This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Delek US Holdings Reports Second Quarter Results

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.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs