Delek US Holdings Reports Third Quarter 2024 Results

Three Months Ended September 30,

Nine Months Ended September 30,

($ in millions, except per share data)

2024

2023

2024

2023

Net (loss) income attributable to Delek US

$

(76.8

)

$

128.7

$

(146.6

)

$

184.7

Total diluted (loss) income per share

$

(1.20

)

$

1.97

$

(2.29

)

$

2.78

Adjusted net (loss) income

$

(93.0

)

$

131.9

$

(178.5

)

$

289.8

Adjusted net (loss) income per share

$

(1.45

)

$

2.02

$

(2.78

)

$

4.37

Adjusted EBITDA

$

70.6

$

345.1

$

336.8

$

889.1

Delek US Holdings, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

($ in millions, except share and per share data)

September 30, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$

1,037.6

$

821.8

Accounts receivable, net

561.6

783.7

Inventories, net of inventory valuation reserves

915.0

941.2

Current assets of discontinued operations

-

41.5

Other current assets

50.6

77.8

Total current assets

2,564.8

2,666.0

Property, plant and equipment:

Property, plant and equipment

4,790.7

4,460.3

Less: accumulated depreciation

(1,961.7

)

(1,764.0

)

Property, plant and equipment, net

2,829.0

2,696.3

Operating lease right-of-use assets

98.8

121.5

Goodwill

687.5

687.5

Other intangibles, net

328.6

287.7

Equity method investments

408.7

360.7

Non-current assets of discontinued operations

-

228.1

Other non-current assets

112.9

124.0

Total assets

$

7,030.3

$

7,171.8

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

1,713.6

$

1,814.3

Current portion of long-term debt

9.5

44.5

Current portion of obligation under Inventory Intermediation Agreement

3.6

0.4

Current portion of operating lease liabilities

45.6

50.1

Current liabilities of discontinued operations

-

11.5

Accrued expenses and other current liabilities

694.7

764.3

Total current liabilities

2,467.0

2,685.1

Non-current liabilities:

Long-term debt, net of current portion

2,779.9

2,555.3

Obligation under Inventory Intermediation Agreement

385.3

407.2

Environmental liabilities, net of current portion

33.7

110.9

Asset retirement obligations

24.4

36.4

Deferred tax liabilities

243.9

264.1

Operating lease liabilities, net of current portion

63.7

85.7

Non-current liabilities of discontinued operations

-

34.3

Other non-current liabilities

87.0

33.1

Total non-current liabilities

3,617.9

3,527.0

Redeemable non-controlling interest

70.0

-

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, 81,231,308 shares and 81,539,871 shares issued at September 30, 2024 and December 31, 2023, respectively

0.8

0.8

Additional paid-in capital

1,172.7

1,113.6

Accumulated other comprehensive loss

(4.8

)

(4.8

)

Treasury stock, 17,575,527 shares, at cost, at September 30, 2024 and December 31, 2023, respectively

(694.1

)

(694.1

)

Retained earnings

228.5

430.0

Non-controlling interests in subsidiaries

172.3

114.2

Total stockholders' equity

875.4

959.7

Total liabilities, redeemable non-controlling interest and stockholders' equity

$

7,030.3

$

7,171.8

Condensed Consolidated Statements of Income (Unaudited)

($ in millions, except share and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Net revenues

$

3,042.4

$

4,628.8

$

9,478.5

$

12,525.1

Cost of sales:

Cost of materials and other

2,788.7

4,049.4

8,547.1

11,111.2

Operating expenses (excluding depreciation and amortization presented below)

181.4

217.7

580.3

577.2

Depreciation and amortization

92.5

83.7

259.6

243.1

Total cost of sales

3,062.6

4,350.8

9,387.0

11,931.5

Operating expenses related to wholesale business (excluding depreciation and amortization presented below)

3.7

(3.7

)

5.7

3.9

General and administrative expenses

70.4

67.7

191.6

208.0

Depreciation and amortization

5.6

4.0

18.6

12.1

Asset impairment

9.2

-

31.3

-

Other operating expense (income), net

12.8

(2.1

)

