With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

Delek is a diversified energy company, with a portfolio encompassing petroleum, asphalt, convenience store retail, and more, much of it acquired via acquisitions in the first decade of the century. Like many energy companies, it's coming off a shaky 2020; Delek reported a first quarter 2021 net loss of $98.6 million, less than the $307 million net loss in the same quarter last year.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-342-Delek

Headquartered in Dallas, Delek processes hundreds of thousands of crude oil each day at its four U.S. refineries. As the largest 7-Eleven licensee in the U.S., it also operates some 260 convenience stores in the southwest U.S.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Key Financials (last Fiscal Year)

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Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Delek US Holdings operates as an integrated downstream energy company in the United States, with business activities spanning refining and logistics. Founded by Israel’s Delek Group in 2001, Delek now owns only a small stake in its U.S. spinoff. Delek US processes crude oil and other feedstocks to produce gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products, distributing these through both owned and third-party terminals. Delek US owns and operates refineries in Texas, Arkansas, and Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. Its logistics operations encompass the gathering, transportation, storage, and marketing of crude oil, intermediate, and refined products, as well as water recycling services for third parties. Delek US serves a diverse customer base, including oil companies, independent refiners and marketers, distributors, utility and transportation companies, government entities, and retail fuel operators.

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Q4 2024

Q3 2024

Delek US Holdings (DK): Company Profile, Stock Price, News, Rankings

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Delek US Holdings

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name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek U. S. First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Robert Wright, Senior VP of The U. S. Branch. You may begin.

Good morning, and welcome to the Delek U. S. First quarter earnings conference call. Participants joining me on today's call will include Abbigal Sorek, President and CEO Joseph Israel, EVP Operations and Mark Hobbs, EVP and Chief Financial Officer. Today's presentation material can be found on the Investor Relations section of the Delek U.

S. Website. Slide two contains our Safe Harbor statement regarding forward looking comments. Any forward looking information shared during today's call involve risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included here as well as within our SEC filings.

The company assumes no obligation to update any forward looking statements. I will now turn the call over to Abhagal for opening remarks. Abhagal?

Thank you, Robert. Good morning and thank you for joining us today. Despite continued challenging refining margin environment, which was around $4 below mid cycle, Delek continued on its transformational journey. On the first quarter, we made further progress in improving our operational performance by conducting two important plant outages at Tyler and Big Spring. We continue to make strong progress on our EOP plans.

We also continue to advance our service department efforts to additional intercompany agreements between DK and DKL. Let me highlight the progress we have made on our key priorities. First, safe and reliable operations. We have made further progress in improving the operations throughout our company. We successfully completed an ALKI turnaround at Tyler and maintenance at several units at Big Spring.

The Big Spring refinery continued to make good progress in improving its operations and we expect our reliability investment to serve us well into the future. After these Q1 outages, we look forward to a cleaner runway into the summer driving season. Now I would like to discuss our sum of the parts strategy. We continue to make progress towards our midstream deconsolidation goal. This week, we have announced another intercompany transaction.

The transaction further increased third party cash flow at DKL to around 80%. The transactions also improved financial liquidity at DK by around $250,000,000 which will allow us to maintain our balance sheet strength. DKL's two water acquisitions are performing well and along with the new gas processing plant will support DKL cash flow and distribution growth. DKL has a strong runway of growth in its gas processing business led by its prime location in Lea County, New Mexico. DKL is also enhancing its position by being one of the few midstream companies with sour gas gathering and acid gas injection capabilities.

These steps highlight DKL progress in becoming attractive high growth midsized midstream company, benefiting from the natural gas growth in the Permian Basin. DELEC Logistics is also on track to meet its strong 2025 EBITDA guidance of $480,000,000 to $520,000,000 Despite these great moves, DKL remained undervalued compared to its peers, with minimal, if any, of this value reflected in DK shares. We will continue to take additional steps such that the value of approximately $400,000,000 in third party EBITDA at DKL is fully reflected in DK's share price and DKL unit price. We remain confident that we will complete the DKL deconsolidation in a methodical manner that will create value for both DK shareholders and DKL unitholders. I'm also excited about the progress we are making on our Enterprise Optimization Plan, or EOP.

