Delek US Holdings, Inc. (DK): Analyse de Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de l'énergie et du pétrole, Delek US Holdings, Inc. (DK) se tient à un carrefour critique, naviguant des défis mondiaux complexes qui remodeler sa trajectoire stratégique. De l'évolution des paysages politiques et de la volatilité économique aux perturbations technologiques et aux impératifs environnementaux, cette analyse complète du pilon dévoile les forces à multiples facettes qui stimulent la résilience et l'adaptation de l'entreprise. Plongez dans une exploration éclairante de la façon dont Delek se positionne stratégiquement au milieu de transformations industrielles sans précédent, équilibrant l'expertise de raffinage traditionnelle avec les initiatives de durabilité prospective.

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs politiques

La politique énergétique américaine se déplace vers des sources renouvelables

La loi sur la réduction de l'inflation de 2022 a alloué 369 milliards de dollars pour les investissements climatiques et d'énergie propre, ce qui concerne directement les entreprises de raffinage traditionnelles comme Delek US Holdings.

Impact politique	Conséquence financière potentielle
Crédits d'impôt sur les énergies renouvelables	Jusqu'à 30% de crédit d'impôt d'investissement pour les projets d'énergie propre
Cibles de réduction des émissions de carbone	Coûts de conformité potentiels estimés à 15 à 25 millions de dollars par an

Règlements sur le pétrole et le gaz

L'Agence de protection de l'environnement (EPA) a proposé de nouveaux règlements sur les émissions de méthane en 2022, ce qui pourrait augmenter les coûts de conformité opérationnels de Delek.

• Coût estimé de la conformité réglementaire: 6,5 millions de dollars par an
• Exigences potentielles de réduction des émissions annuelles: 75% des émissions actuelles de méthane

Tensions géopolitiques au Moyen-Orient

Les conflits et les sanctions en cours ont un impact sur la dynamique mondiale du marché du pétrole, affectant la chaîne d'approvisionnement de Delek et les stratégies de tarification.

Facteur géopolitique	Impact potentiel du marché
Sanctions iraniennes	Volatilité potentielle des prix du pétrole de 5 à 10 $ par baril
Zones de conflit du Moyen-Orient	Risque de perturbation de la chaîne d'approvisionnement possible de 15 à 20%

Politiques et tarifs commerciaux

Les réglementations sur l'importation / exportation des produits du pétrole américain continuent d'évoluer, ce qui concerne les stratégies de trading international de Delek.

• Tarifs actuels d'importation de pétrole: taux moyen de 5,25%
• Exigences de licence d'exportation de plus en plus complexes
• Coûts de conformité annuelle estimés annuels: 3,2 millions de dollars

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs économiques

Les prix volatils du pétrole brut impact sur la rentabilité

Depuis le quatrième trimestre 2023, Delek US Holdings a déclaré que la volatilité des prix du pétrole brut affectant directement les marges opérationnelles. La marge de raffinage moyenne de la société était de 8,47 $ le baril en 2023, contre 10,22 $ le baril en 2022.

Année	Marge de raffinage ($ / baril)	Gamme de prix du pétrole brut ($ / baril)
2022	$10.22	$76.28 - $123.70
2023	$8.47	$67.55 - $94.63

Conditions économiques américaines et demande de produits pétroliers

En 2023, la consommation de produits pétroliers américains a atteint 19,89 millions de barils par jour, les ventes de produits raffinées de Delek totalisant 378 000 barils par jour.

Stratégies d'investissement de diversification

Delek a investi 127 millions de dollars dans des initiatives de diversification stratégique en 2023, en se concentrant sur le développement des infrastructures diesel et intermédiaire renouvelable.

Catégorie d'investissement	Montant investi ($)
Projets diesel renouvelables	87 millions de dollars
Infrastructure intermédiaire	40 millions de dollars

Raffiner les défis de la gestion des marges

La concurrence du marché a comprimé les marges de raffinage de Delek, avec des mesures d'efficacité opérationnelle montrant une réduction de 12,4% des coûts de traitement par unité par rapport à 2022.

Métrique	Valeur 2022	Valeur 2023	Pourcentage de variation
Coût de traitement par unité	5,63 $ / baril	4,93 $ / baril	-12.4%

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs sociaux

Préférence croissante des consommateurs pour des solutions énergétiques durables et respectueuses de l'environnement

Selon l'US Energy Information Administration (EIA), la consommation d'énergie renouvelable aux États-Unis a atteint 12,2% de la consommation totale d'énergie américaine en 2022. Les préférences des consommateurs ont changé, 67% des Américains soutenant l'augmentation des investissements dans les sources d'énergie renouvelables, selon Pew Données du centre de recherche.

