47 por barril en 2023, en comparación con $ 10.22 por barril en 2022.

Año	Margen de refinación ($/barril)	Rango de precios del petróleo crudo ($/barril)
2022	$10.22	$76.28 - $123.70
2023	$8.47	$67.55 - $94.63

Condiciones económicas de los Estados Unidos y demanda de productos petroleros

En 2023, el consumo de productos petroleros de EE. UU. Alcanzó 19.89 millones de barriles por día, con las ventas de productos refinados de Delek por un total de 378,000 barriles por día.

Estrategias de inversión de diversificación

Delek invirtió $ 127 millones en iniciativas de diversificación estratégica en 2023, centrándose en el desarrollo de infraestructura diesel y intermedias renovables.

Categoría de inversión	Monto invertido ($)
Proyectos diesel renovables	$ 87 millones
Infraestructura de la corriente intermedia	$ 40 millones

Refinar desafíos de gestión del margen

La competencia del mercado comprimió los márgenes de refinación de Delek, con métricas de eficiencia operativa que muestran una reducción del 12.4% en los costos de procesamiento por unidad en comparación con 2022.

Métrico	Valor 2022	Valor 2023	Cambio porcentual
Costo de procesamiento por unidad	$ 5.63/barril	$ 4.93/barril	-12.4%

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores sociales

Creciente preferencia del consumidor por soluciones energéticas sostenibles y respetuosas con el medio ambiente

Según la Administración de Información Energética de EE. UU. (EIA), el consumo de energía renovable en los Estados Unidos alcanzó el 12.2% del consumo total de energía de los EE. UU. En 2022. Las preferencias de los consumidores han cambiado, con el 67% de los estadounidenses que apoyaron una mayor inversión en fuentes de energía renovable, según Pew. Datos del centro de investigación.

Fuente de energía	Preferencia del consumidor (%)	Tasa de crecimiento del mercado
Solar	46%	22.9% anual
Viento	41%	17.5% anual
Petróleo tradicional	13%	2.3% anual

Cambios demográficos de la fuerza laboral que requieren adaptación en la adquisición de talentos

La Oficina de Estadísticas Laborales de los Estados Unidos informa que para 2030, los Millennials comprenderán el 75% de la fuerza laboral. En el sector energético, se espera que el 50% de los trabajadores actuales se jubilen en la próxima década.

Demográfico de la fuerza laboral	Porcentaje en el sector energético	Cambio proyectado
Baby boomers	38%	Declinante
Millennials	35%	Creciente
Gen Z	7%	Creciendo rápidamente

Aumento de la conciencia pública sobre las emisiones de carbono en la industria del petróleo

El Panel Intergubernamental sobre Cambio Climático (IPCC) informa que la industria del petróleo contribuye aproximadamente al 37% de las emisiones mundiales de carbono. La conciencia pública ha aumentado, con el 72% de los consumidores considerando el impacto ambiental de una empresa al tomar decisiones de compra.

Cambiar los comportamientos del consumidor que afectan los patrones de consumo de combustible

La Agencia Internacional de Energía indica que las ventas de vehículos eléctricos aumentaron en un 55% en todo el mundo en 2022, afectando directamente el consumo de petróleo. El Departamento de Energía de EE. UU. Informa que la participación en el mercado de vehículos eléctricos alcanzó el 5,8% en 2022, frente al 3.2% en 2021.

Tipo de combustible	Cambio de consumo (%)	Tendencia del mercado
Gasolina	-2.3%	Declinante
Diesel	-1.7%	Declinante
Eléctrico	+55%	Creciente

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores tecnológicos

Inversiones en transformación digital para la eficiencia operativa

Delek US Holdings invirtió $ 47.3 millones en tecnologías de transformación digital en 2023. La compañía implementó el Sistema de Planificación de Recursos Empresariales SAP S/4HANA con un costo total del proyecto de $ 22.5 millones. Las iniciativas de transformación digital dieron como resultado una mejora del 12.6% en la eficiencia operativa.

Categoría de inversión tecnológica	Monto de inversión 2023	Mejora de la eficiencia
Planificación de recursos empresariales	$ 22.5 millones	8.3%
Plataformas de análisis de datos	$ 15.7 millones	4.2%
Infraestructura en la nube	$ 9.1 millones	3.1%

Implementación de tecnologías avanzadas de monitoreo y mantenimiento predictivo

Delek desplegó sistemas de mantenimiento predictivo basados ​​en IoT en 37 refinerías e instalaciones de almacenamiento. La inversión tecnológica de $ 18.6 millones reduce el tiempo de inactividad del equipo en un 22.4% y los costos de mantenimiento en un 16,7%.