As a reminder, we started EOP with an aim to improve DK cash flow by 80,000,000 to $120,000,000 starting in the second half of twenty twenty five. On our last earnings call, we announced that we expect to be closer to the top end of the original cash flow improvement guidance. We remain confident in achieving at least $120,000,000 in cash flow improvement through EOP annually. The final piece of our strategy is being shareholder friendly and having a strong balance sheet. During the quarter, we paid $16,000,000 in dividend and bought back $32,000,000 of our shares.

Our strong balance sheet, improved reliability and confidence in EOP has allowed us to do counter cyclical buyback in the first quarter. We remain committed to a disciplined and balanced approach to capital allocation. Now I would like to make a comment about small refinery exemption. As you know, last year, the D. C.

Circuit Court overturned the EPA denial of our SRE petition. We are excited about the support of domestic energy production by both the current administration and EPA. We are confident that the EPA, under the leadership of President Trump, will provide needed support to small refineries by granting exemption under RFS. In closing, I would like to thank our entire team for their hard work and dedication. We are excited about the prospects of DK in 2025 and beyond.

Now I will turn the call over to Joseph, who will provide additional color on our operations.

Thank you, Abigail. In the first quarter, we performed our planned outages and our system is well positioned for the gasoline season. In addition, EOP initiatives are on track to achieve approximately $80,000,000 of incremental capture in refining process and commercial footprint by midyear. In Tyler, the team successfully executed our planned maintenance in the alkylation unit, including the upgrade scope, which allows us to increase production of high value products by approximately 500 barrels per day. Total throughput in the first quarter was approximately 69,000 barrels per day.

Production margin in the quarter was $7.82 per barrel, including an unfavorable $0.70 per barrel impact from the planned alky outage. Operating expenses were $5.69 per barrel. For the second quarter, our estimated total throughput in Tyler is in the 73 to 77,000 barrels per day range. In El Dorado, total throughput in the first quarter was approximately 76,000 barrels per day. Our production margin was $3.83 per barrel and operating expenses were $5.16 per barrel.

Planned throughput for the second quarter is in the 80,000 to 84,000 barrels per day range. The El Dorado system is one of our top operational EOP priorities. In the first quarter, we achieved approximately $0.8 per barrel of improvements, which is in line with our $2 per barrel run rate target. In Big Spring, the team executed well on our planned catalyst replacement work in the reformer and diesel hydrotreater, and total throughput was consistent with the guidance range at approximately 59,000 barrels per day. Our production margin was $4.86 per barrel, including an unfavorable $1.7 per barrel impact of the planned outage.

Operating expenses were $8.36 per barrel, reflecting the maintenance activities and the relatively low throughput denominator. In the second quarter, estimated throughput is in the 67,000 to 71,000 barrels per day range. In Cross Springs, we continue to demonstrate improved capacity and performance capabilities since turnaround completion late last year. Total throughput in the first quarter was approximately 85,000 barrels per day, which is a record high rate for the plant. Our production margin was $6.4 per barrel and operating expenses in the quarter were $5.36 per barrel.

Our planned throughput for the second quarter is in the 82,000 to 86,000 barrels per day range. Our implied system throughput target for the second quarter is in the 302,000 to 318,000 barrels per day range. Moving on to the commercial front. In the first quarter, supply and marketing contributed a loss of $23,700,000 Of that, approximately $8,700,000 loss was generated by wholesale marketing and a negative $8,500,000 contribution was generated by asphalt, both driven by seasonal low demand trends. Dollars 6,400,000.0 loss was attributed to supply.

In summary, we continue to execute well on the fundamentals of our business. Our focus on EOP allows us to capture structural liquid yield, product mix and cost structure improvements as we optimize our marketing footprint. Considering the constructive market conditions and our assets positioning, we are excited about the opportunities ahead of us, short and long term. Mark will now address the financial variance.

Thank you, Joseph. Referring to Slide 18. For the first quarter, Delek had a net loss of $173,000,000 or negative $2.78 per share. Adjusted net loss was $144,000,000 or negative $2.32 per share and adjusted EBITDA was $26,500,000 On slide 19, the waterfall of adjusted EBITDA from the fourth quarter of twenty twenty four to the first quarter of twenty twenty five shows that there were two main drivers for the increase in EBITDA. First, a $42,200,000 increase in refining was primarily attributable to a higher margin environment in the first quarter relative to the fourth quarter along with sequentially higher throughputs.

Second, in the Logistics segment, we continue to have another strong quarter delivering $117,000,000 in adjusted EBITDA, a $9,000,000 increase over our previous record of quarterly adjusted EBITDA. These improvements were mitigated by slightly higher cost in the corporate segment of approximately $1,800,000 compared to the prior period. Moving to slide 20 to discuss cash flow. Cash flow from operations was a use of $62,000,000 Within this amount is our net loss for the period in addition to an inflow of approximately $26,000,000 of timing related working capital movements, which include the impacts of the inventory intermediation agreement. Investing activities of $315,000,000 includes approximately $180,000,000 paid at the closing of the Gravity acquisition and PP and E additions of $136,000,000 Financing activities of $265,000,000 reflects $32,000,000 in share repurchases, dollars 16,000,000 in dividend payments and $22,000,000 in DKL distribution payments to public unitholders.

Along with share repurchases, this quarter DK agreed to sell $10,000,000 worth of DKL units back to DKL under the DKL one hundred and fifty million dollars unit repurchase program. As mentioned previously, this is a tax efficient way for DK to proceed with its deconsolidation efforts. On slide 21, we show our actual progress under the 2025 capital program. First quarter capital expenditures were $133,000,000 Approximately $72,000,000 of the spend was in the logistics segment, of which $52,000,000 was associated with the construction of the Libbey II gas plant, which remains on track from a cost and time perspective and is currently under the commissioning phase. Primarily all of the remaining capital spend during the quarter was in the refining segment addressing planned sustaining capital initiatives.

Our DK refining and corporate capital spending outlook for 2025 remains consistent with prior guidance. Our net debt position is broken out between Delek and Delek Logistics on slide 22. During the quarter, we drew approximately $112,000,000 of cash primarily to return approximately $48,000,000 to shareholders for capital expenditures on growth projects and for the acquisition of Gravity. Moving now to slide 23 where we cover second quarter outlook items. In addition to the guidance Joseph provided, for the second quarter of twenty twenty five, we expect operating expenses to be between $215,000,000 and $225,000,000 Operating expenses are based on higher throughput expected for the second quarter, so although in line with first quarter results, we are expecting improvements on a per barrel basis.

G and A is expected to be between 52,000,000 and $57,000,000 D and A to be between $95,000,000 and $105,000,000 and net interest expense to be between 80,000,000 and $90,000,000 With that, we will now open the call for questions.

Thank you. The floor is now open for questions.

Your first question comes from the line of Alexia Patrick of Goldman Sachs. Your line is open.

Good morning team and thank you for taking my question.

Good morning. I wanted to talk about DKL and the full year EBITDA guidance which you reiterated. Can you talk about some of the moving pieces there?

And then how should we think about changes in Permian activity potentially impacting the outlook?

Yes, absolutely. I will start with the Permian activity and then we'll talk about the great news that we are seeing on DKL. In terms of the Permian activity, we can divide that into three buckets, Bucket number one is Midland, which is more mature acreage, but with great activity and a great producer, mature producer over there. The big thing that we have over there that we have very strong combined offer with the water and those acquisitions are going to the high end of our expectations. So over there, with all the discussions we had with our producer, we are very secured and have a very nice volume.

So that's one. The second part is the Delaware. Delaware, as you know better than I do, has the lowest breakeven in the of the shale in any place, and we are in a very good position over there. We have volume that we didn't produce until we are finishing the expansion of the plant. So that's a very easy move for us to fill up the plant.

And we are in a very solid ground over there with what we are discussing with all of our producers. So when everyone is scared, actually we see a great opportunities. On the Delaware, as you well know, we also have a sour offering, which is very unique and then no one else almost in our area has to offer to our producers. So we're in a very good shape with both of that. That's the reason we reiterate the guidance we gave and we are looking on a very strong year for DKL and more to come.

