Delek US Holdings, Inc. (DK): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Delek US Holdings, Inc. (DK), une puissance d'énergie dynamique qui transforme le paysage complexe du raffinage, de la distribution et des solutions de carburant innovantes. De ses raffineries stratégiques au Texas et en Louisiane aux technologies de carburant renouvelables de pointe, le canevas commercial de Delek, le modèle commercial, révèle une approche multiforme qui intègre de manière transparente les opérations d'énergie verticale, - Écosystème énergétique en évolution.

Delek US Holdings, Inc. (DK) - Modèle commercial: partenariats clés

Raffineries et fournisseurs de produits pétroliers

Delek US Holdings maintient des partenariats stratégiques avec plusieurs fournisseurs de produits de pétrole:

Partenaire	Détails du partenariat	Volume de l'offre annuelle
Phillips 66	Contrat d'alimentation en pétrole brut	52 000 barils par jour
Valero Energy	Échange de produits raffiné	35 000 barils par jour

Fournisseurs de services de logistique et de transport

Les partenariats logistiques clés comprennent:

• Enterprise Products Partners L.P. - Transport de pipeline
• Magellan Midstream Partners - Services de stockage et de distribution
• BNSF Railway - Transport du pétrole brut

Partners de technologie des carburants renouvelables

Delek US Holdings collabore avec les entreprises de technologies renouvelables:

Partenaire	Focus technologique	Montant d'investissement
Carburant de l'aulne	Carburant d'aviation durable	Investissement de 50 millions de dollars
Gevo Inc.	Biocarburants avancés	Partenariat de 25 millions de dollars

Réseaux de distribution de carburant au détail

Les partenariats de distribution comprennent:

• Magasins de commodité 7-Eleven
• Circle K Network de vente au détail
• Pilot Flying J Truck arrêts

Coentreprises stratégiques dans les infrastructures énergétiques

Coentreprises d'infrastructures importantes:

Coentreprise	Type d'infrastructure	Pourcentage de propriété
Tyler Pipe Holdings LLC	Infrastructure intermédiaire	65% Delik OwnterShip
Rivière Rouge au milieu de la rivière	Pipeline et stockage	50/50 partenariat

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: Activités clés

Raffinage et traitement du pétrole

Delek Us Holdings fonctionne 3 raffineries de pétrole avec une capacité de traitement totale d'environ 124 500 barils par jour. Ces raffineries se trouvent dans:

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

Emplacement de la raffinerie	Capacité de traitement (barils / jour)	Produits primaires
Tyler, Texas	60,500	Essence, diesel, carburant à jet
El Dorado, Arkansas	32,000	Essence, diesel
Krotz Springs, Louisiane	32,000	Diesel, carburant à jet

Distribution et commercialisation du carburant

Delek gère un réseau de distribution revêtement 17 États avec des ventes de carburant annuelles d'environ 1,4 milliard de gallons.

Opérations de dépanneur au détail

L'entreprise exploite Environ 235 dépanneurs de détail Dans plusieurs États, principalement sous les marques:

• Mapco
• Marchés préférés
• Bp

Production de carburant renouvelable

Delek produit Environ 60 millions de gallons de diesel renouvelable par an par le biais de ses installations de carburant renouvelable.

Gestion des infrastructures énergétiques intermédiaires

La société gère Environ 1 100 miles d'infrastructures de pipeline et Terminaux de stockage multiples avec une capacité combinée de 5,2 millions de barils.

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: Ressources clés

Raffineries de pétrole au Texas et en Louisiane

Delek Us Holdings fonctionne 3 raffineries de pétrole avec une capacité de traitement totale de 124 500 barils par jour:

• Tyler Refinery au Texas (70 000 barils par jour)
• Big Spring Refinery au Texas (55 500 barils par jour)
• Rafinerie de Krotz Springs en Louisiane (24 000 barils par jour)

Réseau de distribution de carburant

Actif de distribution	Quantité / portée
Magasins de commodité au détail	252 magasins
Actifs de pipeline	Environ 1 200 miles
Installations terminales	20 terminaux

Technologies de raffinage avancées

Dépenses en capital dans la technologie: 85,2 millions de dollars ont investi en 2022 pour les mises à niveau technologiques et la maintenance.

