Fourth quarter results benefited from a benchmark Gulf Coast 5-3-2 crack spread that averaged $26.71 per barrel during the quarter. This compares with a 5-3-2 crack spread of $20.34 during fourth quarter 2011. On a year-over-year basis margins also improved as the WTI Midland crude discount to Cushing expanded to $3.55 per barrel in fourth quarter 2012 from $0.59 per barrel in the prior year period.“Looking back, 2012 was a great year as we were able to grow our company, improve our balance sheet and return value to our shareholders. Solid operating performance, strong cash flow generation and the completion of Delek Logistics' initial public offering resulted in a record cash level at year end," said Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US. "During the fourth quarter our operations continued to perform well as we benefited from elevated Gulf Coast refined product margins. We continued to increase our rail supplied crude ability and reached approximately 19,000 barrels per day in November. Our Tyler refinery continued to perform well as we averaged approximately 60,000 barrels per day of crude throughput during the second half of 2012, fully utilizing the refinery's capacity.”
Delek US Holdings Reports Record Net Income For Fourth Quarter And Full-Year 2012
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