(67.6

)

(19.0

)

Total operating costs and expenses

3,164.3

4,416.7

9,566.6

12,136.5

Operating (loss) income

(121.9

)

212.1

(88.1

)

388.6

Interest expense, net

78.8

82.4

244.1

239.1

Income from equity method investments

(25.1

)

(27.0

)

(77.4

)

(67.1

)

Other (income) expense, net

(0.5

)

2.0

(1.1

)

(4.6

)

Total non-operating expense, net

53.2

57.4

165.6

167.4

(Loss) income from continuing operations before income tax (benefit) expense

(175.1

)

154.7

(253.7

)

221.2

Income tax (benefit) expense

(40.3

)

29.1

(56.7

)

38.3

(Loss) income from continuing operations, net of tax

(134.8

)

125.6

(197.0

)

182.9

Discontinued operations:

Income from discontinued operations, including gain on sale of discontinued operations

95.4

12.9

107.8

29.1

Income tax expense

28.1

2.4

29.6

5.2

Income from discontinued operations, net of tax

67.3

10.5

78.2

23.9

Net (loss) income

(67.5

)

136.1

(118.8

)

206.8

Net income attributable to:

Non-controlling interests

9.3

7.4

27.8

22.1

Net (loss) income attributable to Delek

$

(76.8

)

$

128.7

$

(146.6

)

$

184.7

Basic (loss) income per share:

(Loss) income from continuing operations

$

(2.25

)

$

1.82

$

(3.51

)

$

2.44

Income from discontinued operations

1.05

0.16

$

1.22

$

0.36

Total basic (loss) income per share

$

(1.20

)

$

1.98

$

(2.29

)

$

2.80

Diluted (loss) income per share:

(Loss) income from continuing operations

$

(2.25

)

$

1.81

$

(3.51

)

$

2.42

Income from discontinued operations

1.05

0.16

$

1.22

$

0.36

Total diluted (loss) income per share

$

(1.20

)

$

1.97

$

(2.29

)

$

2.78

Weighted average common shares outstanding:

Basic

64,063,609

64,889,504

64,099,700

65,864,141

Diluted

64,063,609

65,464,970

64,099,700

66,372,335

Condensed Cash Flow Data (Unaudited)

($ in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Cash flows from operating activities:

Cash (used in) provided by operating activities - continuing operations

$

(22.1

)

$

420.2

$

78.9

$

891.7

Cash provided by operating activities - discontinued operations

0.5

12.4

17.8

31.1

Net cash (used in) provided by operating activities

(21.6

)

432.6

96.7

922.8

Cash flows from investing activities:

Cash used in investing activities - continuing operations

(298.4

)

(50.5

)

(387.4

)

(320.6

)

Cash provided by (used in) investing activities - discontinued operations

376.8

(8.2

)

361.7

(18.0

)

Net cash provided by (used in) investing activities

78.4

(58.7

)

(25.7

)

(338.6

)

Cash flows from financing activities:

Cash provided by (used in) financing activities - continuing operations

322.9

(293.8

)

144.4

(523.8

)

Net cash provided by (used in) financing activities

322.9

(293.8

)

144.4

(523.8

)

Net increase in cash and cash equivalents

379.7

80.1

215.4

60.4

Cash and cash equivalents at the beginning of the period

657.9

821.6

822.2

841.3

Cash and cash equivalents at the end of the period

1,037.6

901.7

1,037.6

901.7

Less cash and cash equivalents of discontinued operations at the end of the period

-

0.4

-

0.4

Cash and cash equivalents of continuing operations at the end of the period

$

1,037.6

$

901.3

$

1,037.6

$

901.3

Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)

Three Months Ended September 30,

Nine Months Ended September 30,

$ in millions (unaudited)

2024

2023

2024

2023

Reported net (loss) income attributable to Delek US

$

(76.8

)

$

128.7

$

(146.6

)

