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Delek US Holdings Reports Second Quarter Results

Stocks in this article: DK

Delek US Holdings, Inc. (NYSE: DK), a diversified energy company with assets in the petroleum refining, logistics and retail industries, today announced financial results for the second quarter 2013.

For the three months ended June 30, 2013, Delek US reported net income of $46.6 million, or $0.78 per diluted share, versus net income of $67.8 million, or $1.15 per diluted share in the second quarter 2012.

Lower earnings were primarily due to the refining segment, which faced less favorable market conditions in the second quarter 2013 compared to the prior-year-period, as a decline in the 5-3-2 Gulf Coast crack spread reduced margins. In addition, the differential between WTI Midland and WTI Cushing narrowed on a year-over-year basis.

These market conditions were partially offset by the benefit of higher crude throughput at the Tyler, Texas refinery, which averaged over 64,000 barrels per day for the quarter versus approximately 54,800 in the prior-year-period. Increased amounts of crude supplied by rail to the El Dorado, Arkansas refinery and improved access to Midland crude supplies at both refineries also favorably impacted earnings by providing greater access to cost advantaged crude.

Second quarter 2013 net income included approximately $4.3 million of after tax income, or $0.07 per share, as a majority of claims under litigation brought against a subsidiary of Lion Oil were dismissed.

As of June 30, 2013, Delek US had a cash balance of $450.1 million and total debt of $294.2 million, resulting in net cash of $155.9 million. This compares to a net cash position of $242.2 million at March 31, 2013 with this change being primarily driven by changes in working capital. As of June 30, 2013, Delek US’s subsidiary, Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”), had a cash balance of approximately $27.3 million and $90.0 million of debt, which is included in the consolidated amounts on Delek US’s balance sheet. On July 9, 2013, Delek Logistics amended and restated its revolving credit facility, increasing lender commitments to $400.0 million from $175.0 million.

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