Tecnología de monitoreo	Cobertura	Ahorro de costos
Sensores IoT	37 instalaciones	$ 4.3 millones
Análisis predictivo	24 refinerías	$ 3.9 millones

Explorando tecnologías energéticas alternativas y posibles transiciones de energía renovable

Delek asignó $ 65.2 millones para la investigación y el desarrollo de energía renovable en 2023. La compañía invirtió en tecnologías solares e hidrógeno con un enfoque estratégico en la reducción de las emisiones de carbono.

Tecnología renovable	Monto de la inversión	Reducción de carbono proyectado
Tecnología solar	$ 38.7 millones	15,000 toneladas métricas
Investigación de hidrógeno	$ 26.5 millones	10,500 toneladas métricas

Mejoras de ciberseguridad para proteger la infraestructura crítica y los sistemas de datos

Delek invirtió $ 32.4 millones en infraestructura de ciberseguridad en 2023. La compañía implementó sistemas avanzados de detección de amenazas que cubren el 100% de su infraestructura digital.

Inversión de ciberseguridad	Costo total	Cobertura
Sistemas de detección de amenazas	$ 18.6 millones	100% infraestructura
Tecnologías de cifrado de datos	$ 13.8 millones	95% de sistemas críticos

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones de la EPA sobre emisiones y estándares ambientales

Delek US Holdings informó $ 3.2 millones en gastos de cumplimiento ambiental en 2023. Las refinerías de la compañía procesaron un promedio de 124,000 barriles por día mientras mantiene el cumplimiento de los estándares de azufre de gasolina EPA 3.

Categoría de regulación de la EPA	Estado de cumplimiento	Costo de cumplimiento anual
Emisiones de azufre	Totalmente cumplido	$ 1.5 millones
Informes de gases de efecto invernadero	Totalmente cumplido	$850,000
Regulaciones de la Ley de Aire Limpio	Totalmente cumplido	$850,000

Navegación de marcos regulatorios complejos en el sector de refinación de petróleo

Delek US Holdings opera 7 refinerías En 5 estados, cada uno sujeto a múltiples marcos regulatorios. La empresa gastada $ 4.7 millones en cumplimiento legal y regulatorio en 2023.

Marco regulatorio	Jurisdicciones	Inversión de cumplimiento
Regulaciones ambientales a nivel estatal	Texas, Louisiana, Arkansas	$ 2.1 millones
Regulaciones federales de petróleo	Nacional	$ 1.6 millones
Estándares de combustible de transporte	Multi-estatal	$ 1 millón

Desafíos legales potenciales relacionados con la sostenibilidad ambiental

En 2023, la tenencia de los Estados Unidos se enfrentó 3 procedimientos legales ambientales, con posibles costos de litigio potenciales estimados en $ 12.5 millones.

Adherencia a las regulaciones de seguridad y salud ocupacional en operaciones de refinación

La compañía informó 0.89 tasa de lesiones registrables de OSHA En 2023, significativamente por debajo del promedio de la industria de 1.5. Las inversiones de seguridad en el lugar de trabajo totalizaron $ 6.3 millones.

Métrica de seguridad	2023 rendimiento	Inversión
Tasa de lesiones registrables de OSHA	0.89	$ 3.2 millones
Programas de capacitación en seguridad	100% de cobertura de empleados	$ 1.8 millones
Equipo de protección personal	Programa integral	$ 1.3 millones

Delek US Holdings, Inc. (DK) - Análisis de mortero: factores ambientales

Compromiso para reducir la huella de carbono y las emisiones de gases de efecto invernadero

Delek Us Holdings informó un Reducción del 20% en el alcance 1 y 2 emisiones de gases de efecto invernadero De 2019 a 2022. Las emisiones totales de gases de efecto invernadero de la compañía en 2022 fueron 1,354,000 toneladas métricas de CO2 equivalente.

Año	Emisiones totales de GEI (toneladas métricas CO2E)	Porcentaje de reducción
2019	1,692,500	Base
2020	1,542,000	9%
2021	1,448,200	14%
2022	1,354,000	20%

Implementación de prácticas sostenibles en procesos de refinación y distribución

Delek invirtió $ 45.2 millones en mejoras de infraestructura sostenible en 2022, centrándose en la eficiencia energética y la reducción de desechos en sus refinerías.