That's very helpful. Thank you. My follow-up is just on capital returns. Can you talk about your strategy there? How should we be thinking about the sustainability of the current dividend yield?

And then how are you thinking about share repurchases and balancing share price and deleveraging efforts?

Yes, absolutely. So I want to start with a bigger picture with your permission. So we started like almost a year ago, I want to say, the EOP enterprise optimization plan. The whole point of that is free cash flow. Free cash flow is king.

And we are showing improvement, and we have a very good second half with minimal capital. And that's the whole point of free cash flow. So I want to make it very clear. Today, as you saw in the announcement, we said at least $120,000,000 improvement on an annual basis second half. And we have very nice project.

And again, I'm saying that more used to come around that in the near future. So we are very excited about where around where we are with that project. So as you know, EOP is not only cost, but it's also margin. You saw a very good G and A number going down. We put you a slide.

So basically started with 100 and we basically it's now at 50, low 50. You saw the OpEx coming along very nicely to guidance, even though that we are adding more and more activities to the business. We are adding another natural gas plant. We just add another acquisition gravity that we did and we are having a higher throughput. So all of that is coming to the right direction with the entire team coming behind that.

You have seen the Eldorado capture rate going up almost a buck on the top of the card spread improvement. So that's very good. So in terms of capital allocation, to your point, we said before the cycle started that we are the buyback for before the dividend for us is something that we want to do through the cycle. That's what exactly what we are doing. And then we have a balanced approach between buyback and improving our balance sheet.

That's exactly what we are doing. We see a huge, huge, huge amount of value in our share price. For us, we turn to shareholder is not one quarter campaign. It's a philosophy and we are following through. We did the buyback in all the previous quarters and we are very our level of conviction and the amount of discount of our share price is that huge doesn't allow us not to act.

Thank you. Your next question comes from the line of Matthew Blair of TPH. Your line is open.

Thank you and good morning. Supply and marketing showed some improvement in the first quarter relative to the fourth quarter. You talked about some of the drivers there, but I was hoping you could talk a little bit about how things are trending in the second quarter. Should we expect further improvements in the wholesale marketing and asphalt categories? Thank you.

Yes, absolutely. Matt, you're absolutely right about your observation. It's a multi million dollar on a similar market on the wholesale price and even worse market on the asphalt. So that's actually even make the position even better. In terms of our RAC, we see strong RAC demand.

We see netbacks going on the right direction. We've seen crack spread going $3 to $4 in the last few weeks. All of that are very positive in terms of the reaction of supply demand, and we are very positive about where we are and about Q2. So that's all all going the right direction. So we're in a good position.

Market going well, and we see some more way to come around it.

Hey, This is Mohit. I'll just add a little bit on that. So as Abhigal said, you know, q four, we always talk about our supply and marketing line item in three terms, wholesale, asphalt, and and and supply. Wholesale conditions are very similar in the group versus q four, and asphalt q one is the seasonally weakest quarter for Asphalt. So despite that, you know, EOB is a big thing in the organization.

And, you know, we are doing all the structural thing that make us better, and that's why you saw that $10,000,000 improvement. As far as, you know, go forward guidance is concerned, don't really provide guidance, but we have seen very strong start to the group differentials in the second quarter. And and and asphalt has been improving as well. So so that is how the quarter has started, but you'll see, you know, where we end up at the end of the quarter. But so far, you know, the things look really good.

Sounds good. And then I was hoping you could discuss some of the dynamics in the Southwest. It seems like it's off

a sluggish start with both gasoline and diesel cracks below five year averages. Has anything structurally changed on the Southwest? And would you expect to see improvements into the summer here?

Matt, this is Mohit again. I think Southwest, we are actually seeing very strong cracks. Like if you look at some of the problems that we have seen on the West Coast, it's translating into Arizona markets, especially Azerbai, which is gasoline grade for Arizona markets, has been very, very strong. We supply that market, and we are not seeing any weakness that you're talking about.

