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Delek US Holdings Reports Record Second Quarter 2012 Net Income

Stocks in this article: DK

Delek US Holdings, Inc. (NYSE: DK), a diversified energy company with assets in the petroleum refining, marketing and retail industries, today announced financial results for the second quarter 2012.

For the three months ended June 30, 2012, Delek US reported net income of $67.8 million, or $1.15 per diluted share, versus net income of $62.1 million, or $1.08 per diluted share in the second quarter 2011.

Excluding special items, the Company reported adjusted net income of $69.0 million, or $1.17 per share, in the second quarter 2012. Adjusted net income in the second quarter 2012 excludes $1.2 million of after tax expense or $0.02 per diluted share, incurred in connection with the potential initial public offering of our logistics assets. This compares to adjusted net income of $52.9 million, or $0.92 per diluted share, in the second quarter 2011.

Uzi Yemin, President and Chief Executive Officer of Delek US Holdings, remarked: “Our Company continues to perform extremely well as all three of our segments delivered year-over-year improvements in contribution margin. In our refining segment, we were able to overcome challenges and still post strong operating results. Our refineries' proximity to increasing supplies of crude oil continues to provide us access to higher volumes of cost advantaged WTI-linked crude oil. Additionally, during the second quarter, we took strategic steps to create flexibility to supply the El Dorado refinery with up to 15,000 barrels per day of crude delivered via rail including heavy Canadian, Bakken and mid-continent crudes. These steps, in addition to increased locally sourced crude, supported our ability to average more than 137,000 barrels per day of combined throughput at our refineries during the month of July."

The second quarter was positively impacted by the increase in the benchmark Gulf Coast 5-3-2 crack spread, which averaged $25.42 per barrel during the second quarter 2012, compared to $23.14 per barrel during the same period last year. Overall, a lower crude price environment and higher asphalt prices also contributed positively to performance.

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