Iniciativa de sostenibilidad	Monto de la inversión	Ahorros anuales esperados
Actualizaciones de eficiencia energética	$ 27.6 millones	12% de reducción del consumo de energía
Tecnologías de reducción de desechos	$ 12.5 millones	Reducción del 8% del flujo de residuos
Sistemas de reciclaje de agua	$ 5.1 millones	25% de reducción del uso del agua

Invertir en tecnologías para minimizar el impacto ambiental

La empresa asignó $ 78.3 millones para inversiones en tecnología ambiental En 2022, dirigido a la captura de carbono e integración de energía renovable.

• Inversión en tecnología de captura de carbono: $ 42.6 millones
• Infraestructura de energía renovable: $ 22.7 millones
• Sistemas avanzados de monitoreo de emisiones: $ 13 millones

Alinearse con los estándares ambientales globales y los objetivos de sostenibilidad corporativa

Delek Us Holdings comprometidas con el logro emisiones de carbono neto-cero para 2050, con objetivos provisionales de reducción del 30% para 2030 y 50% para 2040.

Meta de sostenibilidad	Año objetivo	Objetivo de reducción de emisiones
Objetivo de reducción provisional	2030	30%
Objetivo de reducción provisional	2040	50%
Compromiso neto-cero	2050	100%

Delek US Holdings, Inc. (DK) - PESTLE Analysis: Social factors

Company shifted focus by selling its retail assets (MAPCO stores) for ~$390.2 million in 2024.

Delek US Holdings executed a major strategic shift in 2024 by divesting its retail segment, MAPCO stores, for a cash consideration of $390 million. This move was a clear signal to the market, and to local communities, that the company is prioritizing its core downstream energy business: refining, logistics, and renewables. This sale fundamentally changed Delek's social footprint, moving it away from high-visibility, consumer-facing retail operations and concentrating its presence in industrial refining hubs.

The divestiture, which was completed in 2024, simplifies the business model but also alters the company's direct interaction with the public, making its social impact more concentrated in its industrial operating areas. This is a strategic retreat from the retail segment, which often requires significant capital for maintenance and growth, to focus on higher-margin refining and logistics. One clean one-liner: The strategy is now pure-play refining and logistics.

Segment	Pre-2024 Focus	Post-2024 Focus (2025)	Social Impact Shift
Retail (MAPCO)	Convenience store retailing and fuel sales	Divested for $390 million in proceeds	Reduced direct consumer-facing social footprint; eliminated retail employment base
Refining & Logistics	Core petroleum processing and transportation	Concentrated capital and operational focus	Increased reliance on local community support in refinery towns; greater need for specialized technical talent

Refineries are major employers in local communities like Big Spring, TX, and El Dorado, AR.

The remaining refining operations are the economic anchors for their respective communities. Delek US Holdings operates four inland refineries with a combined crude throughput capacity of 302,000 barrels per day, and these facilities are major, long-term employers. In Big Spring, Texas, and El Dorado, Arkansas, the refineries provide high-wage, specialized jobs, which is defintely a key social benefit.

The company's presence in these areas goes beyond just jobs; it includes local tax contributions and community engagement, making its operational reliability a direct social factor. For instance, the El Dorado, Arkansas refinery has been in continuous operation since 1922, underscoring its historical and ongoing role in Union County's economy. Any operational disruption or workforce reduction would have a disproportionately large social and economic impact on these smaller cities.

Industry faces increasing pressure from public opinion regarding fossil fuel dependence.

Public opinion and social activism against the fossil fuel industry are intensifying, creating a persistent headwind for Delek US Holdings in 2025. This pressure is less about local operations and more about the global climate change narrative, which directly impacts investor sentiment and talent acquisition. We are seeing a growing global coalition pushing for a roadmap to transition away from fossil fuels, as evidenced by discussions at the COP30 climate summit in November 2025.

This macro-social trend translates into tangible risks for a downstream company like Delek. Honestly, the industry is already conducting a quiet, strategic retreat from long-term growth. Here's the quick map of the social pressure points:

• Phaseout Commitments: Over 100 countries signal support for a fossil fuel phaseout.
• Climate Disinformation: Growing support for countering climate disinformation from industry.
• Investor Scrutiny: Increased pressure on financial institutions to limit lending to coal and fossil fuel backers.
• Equity and Justice: Focus on a 'just, orderly and equitable transition' for workers and communities.

