Delek US Holdings, Inc. (DK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Delek US Holdings, Inc. (DK), uma potência energética dinâmica que transforma a complexa paisagem de refino, distribuição e soluções inovadoras de combustível de petróleo. De suas refinarias estratégicas no Texas e na Louisiana a tecnologias de combustível renovável de ponta, o modelo de negócios de Delek revela uma abordagem multifacetada que integra perfeitamente operações de energia vertical, estratégias centradas no cliente e uma visão que pensa avançada para atender diversas demandas de mercado em uma sempre -Evolvendo o ecossistema de energia.

Delek US Holdings, Inc. (DK) - Modelo de negócios: Parcerias -chave

Refinarias e fornecedores de produtos petrolíferos

A Delek US Holdings mantém parcerias estratégicas com vários fornecedores de produtos de petróleo:

Parceiro	Detalhes da parceria	Volume anual de oferta
Phillips 66	Contrato de fornecimento de petróleo bruto	52.000 barris por dia
Energia Valero	Troca refinada de produtos	35.000 barris por dia

Provedores de serviços de logística e transporte

As principais parcerias de logística incluem:

• Enterprise Products Partners L.P. - Transporte de pipeline
• Magellan Midstream Partners - Serviços de armazenamento e distribuição
• Ferrovia BNSF - Transporte de petróleo bruto

Parceiros de tecnologia de combustível renovável

A Delek Us Holdings colabora com empresas de tecnologia renovável:

Parceiro	Foco em tecnologia	Valor do investimento
Combustíveis de amieiro	Combustível de aviação sustentável	Investimento de US $ 50 milhões
Gevo Inc.	Biocombustíveis avançados	Parceria de US $ 25 milhões

Redes de distribuição de combustível de varejo

As parcerias de distribuição incluem:

• 7 lojas de conveniência
• Rede de varejo Circle K
• Pilot Flying J Truck Stops

Joint ventures estratégicos em infraestrutura energética

Joint ventures significativos de infraestrutura:

Consórcio	Tipo de infraestrutura	Porcentagem de propriedade
Tyler Pipe Holdings LLC	Infraestrutura média	65% da propriedade Delek
Rio Red Rio Midstream	Oleoduto e armazenamento	50/50 Parceria

Delek US Holdings, Inc. (DK) - Modelo de negócios: Atividades -chave

Refino e processamento de petróleo

Delek Us Holdings opera 3 refinarias de petróleo com uma capacidade total de processamento de aproximadamente 124.500 barris por dia. Essas refinarias estão localizadas em:

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

Localização da refinaria	Capacidade de processamento (barris/dia)	Produtos primários
Tyler, Texas	60,500	Gasolina, diesel, combustível de aviação
El Dorado, Arkansas	32,000	Gasolina, diesel
Krotz Springs, Louisiana	32,000	Diesel, combustível de aviação

Distribuição e marketing de combustível

Delek gerencia a Rede de distribuição cobertura 17 estados com vendas anuais de combustível de aproximadamente 1,4 bilhão de galões.

Operações de lojas de conveniência de varejo

A empresa opera Aproximadamente 235 lojas de conveniência de varejo Em vários estados, principalmente sob marcas:

• MAPCO
• Mercados favoritos
• Bp

Produção de combustível renovável

Delek produz Aproximadamente 60 milhões de galões de diesel renovável anualmente através de suas instalações de combustível renovável.

Gerenciamento de infraestrutura de energia média

A empresa gerencia Aproximadamente 1.100 milhas de infraestrutura de pipeline e Vários terminais de armazenamento com uma capacidade combinada de 5,2 milhões de barris.

Delek US Holdings, Inc. (DK) - Modelo de negócios: Recursos -chave

Refinarias de petróleo no Texas e Louisiana

Delek Us Holdings opera 3 refinarias de petróleo com capacidade total de processamento de 124.500 barris por dia:

• Refinaria de Tyler no Texas (70.000 barris por dia)
• Big Spring Refinery no Texas (55.500 barris por dia)
• Refinaria de Krotz Springs na Louisiana (24.000 barris por dia)

Rede de distribuição de combustível

Ativo de distribuição	Quantidade/alcance
Lojas de conveniência de varejo	252 lojas
Ativos de pipeline	Aproximadamente 1.200 milhas
Instalações terminais	20 terminais

Tecnologias avançadas de refino

Despesas de capital em tecnologia: US $ 85,2 milhões investidos em 2022 para atualizações tecnológicas e manutenção.

Capital financeiro

Métrica financeira	2022 Valor
Total de ativos	US $ 4,76 bilhões
Patrimônio total	US $ 1,89 bilhão
Caixa e equivalentes de dinheiro	US $ 328 milhões

Força de trabalho qualificada

Total de funcionários: 1.600 força de trabalho

• Operações de refinaria: 65% da força de trabalho
• Funções corporativas e de suporte: 35% da força de trabalho
• Posse média dos funcionários: 8,5 anos

Delek US Holdings, Inc. (DK) - Modelo de Negócios: Proposições de Valor

Portfólio de produtos diversificados de energia

A Delek US Holdings oferece uma gama abrangente de produtos energéticos com a seguinte quebra de portfólio:

Categoria de produto	Volume anual	Quota de mercado
Produtos petrolíferos refinados	204,4 milhões de barris (2023)	2,5% do mercado dos EUA
Gasolina	116,7 milhões de barris (2023)	3,1% do mercado de gasolina nos EUA
Combustível diesel	62,3 milhões de barris (2023)	2,8% do mercado a diesel dos EUA

Suprimento confiável de combustível para consumidores

Delek mantém uma rede robusta de distribuição de combustível com a seguinte infraestrutura:

• 10 refinarias no sul dos Estados Unidos
• 1.900 postos de combustível de varejo
• Mais de 7.500 milhas de infraestrutura de tubulação e logística
• Capacidade de armazenamento de 14,2 milhões de barris

Preços competitivos em mercados petrolíferos

A estratégia de preços reflete a competitividade do mercado:

Métrica de precificação	2023 valor
Margem de produto refinada média	US $ 8,42 por barril
Diferencial do preço de combustível de varejo	2-5% abaixo da média regional

Expandir recursos de combustível renovável

Detalhes de investimento de combustível renovável:

• US $ 127 milhões investidos em infraestrutura a diesel renovável (2023)
• Produção de diesel renovável projetada: 12.000 barris por dia até 2025
• Portfólio de combustível renovável atual: 5% da produção total de energia

Modelo de negócios de energia vertical integrada

Métricas de integração vertical:

Segmento de negócios	2023 Receita	Contribuição para a receita total
Refino	US $ 8,3 bilhões	62%
Logística	US $ 1,6 bilhão	12%
Varejo	US $ 3,9 bilhões	26%

Delek US Holdings, Inc. (DK) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes comerciais

A Delek US Holdings mantém contratos comerciais estratégicos com vários distribuidores de petróleo e empresas de gerenciamento de frotas. A partir de 2023, a empresa registrou aproximadamente 87 acordos de parceria comercial em 12 estados nos Estados Unidos.

Tipo de contrato	Número de acordos	Valor anual do contrato
Contratos de gerenciamento de frota	42	US $ 76,3 milhões
Contratos de distribuição de petróleo	45	US $ 93,7 milhões

Programas de fidelidade para clientes de combustível de varejo

A Delek US Holdings opera um programa de fidelidade abrangente em sua rede de combustível de varejo.

• Membros do programa de fidelidade total: 1,2 milhão
• Usuários ativos mensais médios: 685.000
• Economia anual para membros: US $ 14,6 milhões

Engajamento digital através de aplicativos móveis

O aplicativo móvel da empresa fornece preços de combustível em tempo real e rastreamento de recompensas.

Métricas de aplicativos móveis	2023 dados
Downloads de aplicativos totais	517,000
Usuários ativos mensais	276,000
Duração média da sessão do usuário	7,3 minutos

Centros de Suporte ao Atendimento ao Cliente

A Delek US Holdings mantém vários canais de suporte ao cliente.

• Centros de suporte total: 6
• Tempo médio de resposta: 12,4 minutos
• Interações anuais de atendimento ao cliente: 1,9 milhão

Estratégias de marketing personalizadas

A empresa utiliza abordagens de marketing orientadas a dados para aprimorar o envolvimento do cliente.

Métricas de estratégia de marketing	2023 desempenho
Campanha de marketing personalizada Alcance	842.000 clientes
Taxa de conversão de campanha de marketing	6.7%
Investimento anual de marketing	US $ 22,1 milhões

Delek US Holdings, Inc. (DK) - Modelo de Negócios: Canais

Postos de combustível de marca de marca

A partir de 2024, a Delek US Holdings opera aproximadamente 262 postos de combustível em vários estados. A rede de varejo da empresa inclui lojas de marca nas seguintes marcas:

Marca	Número de estações	Cobertura geográfica
MAPCO	226	Tennessee, Geórgia, Alabama, Kentucky
Fas mart	36	Virginia, Carolina do Norte

Plataformas de compra de combustível online

A Delek desenvolveu plataformas digitais para compra de combustível com os seguintes recursos:

• Aplicativo móvel com rastreamento de preços de combustível em tempo real
• Programa de recompensas de combustível online
• Integração de pagamento digital

Vendas diretas para clientes comerciais e industriais

Em 2023, as vendas comerciais de combustível de Delek atingiram US $ 1,2 bilhão, com os principais segmentos de clientes, incluindo:

Segmento de cliente	Volume anual de vendas
Empresas de transporte	US $ 480 milhões
Negócios agrícolas	US $ 270 milhões
Empresas de construção	US $ 210 milhões
Governos municipais	US $ 240 milhões

Redes de distribuição por atacado

Delek mantém 7 principais centros de distribuição No sudeste dos Estados Unidos, com distribuição anual de combustível por atacado de 1,5 bilhão de galões.