$

184.7

Adjusting items ⁽¹⁾

Inventory LCM valuation (benefit) loss

0.2

3.4

(10.5

)

(6.2

)

Tax effect

-

(0.8

)

2.4

1.4

Inventory LCM valuation (benefit) loss, net

0.2

2.6

(8.1

)

(4.8

)

Other inventory impact

25.8

(28.2

)

39.0

145.4

Tax effect

(5.8

)

6.4

(8.8

)

(32.7

)

Other inventory impact, net ⁽²⁾

20.0

(21.8

)

30.2

112.7

Business interruption insurance and settlement recoveries

-

(0.2

)

(10.6

)

(10.0

)

Tax effect

-

0.1

2.4

2.3

Business interruption insurance and settlement recoveries, net

-

(0.1

)

(8.2

)

(7.7

)

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(8.0

)

17.4

1.1

(8.1

)

Tax effect

1.8

(3.9

)

(0.2

)

1.8

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net

(6.2

)

13.5

0.9

(6.3

)

Transaction related expenses

20.9

-

20.9

-

Tax effect

(4.7

)

-

(4.7

)

-

Transaction related expenses, net ⁽²⁾

16.2

-

16.2

-

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(2.6

)

-

3.7

-

Tax effect

0.6

-

(0.8

)

-

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net ⁽³⁾

(2.0

)

-

2.9

-

Restructuring costs

33.7

3.5

59.5

6.4

Tax effect

(7.6

)

(0.7

)

(13.4

)

(1.4

)

Restructuring costs, net ⁽²⁾

26.1

2.8

46.1

5.0

El Dorado refinery fire losses

-

8.0

-

8.0

Tax effect

-

(1.8

)

-

(1.8

)

El Dorado refinery fire losses, net

-

6.2

-

6.2

Property settlement

-

-

(53.4

)

-

Tax effect

-

-

12.0

-

Property settlement, net

-

-

(41.4

)

-

Gain on sale of Retail Stores

(98.4

)

-

(98.4

)

-

Tax effect

27.9

-

27.9

-

Gain on sale of Retail Stores, net ⁽²⁾

(70.5

)

-

(70.5

)

-

Total adjusting items ⁽¹⁾

(16.2

)

3.2

(31.9

)

105.1

Adjusted net (loss) income

$

(93.0

)

$

131.9

$

(178.5

)

$

289.8

⁽¹⁾

All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.

⁽²⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

⁽³⁾

Starting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.

Three Months Ended September 30,

Nine Months Ended September 30,

$ per share (unaudited)

2024

2023

2024

2023

Reported diluted (loss) income per share

$

(1.20

)

$

1.97

$

(2.29

)

$

2.78

Adjusting items, after tax (per share) ^{(1) (2)}

Net inventory LCM valuation (benefit) loss

-

0.04

(0.13

)

(0.07

)

Other inventory impact ⁽³⁾

0.31

(0.33

)

0.47

1.70

Business interruption insurance and settlement recoveries

-

-

(0.13

)

(0.12

)

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(0.10

)

0.21

0.01

(0.09

)

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements ⁽⁴⁾

(0.03

)

-

0.05

-

Transaction related expenses ⁽³⁾

0.25

-

0.25

-

Restructuring costs ⁽³⁾

0.41

0.04

0.73

0.08

El Dorado refinery fire losses

-

0.09

-

0.09

Property settlement

-

-

(0.65

)

-

Gain on sale of Retail Stores ⁽³⁾

(1.09

)

-

(1.09

)

-

Total adjusting items ⁽¹⁾

(0.25

)

0.05

(0.49

)

1.59

Adjusted net (loss) income per share

$

(1.45

)

$

2.02

$

(2.78

)

$

4.37

⁽¹⁾

The adjustments have been tax effected using the estimated marginal tax rate, as applicable.

⁽²⁾

For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.

⁽³⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

⁽⁴⁾

Starting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.

