Expands Share Repurchase Authorization to
$400 million
BRENTWOOD, Tenn., Aug. 1, 2022
/PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) (the "Company"
or "Delek US") announced that its Board of Directors reinstated the
Company's regular quarterly cash dividend on its common stock of
$0.20 per share payable to all
shareholders of record of the Company's common stock as of the
close of business on August 22, 2022.
The payment date for the dividend will be September 6, 2022.
The Company also announced that its Board of Directors approved
an approximately $170 million
increase in its share repurchase authorization, bringing the total
amount available for repurchases under current authorizations to
$400 million.
Avigal Soreq, President and Chief Executive Officer of Delek US,
stated, "Returning cash to shareholders is a key priority for our
Company and reinstating a regular dividend lays a foundation that
we believe can be supported through various business cycles.
Separately, the expanded share repurchase authorization reflects
our desire to deliver increased cash returns during periods of
strong free cash flow generation. In the current environment we
believe our equity is severely undervalued and reinvesting in our
current assets vis-à-vis retiring shares should prove to be a solid
long-term investment."
About Delek US Holdings, Inc.
Delek US Holdings,
Inc. is a diversified downstream energy company with assets in
petroleum refining, logistics, asphalt, renewable fuels and
convenience store retailing. The refining assets consist of
refineries operated in Tyler and
Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined
nameplate crude throughput capacity of 302,000 barrels per
day.
The logistics operations consist of Delek Logistics. Delek US
and its affiliates also own the general partner and an approximate
80 percent limited partner interest in Delek Logistics. Delek
Logistics is a growth-oriented master limited partnership focused
on owning and operating midstream energy infrastructure
assets.
The convenience store retail business operates approximately 250
convenience stores in central and west Texas and New Mexico.
Safe Harbor Provisions Regarding Forward-Looking
Statements
This 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, opportunities, plans, actions and events
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
risks described in the Company's filings with the United States
Securities and Exchange Commission, among others, may affect these
forward-looking statements. 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. The Company undertakes no obligation to update or
revise any such forward-looking statements to reflect events or
circumstances that occur or that the Company becomes aware of after
the date hereof, except as required by applicable law or
regulation.
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SOURCE Delek US Holdings, Inc.