Delek US Holdings reported a net loss of $413.8 million in its 2024 fourth-quarter that ended Dec. 31.
In addition, net losses were $560.4 million for the entire year, the Brentwood, Tennessee-based company reported in its earning call Tuesday.
The fourth-quarter number is an adjusted net loss of $160.5 million, with an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $23.2 million.
“Despite challenging market conditions, 2024 was a transformation year during which we have made significant progress in achieving our Sum of the Parts goals and improving the overall profitability of the company,” said Avigal Soreq, president and CEO of Delek US. “After announcing the EOP [Enterprise Optimization Plan] in September, we have already made significant progress towards our goals of increasing the profitability of the company by $100 million and now expect to be at the high end of original target run-rate in [the second half of 2025]. Delek Logistics is also a completely different company versus where it started the year. On a pro-forma basis [about] 70% of its cash flows will be coming from third-party sources.”
“Looking ahead, we will continue to execute on our priorities of running safe and reliable operations, and making further progress on midstream deconsolidation, our EOP efforts, and delivering shareholder value while maintaining our financial strength and flexibility,” Soreq said.
- Delek US Holdings is No. 31 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
Delek said it was closing a “transformational” 2024 with additional steps to improve its profitability.
Delek US Results for Fourth Quarter and End of Year:
Delek said it started 2025 on a strong note. Since the start of the year:
- DKL closed the acquisition of Gravity Water Midstream
- EOP is expected to be at the high end of the range - $120 million
- DKL announced a strong full year EBITDA guidance of $480 to $520 million
- DKL announced authorization to buyback common units up to $150 million from DK through 2026
On Sept. 30, Delek US closed the previously announced transaction to sell 100% of the equity interests in four of Delek US’ wholly owned subsidiaries that own and operate 249 retail fuel and convenience stores under the Delek US Retail brand to a subsidiary of Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA). Net cash proceeds before taxes related to this transaction were about $390.2 million. The retail transaction resulted in a gain on sale of the retail stores, before income tax, of $98.4 million.
Delek US Holdings is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas, and Krotz Springs, Louisiana, with a combined crude throughput capacity of 302,000 barrels per day. The logistics operations include Delek Logistics Partners LP, a growth-oriented master limited partnership (MLP) focused on owning and operating midstream energy infrastructure assets. Delek US Holdings and its subsidiaries owned approximately 72.5% (including the general partner interest) of Delek Logistics Partners.
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