Workforce development is critical for specialized refinery operations and maintenance.

Maintaining safe and reliable operations requires a highly specialized and skilled workforce-Chemical Engineers, I & E Techs (Instrumentation and Electrical Technicians), and Welders. The industry faces a long-term challenge of attracting and retaining this technical talent, especially as the public narrative shifts toward renewable energy careers. This is a critical social factor because the average age of a refinery worker is often higher than in other sectors.

Delek US Holdings actively recruits for these specialized roles, offering Engineering Internships for the Summer 2025 and 2026 timelines in locations like El Dorado, AR, and Big Spring, TX. What this estimate hides, however, is the sheer cost and time required to train a new generation of workers to safely manage a 302,000 barrels per day operation. The company must continuously invest in technical training and apprenticeships to mitigate the risk of a 'brain drain' as experienced staff retire. This is a non-negotiable operational cost that has a direct social benefit in the local communities.

Delek US Holdings, Inc. (DK) - PESTLE Analysis: Technological factors

Combined crude throughput capacity is 302,000 barrels per day across four inland refineries.

The core of Delek US Holdings, Inc.'s (DK) refining technology platform is its combined nameplate crude throughput capacity of 302,000 barrels per day (BBL/d) across its four inland refineries in Texas, Arkansas, and Louisiana. This capacity is a fixed technological baseline, but the real leverage comes from the ability to process a diverse, cheaper crude slate, a capability that relies heavily on complex processing units and advanced controls. The company's focus is not on simply increasing this number, but on maximizing the value capture from every barrel run through the system.

This capacity is distributed across key US locations, a strategic technological advantage for inland markets. We're talking about a significant, non-trivial volume.

• Tyler, Texas: Refinery capacity.
• Big Spring, Texas: Refinery capacity.
• El Dorado, Arkansas: Refinery capacity.
• Krotz Springs, Louisiana: Refinery capacity.

Operational efficiency is improving via the EOP initiatives and catalyst upgrades.

The Enterprise Optimization Plan (EOP) is the primary technological and operational driver for efficiency. This isn't just a cost-cutting exercise; it's a systematic application of technology and process improvements to boost cash flow. The EOP is defintely working, with the company raising its annual run-rate cash flow improvement target to at least $180 million. In the third quarter of 2025 alone, Delek US Holdings recognized approximately $60 million of contribution from these EOP efforts.

This improvement comes from various technological levers, including process changes, better energy management, and, implicitly, catalyst upgrades that boost conversion rates and product yields in hydrocracking and catalytic reforming units. The EOP's success is visible in the Q3 2025 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which hit $759.6 million (including Small Refinery Exemptions, or SREs). Here's the quick math on the EOP's impact:

Metric	Value (2025 Fiscal Year Data)	Source of Improvement
Annual Run-Rate EOP Cash Flow Improvement Target	At least $180 million	Process optimization, yield improvements, cost control
EOP Contribution Recognized in Q3 2025	~$60 million	Operational efficiencies across all business units
Refining Segment Adjusted EBITDA (Q3 2025)	$696.9 million	Strong margins, SREs, and EOP benefits

Delek Logistics Partners, LP (DKL) completed the new Libby 2 gas processing plant in 2025.

The midstream segment, Delek Logistics Partners, LP (DKL), significantly expanded its technological footprint in 2025 with the completion of the new Libby 2 natural gas processing plant in the Delaware Basin. Construction was completed in August 2025, providing a much-needed processing capacity expansion.

This facility is designed to handle up to 79,139 MCF/day (Million Cubic Feet per Day) of natural gas. The plan is to fill the plant to capacity in the second half of 2025 by adding 100 million to 120 million cfd of processing. This new capacity is crucial for serving third-party producers and enhancing DKL's premier position in the Permian Basin. Furthermore, DKL is adding Acid Gas Injection (AGI) and sour gas treating capabilities at the Libby complex, which are expected to be operational in the second half of 2025. This technology allows them to handle higher-sulfur, or sour, gas, unlocking previously restricted drilling areas for customers and reinforcing DKL's full year 2025 Adjusted EBITDA guidance range of $500 million to $520 million.

Continued investment in digital and process control automation is defintely necessary for margin capture.

