Delek US Holdings, Inc. (NYSE:DK) (“Delek US”) today announced
financial results for its third quarter ended September 30,
2016. Delek US reported a third quarter net loss of $(161.7)
million, or $(2.61) per basic share, versus net income of $18.7
million, or $0.29 per diluted share, for the quarter ended
September 30, 2015. On an adjusted basis, Delek US
reported a net loss of $(11.3) million, or $(0.18) per basic share
for the quarter ended September 30, 2016, compared to net
income of $52.7 million, or $0.82 per diluted share on an adjusted
basis in the prior year period. The adjustments for third
quarter 2016 include, along with other non-cash items, an after-tax
non-cash charge of $156.0 million, or $2.52 per share, related to
an impairment of our investment in Alon USA. Reconciliations
of GAAP earnings to adjusted earnings are included in the financial
tables attached to this release.
On a year-over-year basis, results in the third
quarter 2016 benefited from lower operating and overhead expenses.
The decline in expenses was primarily due to improved reliability
and a combination of lower variable costs, outside services,
employee expenses and maintenance, partially driven by cost
reduction programs implemented throughout the company. These
benefits were more than offset by a 40.6 percent decline in the WTI
Gulf Coast 5-3-2 crack spread and higher renewable identification
numbers ("RINs") expense relative to the third quarter 2015.
In May 2015, Delek US acquired approximately 47
percent of the outstanding stock of Alon USA. The loss from the
equity investment in Alon USA of $(4.8) million and associated
interest cost of $3.8 million related to the financing of this
investment lowered results by approximately $0.09 per basic share
after tax in the third quarter 2016. Excluding the effect of
this investment, results from Delek US' underlying assets would
have been $(2.52) per share on a reported basis and ($0.09) per
share on an adjusted basis. For purposes of after-tax calculations,
a marginal income tax rate of 35 percent was used related to the
effect from the investment in Alon USA. In the third quarter 2015,
the income from the equity investment in Alon USA was $16.8 million
and associated interest cost related to the financing of this
investment was $4.5 million during that period. On October 14,
2016, Delek US made a non-binding proposal to acquire all the
remaining outstanding stock of Alon USA in an all-stock
transaction.
Uzi Yemin, Chairman, President and Chief
Executive Officer of Delek US stated, "We remained focused on
factors under our control to improve our operations. During the
third quarter, our initiatives to reduce costs continued to provide
benefits on a year-over-year basis, as both operating and G&A
expenses declined. Our focus on cost and reliability were factors
in operating expense per barrel of $3.65 in our refining system
which declined by 9 percent on a year-over-year basis in the third
quarter 2016. In logistics, the RIO joint venture crude oil
pipeline in west Texas began operating in September and the Caddo
joint venture crude oil pipeline is currently expected to be
completed in January 2017."
Yemin concluded, "We ended the quarter with
$315.3 million of cash and we are continuing to work toward the
completion of the $535.0 million sale of our retail assets, which
we expect to occur in November. The completion of this transaction
will unlock the value of these assets and improve our financial
flexibility. We believe this flexibility will benefit us as we
continue to evaluate strategic opportunities to create long term
value for our shareholders."
Retail Transaction Update
On August 29, 2016 Delek US announced that it
had entered into a definitive agreement with Compañía de Petróleos
de Chile COPEC S.A. (SNSE:COPEC) (“COPEC”), pursuant to which Delek
will sell MAPCO Express, Inc., and certain related affiliated
companies, (together “MAPCO”) to a U.S. subsidiary of COPEC for
total cash consideration of $535.0 million (the “Transaction”) plus
MAPCO’s cash on hand at closing and a working capital
adjustment. This Transaction is subject to customary closing
conditions and is expected to close during November. As a
result of this agreement, the retail related assets have been moved
to discontinued operations for reporting purposes for the quarter
ended September 30, 2016.
The operating income from discontinued
operations was $11.0 million in the third quarter 2016, which
included approximately $4.5 million of depreciation, and the after
tax income was $6.0 million, as shown in the financial tables
attached to this release. The cash balance for discontinued
operations, which will be an addition to the $535.0 million
purchase price at closing, was $17.9 million at September 30, 2016.
At closing, debt associated with the retail assets, which was
$158.9 million at September 30, 2016 plus estimated debt
pre-payment fees of $15.0 million, will be paid.
Regular Quarterly Dividend
Delek US announced today that its Board of
Directors had declared its regular quarterly cash dividend of $0.15
per share. Shareholders of record on November 22, 2016 will
receive this cash dividend payable on December 13, 2016.
Liquidity
As of September 30, 2016, Delek US had a
cash balance of $315.3 million and total consolidated debt of
$827.7 million, resulting in net debt of $512.4 million, excluding
amounts classified as discontinued operations. As of
September 30, 2016, Delek US' subsidiary, Delek Logistics
Partners, LP (NYSE:DKL) ("Delek Logistics"), had $375.0 million of
debt, which is included in the consolidated amounts on Delek US'
balance sheet. Excluding Delek Logistics, Delek US had
approximately $315.3 million in cash and $452.7 million of debt, or
a $137.4 million net debt position.
Refining Segment
Refining segment contribution margin was $34.5
million in the third quarter 2016 compared to $47.4 million in the
third quarter 2015. On a year-over-year basis several factors
affected performance at the refineries. First, the Gulf Coast
5-3-2 crack spread declined to $9.75 per barrel for the third
quarter 2016, compared to $16.41 per barrel for the same period in
2015. Second, RINs expense related to blending obligations
increased to $7.9 million in the third quarter 2016 compared to
$1.3 million in the prior year period.
A partial offset to the changes above on a
year-over-year basis was that the Midland WTI crude differential to
Cushing WTI averaged a $0.32 per barrel discount in third quarter
2016 compared to an average premium of $0.72 per barrel in the
third quarter 2015. In addition, contango in the oil futures market
increased to $0.88 per barrel in the third quarter 2016, compared
to contango of $0.54 per barrel in the third quarter 2015. The
combination of the Midland discount and contango reduced the
average crude oil price per barrel.