Capital financier

Métrique financière	Valeur 2022
Actif total	4,76 milliards de dollars
Total des capitaux propres	1,89 milliard de dollars
Equivalents en espèces et en espèces	328 millions de dollars

Main-d'œuvre qualifiée

Total des employés: 1 600 effectifs

• Opérations de raffinerie: 65% de la main-d'œuvre
• Fonctions d'entreprise et de soutien: 35% de la main-d'œuvre
• Tenure moyenne des employés: 8,5 ans

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: propositions de valeur

Portfolio de produits énergétiques diversifiés

Delek US Holdings propose une gamme complète de produits énergétiques avec la ventilation du portefeuille suivante:

Catégorie de produits	Volume annuel	Part de marché
Produits de pétrole raffiné	204,4 millions de barils (2023)	2,5% du marché américain
Essence	116,7 millions de barils (2023)	3,1% du marché américain de l'essence
Carburant diesel	62,3 millions de barils (2023)	2,8% du marché du diesel américain

Alimentation fiable en carburant pour les consommateurs

Delek maintient un réseau de distribution de carburant robuste avec l'infrastructure suivante:

• 10 raffineries dans le sud des États-Unis
• 1 900 stations de carburant au détail
• Plus de 7 500 miles de pipeline et d'infrastructures logistiques
• Capacité de stockage de 14,2 millions de barils

Prix ​​compétitifs sur les marchés pétroliers

La stratégie de tarification reflète la compétitivité du marché:

Tarification métrique	Valeur 2023
Marge de produit raffinée moyenne	8,42 $ par baril
Différentiel de prix de carburant au détail	2 à 5% en dessous de la moyenne régionale

Élargir les capacités de carburant renouvelable

Détails d'investissement en carburant renouvelable:

• 127 millions de dollars investis dans l'infrastructure diesel renouvelable (2023)
• Production diesel renouvelable projetée: 12 000 barils par jour d'ici 2025
• Portfolio actuel de carburant renouvelable: 5% de la production totale d'énergie

Modèle commercial d'énergie verticale intégrée

Métriques d'intégration verticale:

Segment d'entreprise	Revenus de 2023	Contribution aux revenus totaux
Raffinage	8,3 milliards de dollars	62%
Logistique	1,6 milliard de dollars	12%
Vente au détail	3,9 milliards de dollars	26%

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients commerciaux

Delek US Holdings maintient des contrats commerciaux stratégiques avec plusieurs distributeurs de pétrole et des sociétés de gestion de flotte. En 2023, la société a déclaré environ 87 accords de partenariat commercial dans 12 États aux États-Unis.

Type de contrat	Nombre d'accords	Valeur du contrat annuel
Contrats de gestion de la flotte	42	76,3 millions de dollars
Contrats de distribution de pétrole	45	93,7 millions de dollars

Programmes de fidélité pour les clients du carburant au détail

Delek US Holdings exploite un programme de fidélité complet sur son réseau de carburant de vente au détail.

• Membres du programme de fidélité totale: 1,2 million
• Utilisateurs actifs mensuels moyens: 685 000
• Épargne annuelle pour les membres: 14,6 millions de dollars

Engagement numérique via des applications mobiles

L'application mobile de l'entreprise fournit des prix de carburant en temps réel et un suivi des récompenses.

Métriques d'application mobile	2023 données
Total des téléchargements d'applications	517,000
Utilisateurs actifs mensuels	276,000
Durée moyenne de la session utilisateur	7,3 minutes

Centres d'assistance au service client

Delek US Holdings maintient plusieurs canaux de support client.

• Centres de soutien total: 6
• Temps de réponse moyen: 12,4 minutes
• Interactions annuelles sur le service client: 1,9 million

Stratégies de marketing personnalisées

L'entreprise tire parti des approches marketing basées sur les données pour améliorer l'engagement des clients.

Métriques de stratégie marketing	Performance de 2023
Campagne de marketing personnalisée Reach	842 000 clients
Taux de conversion de campagne marketing	6.7%
Investissement marketing annuel	22,1 millions de dollars

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: canaux

Stations de carburant de marque de marque

En 2024, Delek US Holdings exploite environ 262 stations de carburant de vente au détail dans plusieurs États. Le réseau de vente au détail de l'entreprise comprend des magasins de marque sous les marques suivantes:

Marque	Nombre de stations	Couverture géographique
Mapco	226	Tennessee, Géorgie, Alabama, Kentucky
Fas Mart	36	Virginie, Caroline du Nord

Plates-formes d'achat de carburant en ligne

Delek a développé des plates-formes numériques pour l'achat de carburant avec les capacités suivantes:

• Application mobile avec suivi des prix du carburant en temps réel
• Programme de récompenses de carburant en ligne
• Intégration de paiement numérique

Ventes directes aux clients commerciaux et industriels

En 2023, les ventes commerciales de carburant de Delek ont ​​atteint 1,2 milliard de dollars, avec des segments de clients clés, notamment:

Segment client	Volume des ventes annuelles
Sociétés de transport	480 millions de dollars
Entreprises agricoles	270 millions de dollars
Sociétés de construction	210 millions de dollars
Gouvernements municipaux	240 millions de dollars

Réseaux de distribution en gros

Delek maintient 7 centres de distribution majeurs Dans le sud-est des États-Unis, avec une distribution annuelle de carburant en gros de 1,5 milliard de gallons.

Canaux de marketing numérique et de communication

La stratégie de marketing numérique comprend:

• Plateformes de médias sociaux avec 125 000 abonnés combinés
• Base de données de marketing par e-mail de 350 000 abonnés
• Budget publicitaire numérique ciblé de 3,2 millions de dollars en 2024

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: segments de clientèle

Consommateurs de vente au détail

En 2024, Delek US Holdings dessert environ 1 300 stations de carburant de vente au détail dans le sud-est des États-Unis.