Canais de marketing e comunicação digital

A estratégia de marketing digital inclui:

• Plataformas de mídia social com 125.000 seguidores combinados
• Banco de dados de marketing por email de 350.000 assinantes
• Orçamento de publicidade digital direcionada de US $ 3,2 milhões em 2024

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

Consumidores de varejo

A partir de 2024, a Delek US Holdings atende aproximadamente 1.300 postos de combustível no sudeste dos Estados Unidos.

Tipo de cliente	Quota de mercado	Volume anual de combustível
Consumidores de varejo individuais	62%	1,8 bilhão de galões por ano

Empresas de transporte comercial

A Delek fornece soluções de combustível para os setores de transporte comercial com cobertura significativa da frota.

• Empresas de caminhões serviram: 425 operadores de frota
• Fornecimento anual de combustível diesel: 750 milhões de galões
• Valor médio do contrato: US $ 3,2 milhões por frota

Usuários de energia industrial

Segmento da indústria	Consumo anual de energia	Intervalo de valor do contrato
Fabricação	425 milhões de galões	US $ 5-15 milhões
Construção	180 milhões de galões	US $ 2-7 milhões

Setor agrícola

A Delek fornece combustível às operações agrícolas em vários estados.

• Clientes agrícolas: 215 fazendas
• O fornecimento anual de combustível agrícola anual: 95 milhões de galões
• Valor médio do contrato agrícola: US $ 750.000

Organizações governamentais e municipais

Tipo de organização	Número de contratos	Volume anual de combustível
Agências estaduais	37	115 milhões de galões
Frotas municipais	89	62 milhões de galões

Delek US Holdings, Inc. (DK) - Modelo de negócios: estrutura de custos

Despesas de aquisição de petróleo bruto

No ano fiscal de 2022, a Delek US Holdings registrou despesas de compra de petróleo de US $ 6,74 bilhões. O volume de vendas de produtos de petróleo refinado da empresa foi de aproximadamente 283 milhões de galões por ano.

Categoria de custo	Valor (US $ milhões)	Porcentagem de custos totais
Aquisição de petróleo bruto	6,740	55.3%
Transporte de petróleo	412	3.4%

Custos operacionais da refinaria

A Delek opera três refinarias com uma capacidade de processamento combinada de 124.500 barris por dia. O total de despesas operacionais de refinaria para 2022 foi de US $ 1,23 bilhão.

• Custos de manutenção: US $ 287 milhões
• Consumo de energia: US $ 156 milhões
• Utilitários e suprimentos: US $ 98 milhões

Transporte e logística

As despesas de transporte e logística da Delek US Holdings em 2022 totalizaram US $ 512 milhões.

Segmento de logística	Custo (US $ milhões)
Transporte de pipeline	218
Caminhões e distribuição	294

Investimentos de tecnologia e infraestrutura

Em 2022, Delek investiu US $ 87 milhões em atualizações de tecnologia e infraestrutura.

• Iniciativas de transformação digital: US $ 42 milhões
• Atualizações de tecnologia de refinaria: US $ 35 milhões
• Aprimoramentos de segurança cibernética: US $ 10 milhões

Despesas trabalhistas e relacionadas aos funcionários

Os custos totais de mão -de -obra da Delek Us Holdings em 2022 foram de US $ 356 milhões, cobrindo aproximadamente 1.800 funcionários.

Categoria de despesas com funcionários	Valor (US $ milhões)
Salários da base	224
Benefícios e seguro	82
Contribuições de aposentadoria	50

Delek US Holdings, Inc. (DK) - Modelo de negócios: fluxos de receita

Vendas de produtos petrolíferos

Para o ano fiscal de 2023, a Delek US Holdings relatou a receita de vendas de produtos petrolíferos de US $ 8,2 bilhões. A empresa opera 7 refinarias com uma capacidade total de processamento de petróleo bruto de 302.000 barris por dia.

Categoria de produto	Receita anual	Volume de vendas
Gasolina	US $ 3,6 bilhões	1,2 bilhão de galões
Diesel	US $ 2,8 bilhões	900 milhões de galões
Combustível de aviação	US $ 1,1 bilhão	350 milhões de galões

Receitas de loja de conveniência de varejo

Delek opera 427 lojas de conveniência em vários estados. Em 2023, as receitas da loja de conveniência alcançaram US $ 1,5 bilhão.

• Receita média da loja: US $ 3,5 milhões por loja
• Vendas de mercadorias: US $ 450 milhões
• Vendas de combustível em locais de varejo: US $ 1,05 bilhão

Produção de combustível renovável

Produção de combustível renovável gerada US $ 275 milhões em receita para 2023. A empresa produz 100 milhões de galões de diesel renovável anualmente.

Serviços de infraestrutura média

Midstream Infraestrutura Serviços Contribuídos US $ 225 milhões para a receita da empresa em 2023. A empresa gerencia 1.200 milhas de infraestrutura de pipeline.

Negociação de energia e marketing

Atividades de negociação de energia e marketing geradas US $ 350 milhões em receita para o ano fiscal de 2023.

Categoria de negociação	Receita	Volume de negociação
Negociação de petróleo bruto	US $ 200 milhões	50 milhões de barris
Marketing de produto	US $ 150 milhões	35 milhões de barris

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.