Inventory was a positive factor in the change in
refining performance on a year-over-year basis. There was a
reduction in the other inventory charge, excluding lower of cost or
market ("LCM"), in the third quarter 2016 to $4.8 million compared
to a charge of $12.7 million in the third quarter 2015. In the
third quarter 2016, the LCM valuation benefit was $7.8 million,
compared to an LCM valuation charge of $22.6 million in the prior
year period. The change on a year-over-year basis is due to the
change in prices of products and crude oil during the respective
quarters. The inventory breakdown by refinery is included in the
attached financial tables.
In the third quarter 2016, operating expenses in
the refining segment decreased to $51.7 million from $59.9 million
in the prior year period. The decrease at both refineries was
primarily due to lower outside services, maintenance and variable
costs.
See the table below for a summary of certain
information by refinery impacting our refining segment
operations:
|
Tyler, Texas |
|
El Dorado, Arkansas |
Refinery
Operating Highlights |
Three Months Ended September 30, |
|
Three Months Ended September 30, |
|
2016 |
2015 |
|
2016 |
2015 |
Contribution Margin, $
in millions |
$ |
28.9 |
|
$ |
17.1 |
|
|
$ |
1.8 |
|
$ |
32.9 |
|
|
|
|
|
|
|
Crude Throughput,
bpd |
68,954 |
|
71,540 |
|
|
72,578 |
|
71,584 |
|
Total Throughput,
bpd |
71,899 |
|
79,908 |
|
|
76,217 |
|
76,399 |
|
Total Sales Volume,
bpd |
72,456 |
|
80,177 |
|
|
76,893 |
|
78,736 |
|
|
|
|
|
|
|
Refining Margin, $/bbl
sold |
$ |
7.90 |
|
$ |
6.12 |
|
|
$ |
3.98 |
|
$ |
8.71 |
|
Adjusted Refining
Margin, $/bbl sold (1) |
$ |
7.30 |
|
$ |
10.45 |
|
|
$ |
4.31 |
|
$ |
9.40 |
|
|
|
|
|
|
|
Direct Operating
Expense, $ in millions |
$ |
23.7 |
|
$ |
28.1 |
|
|
$ |
26.4 |
|
$ |
30.2 |
|
Direct Operating
Expense, $/bbl sold |
$ |
3.56 |
|
$ |
3.81 |
|
|
$ |
3.73 |
|
$ |
4.17 |
|
(1) Reconciliations of refining margin and
adjusted refining margin are included in the attached tables.
Logistics Segment
Delek US and its affiliates beneficially own
approximately 62 percent (including the 2 percent general partner
interest) of all outstanding Delek Logistics units. The logistics
segment's results include 100 percent of the performance of Delek
Logistics and adjustments for the non-controlling interests are
made on a consolidated basis.
On a year-over-year basis, segment contribution
margin in the third quarter 2016 decreased to $24.8 million
compared to $29.1 million in the third quarter 2015. This change
was primarily due to reduced performance from the Paline Pipeline,
a decline in west Texas gross margin and lower volume in the SALA
system. These factors were partially offset by lower operating
expenses.
Third Quarter 2016 Results | Conference
Call InformationDelek US will hold a conference call to
discuss its third quarter 2016 results on Tuesday, November 1, 2016
at 8:00 a.m. Central Time. Investors will have the opportunity to
listen to the conference call live by going to
www.DelekUS.com and clicking on the Investor Relations tab.
Participants are encouraged to register at least 15 minutes early
to download and install any necessary software. For those who
cannot listen to the live broadcast, a telephonic replay will be
available through February 1, 2017 by dialing (855) 859-2056,
passcode 49487983. An archived version of the replay will also be
available at www.DelekUS.com for 90 days.
Investors may also wish to listen to Delek
Logistics’ (NYSE:DKL) third quarter earnings conference call that
will be held on Tuesday, November 1, 2016 at 7:00 a.m. Central Time
and review Delek Logistics’ earnings press release. Market trends
and information disclosed by Delek Logistics may be relevant to the
logistics segment reported by Delek US. Both a replay of the
conference call and press release for Delek Logistics are available
online at www.deleklogistics.com.
About Delek US Holdings,
Inc.Delek US Holdings, Inc. is a diversified downstream
energy company with assets in petroleum refining and
logistics. The refining segment consists of refineries
operated in Tyler, Texas and El Dorado, Arkansas with a combined
nameplate production capacity of 155,000 barrels per day.
Delek US Holdings, Inc. and its affiliates also own approximately
62 percent (including the 2 percent general partner interest) of
Delek Logistics Partners, LP. Delek Logistics Partners, LP
(NYSE:DKL) is a growth-oriented master limited partnership focused
on owning and operating midstream energy infrastructure
assets. Delek US Holdings, Inc. also owns approximately 47
percent of the outstanding common stock of Alon USA Energy, Inc.
(NYSE:ALJ).
Safe Harbor Provisions Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements that are based upon current expectations
and involve a number of risks and uncertainties. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects and opportunities and other
statements, concerns, or matters that are not historical facts are
“forward-looking statements,” as that term is defined under the
federal securities laws.
Investors are cautioned that the following
important factors, among others, may affect these forward-looking
statements. These factors include but are not limited to: risks and
uncertainties with respect to the quantities and costs of crude oil
we are able to obtain and the price of the refined petroleum
products we ultimately sell; gains and losses from derivative
instruments; management's ability to execute its strategy of growth
through acquisitions and the transactional risks associated with
acquisitions and dispositions; acquired assets may suffer a
diminishment in fair value as a result of which we may need to
record a write-down or impairment in carrying value of the asset;
our ability to complete and realize the benefits of the retail
transaction; the effect on our financial results by the financial
results of Alon USA Energy, Inc., in which we hold a significant
equity investment; uncertainty regarding the outcome of our
proposal to acquire the remaining outstanding stock of Alon USA;
changes in the scope, costs, and/or timing of capital and
maintenance projects; operating hazards inherent in transporting,
storing and processing crude oil and intermediate and finished
petroleum products; our competitive position and the effects of
competition; the projected growth of the industries in which we
operate; general economic and business conditions, particularly
levels of spending relating to travel and tourism or conditions
affecting the southeastern United States; and other risks contained
in our filings with the United States Securities and Exchange
Commission.