Thank you. Your next question comes from the line of Manav Gupta of UBS. Your line is open.

Good morning, sir. My question here is a little more on the SREs. And obviously, your knowledge is vastly higher than ours. I'm just trying to understand here, when we are talking SREs, are we talking SREs on a go forward basis? Or you also might actually would like to, you know, go back and claim SREs for a period of 20 or 20 whatever time frame.

So I'm just trying to understand, is it all going to be forward looking or you're also going for what you believe could be retroactive SREs for you guys?

Yes. Our comment that we put is retroactive, and it's going to go to a backlog all the way from 2019. I think if you look on the previous posting that we gave, we gave a rounding number around it. So for us, it's a huge value. And as I said on my prepared remarks, we are very optimistic about that and more news to come.

Okay. So both backward and forward. So forward also, even if RVO is raised materially and the RIN prices do move higher, you still expect those SREs to give you relief. Is that the right way to

Absolutely. Manav, this is Mohit. Thanks for the question. So let me just give you, you know, all the details around that. So after the DC Circuit Court ruling last year, our petitions, for SREs were sent back to the EPA.

The total amount as we disclosed in the past to comply with those petitions was close to $300,000,000, and that is for the years of 2019 and 2020. From 2122, '20 '3, and '24, the cost of our compliance is, you know, way above our current market cap. So first of all, you know, we obviously are putting forward and talking with the with the EPA to get the retroactive SREs. And we obviously, as the law clearly states that we deserve SREs, 100% of our capacity deserve SREs, so we also are looking from a forward basis. So that is the situation right now.

And we do think there are competing incentives that EPA has to balance. But as far as we are concerned, we are very optimistic that EPA will grant us the SREs that we deserve under the RFS law.

Your next question comes from the line of Doug Leggate of Wolfe Research. Your line is open.

Hi. Good morning, everyone. This is McKinley Trusclera on for Doug Leggate. He is currently traveling. My first question is going to be centered around the OP.

You guys touched on it earlier. It appears that you're gonna fairly comfortably reach your hundred and $20,000,000 target heading into the second half of the year. But my question is, are there any opportunities for upside beyond that $120,000,000 And if so, what are the potential drivers of further improving upon that target?

Yes. And you picked it right and you picked it nice. And the answer is absolutely, we have not gave the guidance for the over the 120. But don't be surprised if that guidance will come at some point because we do see upside on the top of that. So the answer is there is there is some you pick that what we try to hand the market very nicely.

So good news to you. We are working towards that. The entire organization is focusing on that and more to come.

Alright. Thank you. My follow-up is also generally centered around EOP. So do you have a kind of a guide or an idea of how or if the refining business can generate sustainable free cash flow net of turnaround expenses post you recognizing all your cost savings from the EOP? Thanks.

Yes. Yes. Absolutely. So first of all, you need to understand that we are very confident in the EOP and that's what looks great. We gave few numbers and you've seen the numbers around the improvement that we already seen in El Dorado.

You see the improvement that we see in the cost basis. You see the improvement that we showed in KSR. You see the improvement in reliability in Big Spring and you see Tyler in a very good and comfortable spot. I would let Mark, our CFO to say a few words about the cash flow going forward and that's going

to give you another level of understanding.

Yes. Thanks, Abhagal. Speaking about cash flow and digging in a little bit more over recent past in the quarter, keep in mind that over 80% of our capital spend in the first quarter was for highly accretive growth, primarily at DKL that furthers our sum of the parts initiatives. As you know, we closed the Gravity acquisition on January 2.

That was about 180,000,000 just over of cash in the quarter. In 2025 CapEx as we've provided guidance is heavily weighted to the first half of the year. So in the first quarter we spent about $72,000,000 in growth CapEx at DKL, fifty two million of which was for our Libbey II expansion. We also had planned maintenance at both Big Spring and Tyler and our plants are running well. So we feel very good about being set up for moving into the summer driving season.