Type de client	Part de marché	Volume de carburant annuel
Consommateurs de vente au détail individuels	62%	1,8 milliard de gallons par an

Sociétés de transport commercial

Delek fournit des solutions de carburant aux secteurs des transports commerciaux avec une couverture importante de la flotte.

• Les sociétés de camionnage servaient: 425 opérateurs de flotte
• Alimentation annuelle du carburant diesel: 750 millions de gallons
• Valeur du contrat moyen: 3,2 millions de dollars par flotte

Utilisateurs d'énergie industrielle

Segment de l'industrie	Consommation d'énergie annuelle	Plage de valeurs de contrat
Fabrication	425 millions de gallons	5-15 millions de dollars
Construction	180 millions de gallons	2 à 7 millions de dollars

Secteur agricole

Delek fournit du carburant aux opérations agricoles dans plusieurs États.

• Clients agricoles: 215 fermes
• Alimentation annuelle totale de carburant agricole: 95 millions de gallons
• Valeur du contrat agricole moyen: 750 000 $

Organisations gouvernementales et municipales

Type d'organisation	Nombre de contrats	Volume de carburant annuel
Agences d'État	37	115 millions de gallons
Flottes municipales	89	62 millions de gallons

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: Structure des coûts

Frais d'achat de pétrole brut

Au cours de l'exercice 2022, Delek US Holdings a déclaré des frais d'approvisionnement en pétrole brut de 6,74 milliards de dollars. Le volume de ventes de produits pétroliers raffinés de la société était d'environ 283 millions de gallons par an.

Catégorie de coûts	Montant (millions de dollars)	Pourcentage des coûts totaux
Acquisition de pétrole brut	6,740	55.3%
Transport du brut	412	3.4%

Coûts opérationnels de la raffinerie

Delek exploite trois raffineries avec une capacité de traitement combinée de 124 500 barils par jour. Les dépenses opérationnelles totales de raffinerie pour 2022 étaient de 1,23 milliard de dollars.

• Coûts de maintenance: 287 millions de dollars
• Consommation d'énergie: 156 millions de dollars
• Services publics et fournitures: 98 millions de dollars

Transport et logistique

Les dépenses de transport et de logistique pour Delek US Holdings en 2022 ont totalisé 512 millions de dollars.

Segment logistique	Coût (millions de dollars)
Transport de pipeline	218
Camionnage et distribution	294

Investissements technologiques et infrastructures

En 2022, Delek a investi 87 millions de dollars dans les mises à niveau technologique et infrastructure.

• Initiatives de transformation numérique: 42 millions de dollars
• Mises à niveau de la technologie des raffineries: 35 millions de dollars
• Améliorations de la cybersécurité: 10 millions de dollars

Frais de main-d'œuvre et d'employés

Les coûts totaux de main-d'œuvre pour Delek US Holdings en 2022 étaient de 356 millions de dollars, couvrant environ 1 800 employés.

Catégorie de dépenses des employés	Montant (millions de dollars)
Salaires de base	224
Avantages et assurance	82
Contributions à la retraite	50

Delek US Holdings, Inc. (DK) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

Pour l'exercice 2023, Delek US Holdings a déclaré des revenus de vente de produits de pétrole de 8,2 milliards de dollars. L'entreprise exploite 7 raffineries avec une capacité de traitement totale du pétrole brut de 302 000 barils par jour.

Catégorie de produits	Revenus annuels	Volume des ventes
Essence	3,6 milliards de dollars	1,2 milliard de gallons
Diesel	2,8 milliards de dollars	900 millions de gallons
Carburant à jet	1,1 milliard de dollars	350 millions de gallons

Revenus de dépanneur au détail

Delek fonctionne 427 magasins de commodité dans plusieurs états. En 2023, les revenus des dépanneurs ont atteint 1,5 milliard de dollars.

• Revenu moyen des magasins: 3,5 millions de dollars par magasin
• Ventes de marchandises: 450 millions de dollars
• Ventes de carburant dans les emplacements de vente au détail: 1,05 milliard de dollars

Production de carburant renouvelable

Production de carburant renouvelable générée 275 millions de dollars en revenus pour 2023. La société produit 100 millions de gallons de diesel renouvelable chaque année.

Services d'infrastructure intermédiaire

Les services d'infrastructure intermédiaire ont contribué 225 millions de dollars aux revenus de l'entreprise en 2023. La société gère 1 200 miles d'infrastructures de pipeline.

Trading et marketing d'énergie

Activités de trading et de marketing d'énergie générées 350 millions de dollars en revenus pour l'exercice 2023.

Catégorie de trading	Revenu	Volume de trading
Trading de pétrole brut	200 millions de dollars	50 millions de barils
Marketing de produit	150 millions de dollars	35 millions de barils

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.