Forward-looking statements should not be read as
a guarantee of future performance or results and will not be
accurate indications of the times at or by which such performance
or results will be achieved. Forward-looking information is
based on information available at the time and/or management's good
faith belief with respect to future events, and is subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in the statements.
Delek US undertakes no obligation to update or revise any such
forward-looking statements.
Non-GAAP Disclosures:This
earnings release includes references to financial measures that are
not defined under U.S. generally accepted accounting principles
("GAAP"). These non-GAAP measures include adjusted net income or
loss and adjusted net income or loss per share. Delek US believes
that the presentation of these non-GAAP measures reflects operating
results that are more indicative of Delek US' ongoing operating
performance while improving comparability to prior periods, and, as
such, may provide investors with an enhanced understanding of the
Company's past financial performance and prospects for the
future. Adjusted income or loss and adjusted net income or
loss per share should not be considered in isolation or as
alternatives to net income or loss, net income or loss per share,
or any other measure of financial performance presented in
accordance with U.S. GAAP. Additionally, because adjusted net
income or loss and adjusted net income or loss per share may be
defined differently by other companies in its industry, Delek US'
definition may not be comparable to similarly titled measures of
other companies. See the accompanying tables in this earnings
release for a reconciliation of these non-GAAP measures to the most
directly comparable GAAP measures.
|
Delek US Holdings, Inc. |
Consolidated Balance Sheets
(Unaudited) |
|
|
|
September 30, 2016 |
|
December 31, 2015 |
|
|
|
|
|
|
|
(In millions, except share and per share
data) |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
315.3 |
|
|
$ |
287.2 |
|
Accounts
receivable |
|
197.2 |
|
|
217.4 |
|
Accounts
receivable from related party |
|
— |
|
|
0.5 |
|
Inventories, net of lower of cost or market valuation |
|
375.1 |
|
|
271.0 |
|
Assets
held for sale |
|
471.5 |
|
|
478.8 |
|
Other
current assets |
|
57.4 |
|
|
142.6 |
|
Total
current assets |
|
1,416.5 |
|
|
1,397.5 |
|
Property, plant and
equipment: |
|
|
|
|
Property,
plant and equipment |
|
1,568.3 |
|
|
1,546.9 |
|
Less:
accumulated depreciation |
|
(454.8 |
) |
|
(369.5 |
) |
Property, plant and
equipment, net |
|
1,113.5 |
|
|
1,177.4 |
|
Goodwill |
|
12.2 |
|
|
12.2 |
|
Other intangibles,
net |
|
27.0 |
|
|
27.3 |
|
Equity method
investments |
|
366.2 |
|
|
605.2 |
|
Other non-current
assets |
|
84.1 |
|
|
105.3 |
|
Total
assets |
|
$ |
3,019.5 |
|
|
$ |
3,324.9 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
|
$ |
383.0 |
|
|
$ |
364.7 |
|
Current
portion of long-term debt |
|
84.4 |
|
|
93.9 |
|
Obligation under Supply and Offtake Agreement |
|
111.3 |
|
|
132.0 |
|
Liabilities associated with assets held for sale |
|
286.7 |
|
|
298.7 |
|
Accrued
expenses and other current liabilities |
|
162.3 |
|
|
110.7 |
|
Total
current liabilities |
|
1,027.7 |
|
|
1,000.0 |
|
Non-current
liabilities: |
|
|
|
|
Long-term
debt, net of current portion |
|
743.3 |
|
|
711.3 |
|
Environmental liabilities, net of current portion |
|
6.6 |
|
|
7.9 |
|
Asset
retirement obligations |
|
5.1 |
|
|
5.3 |
|
Deferred
tax liabilities |
|
64.3 |
|
|
192.7 |
|
Other
non-current liabilities |
|
25.2 |
|
|
53.8 |
|
Total
non-current liabilities |
|
844.5 |
|
|
971.0 |
|
Stockholders’
equity: |
|
|
|
|
Preferred
stock, $0.01 par value, 10,000,000 shares authorized, no shares
issued and outstanding |
|
— |
|
|
— |
|
Common
stock, $0.01 par value, 110,000,000 shares authorized, 67,069,071
shares and 66,946,721 shares issued at September 30, 2016
and |
|
|
|
|
|
|
December 31, 2015, respectively |
|
0.7 |
|
|
0.7 |
|
Additional paid-in capital |
|
648.4 |
|
|
639.2 |
|
Accumulated other comprehensive loss |
|
(27.6 |
) |
|
(45.3 |
) |
Treasury
stock, 5,195,791 shares and 4,809,701 shares, at cost, as of
September 30, 2016 and December 31, 2015, respectively |
|
(160.8 |
) |
|
(154.8 |
) |
Retained
earnings |
|
487.5 |
|
|
713.5 |
|
Non-controlling interest in subsidiaries |
|
199.1 |
|
|
200.6 |
|
Total
stockholders’ equity |
|
1,147.3 |
|
|
1,353.9 |
|
Total
liabilities and stockholders’ equity |
|
$ |
3,019.5 |
|
|
$ |
3,324.9 |
|
|
|
|
|
|
|
|
|
|
|
Delek US
Holdings, Inc. |
Consolidated Statements of Income (Unaudited) |
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
(In millions, except share and per share
data) |
Net sales |
|
$ |
1,079.9 |
|
|
$ |
1,293.5 |
|
|
$ |
3,113.3 |
|
|
$ |
3,659.0 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
965.6 |
|
|
1,152.8 |
|
|
2,806.7 |
|
|
3,213.7 |
|
Operating
expenses |
|
61.0 |
|
|
71.5 |
|
|
187.8 |
|
|
201.3 |
|
Insurance
proceeds — business interruption |
|
— |
|
|
— |
|
|
(42.4 |
) |
|
— |
|
General
and administrative expenses |
|
24.9 |
|
|
27.5 |
|
|
77.5 |
|
|
81.9 |
|
Depreciation and amortization |
|
29.0 |
|
|
27.5 |
|
|
86.6 |
|
|
76.5 |
|
Other
operating expense, net |
|
2.2 |
|
|
0.2 |
|
|
2.2 |
|
|
0.2 |
|
Total
operating costs and expenses |
|
1,082.7 |
|
|
1,279.5 |
|
|
3,118.4 |
|
|
3,573.6 |
|
Operating
(loss) income |
|
(2.8 |
) |
|
14.0 |
|
|
(5.1 |
) |
|
85.4 |
|
Interest expense |
|
13.9 |
|
|
14.2 |
|
|
40.7 |
|
|
38.5 |
|
Interest income |
|
(0.2 |
) |
|
(0.3 |
) |
|
(0.9 |
) |
|
(0.9 |
) |
Loss (income) from
equity method investments |
|
5.1 |
|
|
(16.5 |
) |
|
33.7 |
|
|
(23.9 |
) |
Loss on impairment of
equity method investment |
|
245.3 |
|
|
— |
|
|
245.3 |
|
|
— |
|
Other expense (income),
net |
|
0.1 |
|
|
— |
|
|
0.6 |
|
|
(1.0 |
) |
Total
non-operating expenses (income), net |
|
264.2 |
|
|
(2.6 |
) |
|
319.4 |
|
|
12.7 |
|
(Loss) income from
continuing operations before income tax (benefit) expense |
|
(267.0 |
) |
|
16.6 |
|
|
(324.5 |
) |
|
72.7 |
|
Income tax (benefit)
expense |
|
(103.3 |
) |
|
(0.5 |
) |
|
(136.8 |
) |
|
9.1 |
|
(Loss) income from
continuing operations |
|
(163.7 |
) |
|
17.1 |
|
|
(187.7 |
) |
|
63.6 |
|
Income from
discontinued operations, net of tax |
|
6.0 |
|
|
8.3 |
|
|
5.5 |
|
|
6.2 |
|
Net (loss) income |
|
(157.7 |
) |
|
25.4 |
|
|
(182.2 |
) |
|
69.8 |
|
Net income attributed
to non-controlling interest |
|
4.0 |
|
|
6.7 |
|
|
15.7 |
|
|
18.9 |
|
Net (loss) income
attributable to Delek |
|
$ |
(161.7 |
) |
|
$ |
18.7 |
|
|
$ |
(197.9 |
) |
|
$ |
50.9 |
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per share: |
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(2.71 |
) |
|
$ |
0.16 |
|
|
$ |
(3.28 |
) |
|
$ |
0.74 |
|
Income from
discontinued operations |
|
$ |
0.10 |
|
|
$ |
0.13 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
Basic (loss) earnings
per share |
|
$ |
(2.61 |
) |
|
$ |
0.29 |
|
|
$ |
(3.19 |
) |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
Diluted (loss) earnings
per share: |
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations |
|
$ |
(2.71 |
) |
|
$ |
0.16 |
|
|
$ |
(3.28 |
) |
|
$ |
0.74 |
|
Income from
discontinued operations |
|
$ |
0.10 |
|
|
$ |
0.13 |
|
|
$ |
0.09 |
|
|
$ |
0.10 |
|
Diluted (loss) earnings
per share |
|
$ |
(2.61 |
) |
|
$ |
0.29 |
|
|
$ |
(3.19 |
) |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
61,834,968 |
|
|
63,189,399 |
|
|
61,931,040 |
|
|
60,366,532 |
|
Diluted |
|
61,834,968 |
|
|
63,658,386 |
|
|
61,931,040 |
|
|
60,894,206 |
|
Dividends declared per
common share outstanding |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
Delek US Holdings, Inc. |
|
Consolidated Statements of Cash Flows |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Data |
|
(Unaudited) |
|
Operating
activities |
|
$ |
121.5 |
|
|
$ |
191.8 |
|
|
Investing
activities |
|
(97.6 |
) |
|
(411.0 |
) |
|
Financing
activities |
|
4.2 |
|
|
142.4 |
|
|
|
Net
increase (decrease) |
|
$ |
28.1 |
|
|
$ |
(76.8 |
) |
|
|
Delek US Holdings, Inc. |
Segment Data (Unaudited) |
(In millions) |
|
|
Three Months Ended September 30,
2016 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
935.1 |
|
|
$ |
71.2 |
|
|
$ |
— |
|
|
$ |
1,006.3 |
|
Intercompany fees and sales (1) |
|
78.1 |
|
|
36.3 |
|
|
(40.8 |
) |
|
73.6 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
927.0 |
|
|
73.5 |
|
|
(34.9 |
) |
|
965.6 |
|
Operating
expenses |
|
51.7 |
|
|
9.2 |
|
|
0.1 |
|
|
61.0 |
|
Segment
contribution margin |
|
$ |
34.5 |
|
|
$ |
24.8 |
|
|
$ |
(6.0 |
) |
|
53.3 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
24.9 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
29.0 |
|
Other
operating income |
|
|
|
|
|
|
|
2.2 |
|
Operating
income |
|
|
|
|
|
|
|
$ |
(2.8 |
) |
Total assets (2) |
|
$ |
1,854.3 |
|
|
$ |
393.2 |
|
|
$ |
772.0 |
|
|
$ |
3,019.5 |
|
Capital spending
(excluding business combinations) (3) |
|
$ |
7.5 |
|
|
$ |
3.2 |
|
|
$ |
0.1 |
|
|
$ |
10.8 |
|
|
|
Three Months Ended September 30,
2015 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations
(4) |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
1,027.3 |
|
|
$ |
128.5 |
|
|
$ |
0.8 |
|
|
$ |
1,156.6 |
|
Intercompany fees and sales (1) |
|
180.7 |
|
|
36.6 |
|
|
(80.4 |
) |
|
136.9 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
1,100.7 |
|
|
124.4 |
|
|
(72.3 |
) |
|
1,152.8 |
|
Operating
expenses |
|
59.9 |
|
|
11.6 |
|
|
— |
|
|
71.5 |
|
Segment
contribution margin |
|
$ |
47.4 |
|
|
$ |
29.1 |
|
|
$ |
(7.3 |
) |
|
69.2 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
27.5 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
27.5 |
|
Other
operating income |
|
|
|
|
|
|
|
0.2 |
|
Operating
income |
|
|
|
|
|
|
|
$ |
14.0 |
|
Total assets (2) |
|
$ |
1,960.9 |
|
|
$ |
361.8 |
|
|
$ |
1,106.5 |
|
|
$ |
3,429.2 |
|
Capital spending
(excluding business combinations) (3) |
|
$ |
23.6 |
|
|
$ |
4.1 |
|
|
$ |
1.2 |
|
|
$ |
28.9 |
|
|
Delek US Holdings, Inc. |
Segment Data (Unaudited) |
(In millions) |
|
|
Nine Months Ended September 30,
2016 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
2,651.6 |
|
|
$ |
214.4 |
|
|
$ |
0.5 |
|
|
$ |
2,866.5 |
|
Intercompany fees and sales (1) |
|
266.6 |
|
|
109.0 |
|
|
(128.8 |
) |
|
246.8 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
2,703.0 |
|
|
213.4 |
|
|
(109.7 |
) |
|
2,806.7 |
|
Operating
expenses |
|
159.6 |
|
|
28.4 |
|
|
(0.2 |
) |
|
187.8 |
|
Insurance
proceeds - business interruption |
|
(42.4 |
) |
|
— |
|
|
— |
|
|
(42.4 |
) |
Segment
contribution margin |
|
$ |
98.0 |
|
|
$ |
81.6 |
|
|
$ |
(18.4 |
) |
|
161.2 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
77.5 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
86.6 |
|
Other
operating income |
|
|
|
|
|
|
|
2.2 |
|
Operating
income |
|
|
|
|
|
|
|
$ |
(5.1 |
) |
Capital spending
(excluding business combinations) (3) |
|
$ |
14.4 |
|
|
$ |
5.1 |
|
|
$ |
4.7 |
|
|
$ |
24.2 |
|
|
|
Nine Months Ended September 30,
2015 |
|
|
Refining |
|
Logistics |
|
Corporate, Other and Eliminations
(4) |
|
Consolidated |
Net sales
(excluding intercompany fees and sales) |
|
$ |
2,875.9 |
|
|
$ |
373.8 |
|
|
$ |
1.6 |
|
|
$ |
3,251.3 |
|
Intercompany fees and sales (1) |
|
495.9 |
|
|
106.9 |
|
|
(195.1 |
) |
|
407.7 |
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
3,022.4 |
|
|
365.3 |
|
|
(174.0 |
) |
|
3,213.7 |
|
Operating
expenses |
|
168.1 |
|
|
33.2 |
|
|
— |
|
|
201.3 |
|
Segment
contribution margin |
|
$ |
181.3 |
|
|
$ |
82.2 |
|
|
$ |
(19.5 |
) |
|
244.0 |
|
General
and administrative expenses |
|
|
|
|
|
|
|
81.9 |
|
Depreciation and amortization |
|
|
|
|
|
|
|
76.5 |
|
Other
operating income |
|
|
|
|
|
|
|
0.2 |
|
Operating
income |
|
|
|
|
|
|
|
$ |
85.4 |
|
Capital spending
(excluding business combinations) (3) |
|
$ |
146.8 |
|
|
$ |
13.9 |
|
|
$ |
2.9 |
|
|
$ |
163.6 |
|
(1) Intercompany fees and sales for the
refining segment include revenues of $73.6 million and $246.8
million during the three and nine months ended September 30,
2016, respectively, and $136.9 million and $407.7 million during
the three and nine months ended September 30, 2015,
respectively, from activities which are reported in discontinued
operations.(2) Assets held for sale, which are reported in
discontinued operations, of $471.5 million and $469.9 million are
included in the corporate, other and eliminations segment as of
September 30, 2016 and September 30, 2015,
respectively.(3) Capital spending excludes capital spending
associated with the discontinued operations of $6.0 million and
$12.2 million during the three and nine months ended
September 30, 2016, respectively, and $6.3 million and $10.0
million during the three and nine months ended September 30,
2015, respectively.(4) The corporate, other and eliminations
segment operating results for the three and nine months ended
September 30, 2015 have been restated to reflect the
reclassification of discontinued operations.
|
|
|
|
|
Refining
Segment |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Tyler
Refinery |
|
(Unaudited) |
|
(Unaudited) |
Days in period |
|
92 |
|
|
92 |
|
|
274 |
|
|
273 |
|
Total sales volume
(average barrels per day)(1) |
|
72,456 |
|
|
80,177 |
|
|
73,055 |
|
|
58,531 |
|
Products manufactured
(average barrels per day): |
|
|
|
|
|
|
|
|
Gasoline |
|
38,909 |
|
|
41,412 |
|
|
38,192 |
|
|
30,499 |
|
Diesel/Jet |
|
27,215 |
|
|
32,034 |
|
|
27,836 |
|
|
23,356 |
|
Petrochemicals, LPG, NGLs |
|
3,195 |
|
|
3,606 |
|
|
2,760 |
|
|
2,583 |
|
Other |
|
1,483 |
|
|
1,706 |
|
|
1,561 |
|
|
1,285 |
|
Total
production |
|
70,802 |
|
|
78,758 |
|
|
70,349 |
|
|
57,723 |
|
Throughput (average
barrels per day): |
|
|
|
|
|
|
|
|
Crude
oil |
|
68,954 |
|
|
71,540 |
|
|
67,462 |
|
|
53,460 |
|
Other
feedstocks |
|
2,945 |
|
|
8,368 |
|
|
3,723 |
|
|
5,177 |
|
Total
throughput |
|
71,899 |
|
|
79,908 |
|
|
71,185 |
|
|
58,637 |
|
Per barrel of
sales: |
|
|
|
|
|
|
|
|
Tyler
refining margin |
|
$ |
7.90 |
|
|
$ |
6.12 |
|
|
$ |
6.90 |
|
|
$ |
10.17 |
|
Direct
operating expenses |
|
$ |
3.56 |
|
|
$ |
3.81 |
|
|
$ |
3.69 |
|
|
$ |
4.59 |
|
|
|
|
|
|
|
|
|
|
El Dorado
Refinery |
|
|
|
|
|
|
|
|
Days in period |
|
92 |
|
|
92 |
|
|
274 |
|
|
273 |
|
Total sales volume
(average barrels per day)(2) |
|
76,893 |
|
|
78,736 |
|
|
78,863 |
|
|
81,812 |
|
Products manufactured
(average barrels per day): |
|
|
|
|
|
|
|
|
Gasoline |
|
39,120 |
|
|
38,068 |
|
|
40,545 |
|
|
39,336 |
|
Diesel |
|
27,367 |
|
|
27,206 |
|
|
27,046 |
|
|
28,188 |
|
Petrochemicals, LPG, NGLs |
|
1,325 |
|
|
561 |
|
|
957 |
|
|
666 |
|
Asphalt |
|
5,836 |
|
|
6,137 |
|
|
4,744 |
|
|
7,188 |
|
Other |
|
1,298 |
|
|
2,717 |
|
|
1,039 |
|
|
2,083 |
|
Total
production |
|
74,946 |
|
|
74,689 |
|
|
74,331 |
|
|
77,461 |
|
Throughput (average
barrels per day): |
|
|
|
|
|
|
|
|
Crude
oil |
|
72,578 |
|
|
71,584 |
|
|
72,652 |
|
|
74,225 |
|
Other
feedstocks |
|
3,639 |
|
|
4,815 |
|
|
3,261 |
|
|
4,732 |
|
Total
throughput |
|
76,217 |
|
|
76,399 |
|
|
75,913 |
|
|
78,957 |
|
Per barrel of
sales: |
|
|
|
|
|
|
|
|
El Dorado
refining margin |
|
$ |
3.98 |
|
|
$ |
8.71 |
|
|
$ |
3.09 |
|
|
$ |
8.46 |
|
Direct
operating expenses |
|
$ |
3.73 |
|
|
$ |
4.17 |
|
|
$ |
3.75 |
|
|
$ |
4.05 |
|
|
|
|
|
|
|
|
|
|
Pricing
statistics (average for the period presented): |
|
|
|
|
|
|
|
|
WTI — Cushing crude oil
(per barrel) |
|
$ |
45.03 |
|
|
$ |
46.70 |
|
|
$ |
41.45 |
|
|
$ |
51.10 |
|
WTI — Midland crude oil
(per barrel) |
|
$ |
44.57 |
|
|
$ |
47.75 |
|
|
$ |
41.23 |
|
|
$ |
50.81 |
|
US Gulf Coast 5-3-2
crack spread (per barrel) |
|
$ |
9.75 |
|
|
$ |
16.41 |
|
|
$ |
9.08 |
|
|
$ |
16.67 |
|
US Gulf Coast Unleaded
Gasoline (per gallon) |
|
$ |
1.35 |
|
|
$ |
1.58 |
|
|
$ |
1.26 |
|
|
$ |
1.66 |
|
Ultra low sulfur diesel
(per gallon) |
|
$ |
1.37 |
|
|
$ |
1.51 |
|
|
$ |
1.25 |
|
|
$ |
1.68 |
|
Natural gas (per
MMBTU) |
|
$ |
2.85 |
|
|
$ |
2.75 |
|
|
$ |
2.32 |
|
|
$ |
2.78 |
|
(1) Sales volume includes 114 bpd and 686
bpd sold to the logistics segment during the three and nine months
ended September 30, 2016, respectively, and 6,541 bpd and
3,880 bpd during the three and nine months ended September 30,
2015, respectively. Sales volume also includes sales of 885
bpd and 659 bpd of intermediate and finished products to the El
Dorado refinery during the three and nine months ended
September 30, 2016, respectively, and 1,477 bpd and 2,407 bpd
during the three and nine months ended September 30, 2015,
respectively. Sales volume excludes 1,778 bpd and 843 bpd of
wholesale activity during the three and nine months ended
September 30, 2016, respectively and 61 bpd and 2,185 bpd of
wholesale activity during the three and nine months ended
September 30, 2015, respectively.
(2) Sales volume includes 358 bpd and 120
bpd of produced finished product sold to the Tyler refinery during
the three and nine months ended September 30, 2016,
respectively. There were no sales of produced finished
product to the Tyler refinery during the three and nine months
ended September 30, 2015. Sales volume excludes 19,671
bpd and 21,606 bpd of wholesale activity during the three and nine
months ended September 30, 2016, respectively, and 27,325 bpd
and 25,902 bpd during the three and nine months ended
September 30, 2015, respectively.
|
Delek US Holdings, Inc. |
Reconciliation of Refining Margin per barrel
to Adjusted Refining Margin per barrel (3) |
$ in millions, except per share data |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Tyler (4) |
|
|
|
|
|
|
|
|
Reported refining
margin, $ per barrel |
|
$ |
7.90 |
|
|
$ |
6.12 |
|
|
$ |
6.90 |
|
|
$ |
10.17 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Lower of cost or market
(gain) charge |
|
(1.18 |
) |
|
2.99 |
|
|
(1.30 |
) |
|
(0.65 |
) |
Hedging (gain)
loss |
|
(0.08 |
) |
|
0.27 |
|
|
0.63 |
|
|
0.38 |
|
Other inventory
loss |
|
0.66 |
|
|
1.07 |
|
|
0.35 |
|
|
1.54 |
|
|
|
|
|
|
|
|
|
|
Adjusted refining
margin $/bbl |
|
$ |
7.30 |
|
|
$ |
10.45 |
|
|
$ |
6.58 |
|
|
$ |
11.44 |
|
|
|
|
|
|
|
|
|
|
El Dorado (5) |
|
|
|
|
|
|
|
|
Reported refining
margin, $ per barrel |
|
$ |
3.98 |
|
|
$ |
8.71 |
|
|
$ |
3.09 |
|
|
$ |
8.46 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Lower of cost or market
charge |
|
— |
|
|
0.08 |
|
|
— |
|
|
0.03 |
|
Hedging loss
(gain) |
|
0.27 |
|
|
(0.06 |
) |
|
0.64 |
|
|
0.12 |
|
Other inventory
loss |
|
0.06 |
|
|
0.67 |
|
|
0.78 |
|
|
1.10 |
|
|
|
|
|
|
|
|
|
|
Adjusted refining
margin $/bbl |
|
$ |
4.31 |
|
|
$ |
9.40 |
|
|
$ |
4.51 |
|
|
$ |
9.71 |
|
(3) Adjusted refining margin per barrel is
presented to provide a measure to evaluate performance excluding
inventory, hedging (realized and unrealized) and other items at the
individual refinery level. Delek US believes that the presentation
of adjusted measures provides useful information to investors in
assessing its results of operations at each refinery. Because
adjusted refining margin per barrel may be defined differently by
other companies in its industry, Delek US' definition may not be
comparable to similarly titled measures of other companies.
(4) Tyler adjusted refining margins exclude the following
items.
Lower of cost or market ("LCM") valuation -
There was approximately $7.9 million LCM valuation benefit and
$(22.0) million of LCM valuation charge in the third quarter 2016
and 2015, respectively. There was approximately $26.0 million
and $10.4 million of LCM valuation benefit in the nine months ended
September 30, 2016 and 2015, respectively. Hedging
affect - Total hedging gain of $0.5 million and a $(2.0)
million hedging loss occurred in the third quarter 2016 and 2015,
respectively. Total hedging loss of $(12.6) million and $(6.0)
million occurred in the nine months ended September 30, 2016
and 2015, respectively. Other inventory - A charge
of $(4.4) million and $(7.9) million in the third quarter 2016 and
2015, respectively. Charges of $(7.0) million and $(24.7)
million in the nine months ended September 30, 2016 and 2015,
respectively. These amounts consist of last-in-first-out inventory
price valuation effect in the respective period.
(5) El Dorado adjusted refining margins exclude the following
items.
Lower of cost or market ("LCM") valuation -
There was a nominal amount and $(0.6) million of LCM valuation
charges in the third quarter 2016 and 2015, respectively. There was
a nominal amount and $(0.6) million of LCM valuation charge in the
nine months ended September 30, 2016 and 2015, respectively.
Hedging affect - The total hedging loss of $(1.9)
million and a hedging gain of $0.5 million in the third quarter
2016 and 2015, respectively. Total hedging loss of $(13.9) million
and $(2.7) million occurred in the nine months ended
September 30, 2016 and 2015, respectively. Other
inventory - Charges of $(0.4) million and $(4.8) million
in the third quarter 2016 and 2015, respectively. Charges of
$(16.8) million and $(24.5) million in the nine months ended
September 30, 2016 and 2015, respectively. These amounts
consist of first-in-first-out inventory price valuation effect in
the respective period.
|
|
|
|
|
Logistics
Segment |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Pipelines &
Transportation: (average bpd) |
|
|
|
|
|
|
|
|
Lion
Pipeline System: |
|
|
|
|
|
|
|
|
Crude
pipelines (non-gathered) |
|
55,217 |
|
|
54,973 |
|
|
55,951 |
|
|
55,168 |
|
Refined
products pipelines to Enterprise Systems |
|
47,974 |
|
|
54,397 |
|
|
51,794 |
|
|
56,294 |
|
SALA
Gathering System |
|
17,237 |
|
|
20,264 |
|
|
18,172 |
|
|
21,031 |
|
East
Texas Crude Logistics System |
|
17,026 |
|
|
19,078 |
|
|
13,108 |
|
|
22,270 |
|
El Dorado
Rail Offloading Rack |
|
— |
|
|
— |
|
|
— |
|
|
1,474 |
|
|
|
|
|
|
|
|
|
|
Wholesale
Marketing & Terminalling: |
|
|
|
|
|
|
|
|
East
Texas - Tyler Refinery sales volumes (average bpd)(6) |
|
67,812 |
|
|
75,313 |
|
|
68,137 |
|
|
56,553 |
|
West
Texas marketing throughputs (average bpd) |
|
12,162 |
|
|
18,824 |
|
|
13,039 |
|
|
17,661 |
|
West
Texas marketing margin per barrel |
|
$ |
1.16 |
|
|
$ |
1.50 |
|
|
$ |
1.24 |
|
|
$ |
1.41 |
|
Terminalling throughputs (average bpd)(7) |
|
120,099 |
|
|
126,051 |
|
|
121,791 |
|
|
102,534 |
|
(6) Excludes jet fuel and petroleum
coke(7) Consists of terminalling throughputs at our
Tyler, Big Sandy and Mount Pleasant, Texas, North Little Rock and
El Dorado, Arkansas, and Memphis and Nashville, Tennessee
terminals.
|
Delek US Holdings, Inc. |
Reconciliation of Amounts Reported Under U.S.
GAAP |
$ in millions, except per share data |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Reconciliation of Net (Loss) Income to Adjusted Net (Loss)
Income |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Reported net
(loss) income attributable to Delek |
|
$ |
(161.7 |
) |
|
$ |
18.7 |
|
|
$ |
(197.9 |
) |
|
$ |
50.9 |
|
|
|
|
|
|
|
|
|
|
Adjustments(8) |
|
|
|
|
|
|
|
|
Lower of cost or market
inventory valuation (gain) charge |
|
(7.8 |
) |
|
22.7 |
|
|
(26.0 |
) |
|
(9.7 |
) |
Tax effect of lower of
cost or market |
|
2.8 |
|
|
7.5 |
|
|
9.1 |
|
|
3.4 |
|
Net after tax lower of
cost or market valuation (gain) charge |
|
(5.1 |
) |
|
30.2 |
|
|
(16.8 |
) |
|
(6.3 |
) |
|
|
|
|
|
|
|
|
|
El Dorado asset write
off |
|
2.3 |
|
|
— |
|
|
2.3 |
|
|
— |
|
Tax effect of El Dorado
asset write off |
|
(0.9 |
) |
|
— |
|
|
(0.9 |
) |
|
— |
|
Net after tax Lion
asset write off |
|
1.4 |
|
|
— |
|
|
1.4 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Business interruption
proceeds |
|
— |
|
|
— |
|
|
(42.4 |
) |
|
— |
|
Tax effect of business
interruption proceeds |
|
— |
|
|
— |
|
|
14.9 |
|
|
— |
|
Net after tax business
interruption proceeds effect |
|
— |
|
|
— |
|
|
(27.5 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Unrealized hedging
(gain) loss |
|
(2.9 |
) |
|
5.8 |
|
|
21.7 |
|
|
31.6 |
|
Tax effect of
unrealized hedging |
|
1.0 |
|
|
(2.0 |
) |
|
(7.6 |
) |
|
(11.1 |
) |
Net after tax
unrealized hedging (gain) loss |
|
(1.9 |
) |
|
3.7 |
|
|
14.1 |
|
|
20.5 |
|
|
|
|
|
|
|
|
|
|
Loss on impairment of
equity method investment |
|
245.1 |
|
|
— |
|
|
245.1 |
|
|
— |
|
Tax effect of loss on
equity method investment |
|
(89.1 |
) |
|
— |
|
|
(89.1 |
) |
|
— |
|
Net after tax loss on
equity method investment effect |
|
156.0 |
|
|
— |
|
|
156.0 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total after tax
adjustments |
|
150.4 |
|
|
34.0 |
|
|
127.2 |
|
|
$ |
14.2 |
|
|
|
|
|
|
|
|
|
|
Adjusted
net (loss) income |
|
$ |
(11.3 |
) |
|
$ |
52.7 |
|
|
$ |
(70.7 |
) |
|
$ |
65.1 |
|
|
|
|
|
|
|
|
|
|
Reported net
(loss) income per share attributable to Delek |
|
$ |
(2.61 |
) |
|
$ |
0.29 |
|
|
$ |
(3.19 |
) |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
Adjustments, after tax (per
share)(8) |
|
|
|
|
|
|
|
|
Lower of cost or market
inventory valuation (gain) charge |
|
(0.08 |
) |
|
0.47 |
|
|
(0.27 |
) |
|
(0.10 |
) |
El Dorado asset write
off |
|
0.02 |
|
|
— |
|
|
0.02 |
|
|
— |
|
Business interruption
proceeds |
|
— |
|
|
— |
|
|
(0.44 |
) |
|
— |
|
Unrealized hedging
(gain) loss |
|
(0.03 |
) |
|
0.06 |
|
|
0.23 |
|
|
0.34 |
|
Loss on impairment of
equity method investment |
|
2.52 |
|
|
— |
|
|
2.52 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total
adjustments |
|
2.43 |
|
|
0.53 |
|
|
2.06 |
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
Adjusted
net (loss) income per share |
|
$ |
(0.18 |
) |
|
$ |
0.82 |
|
|
$ |
(1.13 |
) |
|
$ |
1.08 |
|
(8) The tax calculation is based on the appropriate
marginal income tax rate related to each adjustment and for each
respective time period, which is applied to the adjusted items in
the calculation of adjusted net income (loss) in all periods.
|
Delek US Holdings, Inc. |
Operating Results from Discontinued Operations |
$ in millions |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue |
|
$ |
361.7 |
|
|
$ |
398.7 |
|
|
$ |
1,034.7 |
|
|
$ |
1,148.3 |
|
Cost of goods sold |
|
(306.6 |
) |
|
(340.7 |
) |
|
(884.5 |
) |
|
(995.5 |
) |
Operating expenses |
|
(34.2 |
) |
|
(35.1 |
) |
|
(99.7 |
) |
|
(102.8 |
) |
General and
administrative expenses |
|
(5.4 |
) |
|
(6.7 |
) |
|
(16.7 |
) |
|
(19.3 |
) |
Depreciation and
amortization |
|
(4.5 |
) |
|
(6.7 |
) |
|
(20.3 |
) |
|
(20.9 |
) |
Other operating income,
net |
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Operating income |
|
$ |
11.0 |
|
|
$ |
9.8 |
|
|
$ |
13.5 |
|
|
$ |
10.2 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(1.8 |
) |
|
(1.6 |
) |
|
(5.4 |
) |
|
(4.6 |
) |
Income from
discontinued operations before taxes |
|
9.2 |
|
|
8.2 |
|
|
8.1 |
|
|
5.6 |
|
Income tax expense |
|
3.2 |
|
|
(0.1 |
) |
|
2.6 |
|
|
(0.6 |
) |
Income from
discontinued operations, net of tax |
|
$ |
6.0 |
|
|
$ |
8.3 |
|
|
$ |
5.5 |
|
|
$ |
6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Investor / Media Relations Contact:
Keith Johnson
Delek US Holdings, Inc.
Vice President of Investor Relations
615-435-1366
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