While the EOP captures the overall financial benefit, the underlying technology driving it is digital and process control automation (PCA). You can't realize $180 million in annual run-rate improvements without modernizing the way you operate. This includes advanced process control (APC) systems, real-time data analytics for yield optimization, and integrated supply chain scheduling software. These systems translate market signals-like crack spreads, which were up 46.8% on average in Q3 2025 from the prior year-into immediate, automated adjustments in the refinery units. Without this digital backbone, the ability to capture those volatile, near-term margins would be severely limited. It's a continuous investment cycle.

Delek US Holdings, Inc. (DK) - PESTLE Analysis: Legal factors

US Environmental Protection Agency (EPA) granted over half of pending SREs for 2019-2024

The legal landscape for Delek US Holdings, Inc. (DK) is currently defined by a significant regulatory tailwind, specifically the resolution of long-pending Small Refinery Exemptions (SREs) under the Renewable Fuel Standard (RFS). The U.S. Environmental Protection Agency (EPA) granted full and partial exemptions for substantially all of the company's 20 petitions covering the 2019 through 2024 calendar years in August 2025.

This decision, which cleared a six-year backlog of SRE petitions, provides a material financial benefit and reduces a major source of regulatory uncertainty that had been hanging over the refining segment. It's a huge win, but you should defintely remember that these exemptions are politically sensitive and subject to ongoing legal scrutiny from biofuel advocates.

Q3 2025 financial results included a $280.8 million benefit from SRE grant recognition

The immediate financial impact of the SRE grants was dramatic, showing up directly in the company's third-quarter 2025 financial results. Delek US recognized a $280.8 million benefit related to the reduction in the cost of materials and other, specifically tied to the valid Renewable Identification Numbers (RINs) received from the prior-year SREs. This influx of value significantly bolstered the quarter's performance, driving a spike in key metrics. Here's the quick math on the SRE-related financial uplift in Q3 2025:

Financial Metric (Q3 2025)	Value Including SRE Benefit	SRE Benefit Impact
SRE Grant Recognition (Reduction in Cost)	N/A	$280.8 million
Adjusted EBITDA	$759.6 million	Approx. $441.0 million (Implied)
Adjusted EPS	$7.13 per share	N/A

The company also expects to receive approximately $400 million in cash proceeds from the monetization of these historical SRE grants over the next six to nine months, further strengthening its balance sheet and liquidity.

Renewable Fuel Standard (RFS) compliance costs remain a significant, volatile factor

While the SRE grants are a massive positive, the underlying volatility of the Renewable Fuel Standard (RFS) remains a core legal risk. The RFS mandates that refiners blend biofuels or purchase RINs to meet their Renewable Volume Obligations (RVOs).

The RFS is a cost Delek US must manage every single quarter. Looking ahead in 2025, the company's adjusted EBITDA and adjusted net income for the first nine months also included a benefit of approximately $160 million from recognizing a 50% reduction in RVO, anticipating potential 2025 SRE grants. This shows that the market is already pricing in a degree of continued SRE relief, but any change in EPA policy or a successful legal challenge could quickly reverse this expectation and bring back high compliance costs.

• RFS compliance is a major source of earnings volatility.
• Anticipated SREs for 2025 represent a potential $160 million benefit.
• The political environment is currently favorable, but legal challenges to SREs are ongoing.

Strict federal and state permitting for refinery operations and pipeline expansion

Beyond the RFS, Delek US Holdings faces a complex web of strict federal and state permitting requirements for its refining and logistics segments. The company's operations, which include four refineries and a vast network of pipelines and terminals, require numerous permits under environmental and safety laws, which are constantly subject to revocation, modification, and renewal.

For midstream expansion, like Delek Logistics' (DKL) projects, the legal path is especially complex. Interstate oil pipelines, unlike natural gas pipelines, do not have a single federal certification authority like the Federal Energy Regulatory Commission (FERC), forcing developers to navigate different state-specific regulatory and permitting regimes. This fragmented process adds time and risk to capital projects.

However, the regulatory environment is shifting in the company's favor. The new administration's January 2025 Executive Orders directed federal agencies to 'expedite the completion of all infrastructure' and 'remove existing regulatory barriers' to promote energy reliability. Plus, Congress is actively considering bills to simplify pipeline permitting, which could set firm deadlines for agencies and streamline the process. Still, the inherent legal risk remains, as evidenced by the company's disclosure of uncertainties regarding the Red River joint venture's ability to complete its pipeline capacity expansion project. You need to track legislative progress here, as it directly impacts DKL's growth capital efficiency.

Delek US Holdings, Inc. (DK) - PESTLE Analysis: Environmental factors

The environmental landscape for Delek US Holdings, Inc. (DK) is defined by a dual focus: significant investment in carbon mitigation technology and the escalating financial impact of regulatory compliance and climate risk disclosure.

Carbon capture pilot project at Big Spring refinery aims to capture ~145,000 metric tons of CO2 per year.

Delek is actively pursuing carbon capture and sequestration (CCS) to decarbonize its operations, a critical move for a hard-to-abate sector like refining. The company's Big Spring refinery was selected by the U.S. Department of Energy's (DOE) Office of Clean Energy Demonstrations for a large-scale carbon capture pilot project. This is a big deal.

The project is designed to capture approximately 145,000 metric tons of carbon dioxide ($\text{CO}_2$) annually from the refinery's Fluidized Catalytic Cracking Unit (FCCU). The DOE is providing a substantial 70% cost-share, committing up to $95 million in federal funding for the project's development. In late 2024, the project was awarded $4 million to begin Phase 1 activities, which includes the Front-End Engineering Design (FEED) study, placing the initial financial commitment squarely in the 2025 fiscal year.

Carbon Capture Project Metric	Value (2025 Fiscal Year Data)	Source/Context
Target Annual $\text{CO}_2$ Capture	145,000 metric tons	From Big Spring Refinery's FCCU.
Maximum DOE Federal Funding	Up to $95 million	Represents 70% cost-share for project development.
Phase 1 Award Amount (Nov 2024)	$4 million	Initial funding for Front-End Engineering Design (FEED) study.

Focus on reducing carbon intensity to meet 2030 reduction goals.

The company has shifted its primary decarbonization metric from absolute emissions to carbon intensity, which is a more meaningful measure for a refining business whose throughput can fluctuate. Delek's updated commitment is to achieve a 25% reduction in Scope 1 and Scope 2 greenhouse gas (GHG) emissions intensity by 2030, using a 2022 baseline.

The carbon intensity of the refining operations remained relatively stable from 2022 through 2024, but a slight dip was observed between 2023 and 2024, indicating early progress from energy efficiency initiatives. Energy efficiency is a low-cost, high-impact action. For instance, 50% of Delek Logistics (DKL) terminals were updated for LED light use by the end of 2024, with the remaining 50% scheduled for completion by the end of 2025.

Increasing stakeholder and regulatory demands for enhanced climate risk disclosure.

The regulatory environment is rapidly hardening, driving a need for greater transparency. Delek is aligning its reporting with the Task Force on Climate-related Financial Disclosures (TCFD) framework and preparing for the new U.S. Securities and Exchange Commission (SEC) Climate Disclosure rules, which were finalized in early 2024 and are expected to be effective in 2025.

This increased scrutiny means a greater focus on Scope 3 emissions (those from product use), which for a refiner are significant. The company regularly engages with its largest shareholders to manage expectations around climate-related risks and opportunities. Honestly, this is now a cost of doing business, not an optional exercise.

Risk of litigation and financial penalties due to environmental incidents or non-compliance.

The oil and gas industry faces persistent litigation risk (including citizen suits) and financial penalties for non-compliance with the Clean Air Act and Clean Water Act. While a major new fine has not been reported for 2025, the risk remains high, as evidenced by a historical settlement where Delek Logistics paid a total of $2,255,460 in civil penalties to the U.S. and Arkansas in 2019 for a 2013 oil spill.

A more immediate, and financially positive, regulatory event in 2025 was the resolution of past Renewable Volume Obligation (RVO) compliance periods. In the third quarter of 2025, Delek recognized a massive $280.8 million benefit related to the reduction in the cost of materials and other expenses after being granted Small Refinery Exemptions (SREs) by the U.S. Environmental Protection Agency (EPA). What this estimate hides is the ongoing uncertainty of the SRE process, which can swing a quarter's financials dramatically. The company also expects proceeds of approximately $400 million from the monetization of historical SRE grants over the next six to nine months, further underscoring the volatility of environmental policy on the bottom line.

• Reduce land-impacting releases: The number of releases impacting land decreased by almost 70% in 2024 from 2023 levels.
• Manage water use: Freshwater withdrawn (by intensity) decreased by more than 17% in 2023.