If you take a longer term view and think about the relatively heavy spend that we had over the last nine months which included the KSR turnaround late last year, the ongoing Libbey II expansion which is critically important for our Delaware growth initiatives around gas and sour gas plus acquiring both H2O and gravity in the face of challenging margin environments. We've maintained a strong balance sheet and we're very happy with our liquidity position as we move into the year. This also incorporates the fact that we've continued our countercyclical approach to buybacks. So over that period of time, we purchased approximately $75,000,000 of our stock along with paying around $50,000,000 in dividends. And so we're set up very well as we move through 2025.

I mean, the EOP initiatives that Avigal has given a lot of detail around moving through the second half of the year over very comfortable with $120,000,000 plus in improvement. That's very much a free cash flow initiative. With a limited capital spend in the second half of the year, we feel very good about how we're set up going forward.

Thanks for your response. Thank you for taking my questions.

Your next question comes from the line of Joe Lache of Morgan Stanley. Your line is open.

Good morning team and thanks for taking my questions. Hey, good morning, Joe. Hey, good morning. So I wanted to ask on some of the parts progress. I was hoping you could unpack the intercompany transactions.

Is there more to go on this side? Or are the right assets in the right buckets now? Thanks.

Yes, absolutely. So some of the part along with EOP are the most important initiative in our company. So I want to make it very, very clear. Deconsolidation is the goal and deconsolidation is happening as we speak, just to make it very, very clear. As you Joe know and see every day, we went from 79% just a year ago more or less to 60% just lower 60% now.

While doing that, we increased the DKL EBITDA from $385,000,000 to midpoint of 500,000,000 While doing that, we increased third party from around 40% to around 80% as we see today. And while doing that, we increased the distribution that DK actually gets. So all of that is very creative, agile way to achieve some of the part and achieving value for both DK shareholder and DK unitholder. That's the objective. So I will let Mark to add more into the transaction that we disclosed today because it's very important.

So the intercompany transactions which we announced coinciding with the earnings, it's really about cleaning up contracts between DK and DKL. And it's a critically important step to advancing our deconsolidation efforts because as Abhagal said, it's kind of getting assets and activities in the right place. And what we've done is we've basically moved refining related activities from DKL back to DK, which is obviously important. And we also moved midstream related activities from DK down to DKL through the cleaning up of these contracts. The overall net impact of this is not really material to either one of the entities.

But through this restructuring, it does unlock approximately $250,000,000 of availability as we mentioned under our credit facilities. And importantly, the results of this increases DKL's third party EBITDA contribution to approximately 80% on a pro form a basis. And that further drives our economic separation between the two companies, which is also critically important.

Great. Thanks. That's helpful. And then I want to follow-up on the logistics side. You've done a good job growing midstream through bolt ons.

Could you talk about what you're seeing in the M and A landscape today? And has that changed at all with a pullback in crude and some E and Ps starting to reduce activity here?

absolutely. So we are developing a company which is a midsized midstream company that provide oil services, crude, gas and water. Looking on M and A specifically, we are not going to comment. We have done in the past deal that made a lot of sense for you guys and made a lot of sense for us. And the three main criteria that we are looking, free cash flow, accretive to leverage and accretive to coverage ratio.

So we are not after the deal, are after providing value to unit holder and shareholder. That's the goal. And we are picking the right tool on the right time. We can either sell like we sold retail, we can either buy like we did with Gavity and H2O, or we can build when we have the right multiply to build versus buy. So we have the full toolkit ahead of us, and we are trying to use the right toolkit for the right mission and not to confuse them.

That's the goal. The goal is to give value to investors and that's what we are determined to do.

Your next question comes from the line of Ryan Todd of Piper Sandler. Your line is open.

Great. Thanks. Maybe first off, congratulations on the improved margin capture particularly at El Dorado. Can you talk about what you've been able to do to drive improvement there? And what are next steps in terms of continuing to improve capture?

Yes, absolutely. So El Dorado is a very nice kid. We visited just a few weeks ago all the refineries behind the new initiative and we definitely see great progress. The complexity of the refinery is good. We finished the journey of operation and I will let Joseph that is very close to that comment on that.

Delek US Holdings (DK) Q1 2025 Earnings Call Transcript

Company Participants