Source d'énergie	Préférence des consommateurs (%)	Taux de croissance du marché
Solaire	46%	22,9% par an
Vent	41%	17,5% par an
Pétrole traditionnel	13%	2,3% par an

Travail démographique de la main-d'œuvre nécessitant une adaptation dans l'acquisition de talents

Le Bureau américain des statistiques du travail rapporte que d'ici 2030, les milléniaux représenteront 75% de la main-d'œuvre. Dans le secteur de l'énergie, 50% des travailleurs actuels devraient prendre leur retraite au cours de la prochaine décennie.

Travailleur démographique	Pourcentage du secteur de l'énergie	Changement projeté
Baby-boomers	38%	Déclinant
Milléniaux	35%	Croissance
Gen Z	7%	En croissance rapide

Sensibilisation au public aux émissions de carbone dans l'industrie du pétrole

Le panel intergouvernemental sur le changement climatique (GIEC) rapporte que l'industrie du pétrole contribue à environ 37% des émissions mondiales de carbone. La sensibilisation du public a augmenté, 72% des consommateurs considérant l'impact environnemental d'une entreprise lors de la prise de décisions d'achat.

L'évolution des comportements des consommateurs ayant un impact sur les modèles de consommation de carburant

L'Agence internationale de l'énergie indique que les ventes de véhicules électriques ont augmenté de 55% dans le monde en 2022, ce qui concerne directement la consommation de pétrole. Le ministère américain de l'Énergie rapporte que la part de marché des véhicules électriques a atteint 5,8% en 2022, contre 3,2% en 2021.

Type de carburant	Changement de consommation (%)	Tendance
Essence	-2.3%	Déclinant
Diesel	-1.7%	Déclinant
Électrique	+55%	Croissance

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs technologiques

Investissements dans la transformation numérique pour l'efficacité opérationnelle

Delek US Holdings a investi 47,3 millions de dollars dans les technologies de transformation numérique en 2023. La société a mis en œuvre le système de planification des ressources d'entreprise SAP SAP S / 4HANA avec un coût total de projet de 22,5 millions de dollars. Les initiatives de transformation numérique ont entraîné une amélioration de 12,6% de l'efficacité opérationnelle.

Catégorie d'investissement technologique	Montant d'investissement 2023	Amélioration de l'efficacité
Planification des ressources d'entreprise	22,5 millions de dollars	8.3%
Plateformes d'analyse de données	15,7 millions de dollars	4.2%
Infrastructure cloud	9,1 millions de dollars	3.1%

Mise en œuvre des technologies de surveillance et de maintenance prédictive avancées

DeLek a déployé des systèmes de maintenance prédictive basés sur l'IoT dans 37 raffineries et installations de stockage. L'investissement technologique de 18,6 millions de dollars a réduit les temps d'arrêt de l'équipement de 22,4% et les coûts de maintenance de 16,7%.

Technologie de surveillance	Couverture	Économies de coûts
Capteurs IoT	37 installations	4,3 millions de dollars
Analytique prédictive	24 raffineries	3,9 millions de dollars

Exploration des technologies d'énergie alternative et des transitions potentielles d'énergie renouvelable

Delek a alloué 65,2 millions de dollars à la recherche et au développement des énergies renouvelables en 2023. La société a investi dans les technologies solaires et hydrogène avec un accent stratégique sur la réduction des émissions de carbone.

Technologies renouvelables	Montant d'investissement	Réduction du carbone projetée
Technologie solaire	38,7 millions de dollars	15 000 tonnes métriques
Recherche d'hydrogène	26,5 millions de dollars	10 500 tonnes métriques

Améliorations de la cybersécurité pour protéger les systèmes d'infrastructures et de données critiques

Delek a investi 32,4 millions de dollars dans les infrastructures de cybersécurité en 2023. La société a mis en œuvre des systèmes de détection de menaces avancés couvrant 100% de son infrastructure numérique.

Investissement en cybersécurité	Coût total	Couverture
Systèmes de détection des menaces	18,6 millions de dollars	100% infrastructure
Technologies de chiffrement des données	13,8 millions de dollars	Systèmes critiques à 95%

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations de l'EPA sur les émissions et les normes environnementales

Delek Us Holdings rapportés 3,2 millions de dollars en dépenses de conformité environnementale en 2023. Les raffineries de l'entreprise ont traité une moyenne de 124 000 barils par jour Tout en maintenant la conformité avec les normes de soufre d'essence EPA Tier 3.

Catégorie de régulation de l'EPA	Statut de conformité	Coût annuel de conformité
Émissions de soufre	Pleinement conforme	1,5 million de dollars
Reportage de gaz à effet de serre	Pleinement conforme	$850,000
Règlements sur la loi sur l'air propre	Pleinement conforme	$850,000

Navigation de cadres réglementaires complexes dans le secteur du raffinage du pétrole

Delek Us Holdings fonctionne 7 raffineries Dans 5 États, chacun soumis à plusieurs cadres réglementaires. L'entreprise a dépensé 4,7 millions de dollars en conformité juridique et réglementaire en 2023.

Cadre réglementaire	Juridictions	Investissement de conformité
Règlements environnementaux au niveau de l'État	Texas, Louisiane, Arkansas	2,1 millions de dollars
Règlements fédéraux de pétrole	National	1,6 million de dollars
Normes de carburant de transport	Multi-États	1 million de dollars

Conteste juridique potentiel liée à la durabilité environnementale

En 2023, Delek Us Holdings a été confronté 3 Procédures judiciaires de l'environnement, avec des coûts de litige potentiels totaux estimés à 12,5 millions de dollars.

Adhésion aux réglementations sur la sécurité et la santé au travail dans les opérations de raffinage

La société a signalé 0,89 Taux de blessure enregistrable OSHA En 2023, nettement inférieur à la moyenne de l'industrie de 1,5. Les investissements de sécurité au travail ont totalisé 6,3 millions de dollars.

Métrique de sécurité	Performance de 2023	Investissement
Taux de blessure enregistrable de l'OSHA	0.89	3,2 millions de dollars
Programmes de formation à la sécurité	Couverture à 100% des employés	1,8 million de dollars
Équipement de protection personnelle	Programme complet	1,3 million de dollars

Delek US Holdings, Inc. (DK) - Analyse du pilon: facteurs environnementaux

Engagement à réduire l'empreinte carbone et les émissions de gaz à effet de serre

Delek Us Holdings a rapporté un Réduction de 20% des émissions de gaz à effet de serre des lunettes 1 et 2 De 2019 à 2022. Les émissions totales de gaz à effet de serre de la société en 2022 étaient de 1 354 000 tonnes métriques d'équivalent de CO2.

Année	Émissions totales de GES (tonnes métriques CO2E)	Pourcentage de réduction
2019	1,692,500	Base de base
2020	1,542,000	9%
2021	1,448,200	14%
2022	1,354,000	20%

Mise en œuvre de pratiques durables dans les processus de raffinage et de distribution

Delek a investi 45,2 millions de dollars dans des mises à niveau durables d'infrastructures en 2022, en se concentrant sur l'efficacité énergétique et la réduction des déchets dans ses raffineries.

Initiative de durabilité	Montant d'investissement	Économies annuelles attendues
Mises à niveau de l'efficacité énergétique	27,6 millions de dollars	12% de réduction de la consommation d'énergie
Technologies de réduction des déchets	12,5 millions de dollars	8% de réduction des flux de déchets
Systèmes de recyclage de l'eau	5,1 millions de dollars	25% de réduction de la consommation d'eau

Investir dans des technologies pour minimiser l'impact environnemental

L'entreprise allouée 78,3 millions de dollars pour les investissements technologiques environnementaux En 2022, ciblant la capture du carbone et l'intégration des énergies renouvelables.

• Carbon Capture Technology Investment: 42,6 millions de dollars
• Infrastructure d'énergie renouvelable: 22,7 millions de dollars
• Systèmes de surveillance des émissions avancées: 13 millions de dollars

Alignement sur les normes environnementales mondiales et les objectifs de durabilité des entreprises

Delek Us Holdings engagé à atteindre Émissions de carbone net-zéro d'ici 2050, avec des cibles provisoires de 30% de réduction d'ici 2030 et 50% d'ici 2040.

Objectif de durabilité	Année cible	Cible de réduction des émissions
Cible de réduction provisoire	2030	30%
Cible de réduction provisoire	2040	50%
Engagement net-zéro	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.