Three Months Ended September 30,

Nine Months Ended September 30,

$ in millions (unaudited)

2024

2023

2024

2023

Reported net (loss) income attributable to Delek US

$

(76.8

)

$

128.7

$

(146.6

)

$

184.7

Add:

Interest expense, net

78.8

82.3

244.2

239.2

Income tax expense (benefit)

(12.2

)

31.5

(27.1

)

43.5

Depreciation and amortization

99.9

91.3

287.2

264.1

EBITDA attributable to Delek US

89.7

333.8

357.7

731.5

Adjusting items

Net inventory LCM valuation (benefit) loss

0.2

3.4

(10.5

)

(6.2

)

Other inventory impact ⁽¹⁾

25.8

(28.2

)

39.0

145.4

Business interruption insurance and settlement recoveries

-

(0.2

)

(10.6

)

(10.0

)

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(8.0

)

17.4

1.1

(8.1

)

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements ⁽²⁾

(2.6

)

-

3.7

-

Transaction related expenses ⁽¹⁾

20.9

-

20.9

-

Restructuring costs ⁽¹⁾

33.7

3.5

59.5

6.4

El Dorado refinery fire losses

-

8.0

-

8.0

Property settlement

-

-

(53.4

)

-

Gain on sale of Retail Stores ⁽¹⁾

(98.4

)

-

(98.4

)

-

Net income attributable to non-controlling interest

9.3

7.4

27.8

22.1

Total Adjusting items

(19.1

)

11.3

(20.9

)

157.6

Adjusted EBITDA

$

70.6

$

345.1

$

336.8

$

889.1

⁽¹⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

⁽²⁾

Starting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.

Three Months Ended September 30,

Nine Months Ended September 30,

$ in millions (unaudited)

2024

2023

2024

2023

Reported loss (income) from continuing operations, net of tax

$

(134.8

)

$

125.6

$

(197.0

)

$

182.9

Add:

Interest expense, net

78.8

82.4

244.1

239.1

Income tax expense (benefit)

(40.3

)

29.1

(56.7

)

38.3

Depreciation and amortization

98.1

87.7

278.2

255.2

EBITDA attributable to Delek US

1.8

324.8

268.6

715.5

Adjusting items

Net inventory LCM valuation (benefit) loss

0.2

3.4

(10.5

)

(6.2

)

Other inventory impact ⁽¹⁾

25.8

(28.2

)

39.0

145.4

Business interruption insurance and settlement recoveries

-

(0.2

)

(10.6

)

(10.0

)

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(8.0

)

17.4

1.1

(8.1

)

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements ⁽²⁾

(2.6

)

-

3.7

-

Transaction related expenses ⁽¹⁾

11.5

-

11.5

-

Restructuring costs ⁽¹⁾

33.7

3.5

59.5

6.4

El Dorado refinery fire losses

-

8.0

-

8.0

Property settlement

-

-

(53.4

)

-

Total Adjusting items

60.6

3.9

40.3

135.5

Adjusted EBITDA from continuing operations

$

62.4

$

328.7

$

308.9

$

851.0

⁽¹⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

⁽²⁾

Starting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.

Three Months Ended September 30,

Nine Months Ended September 30,

$ in millions (unaudited)

2024

2023

2024

2023

Reported income from discontinued operations, net of tax

$

67.3

$

10.5

$

78.2

$

23.9

Add:

Interest expense (income), net

-

(0.1

)

0.1

0.1

Income tax expense

28.1

2.4

29.6

5.2

Depreciation and amortization

1.8

3.6

9.0

8.9

EBITDA attributable to discontinued operations

97.2

16.4

116.9

38.1

Adjusting items

Transaction costs ⁽¹⁾

9.4

-

9.4

-

Gain on sale of Retail Stores ⁽¹⁾

(98.4

)

-

(98.4

)

-

Total Adjusting items

(89.0

)

-

(89.0

)

-

Adjusted EBITDA from discontinued operations

$

8.2

$

16.4

$

27.9

$

38.1

⁽¹⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

Three Months Ended September 30, 2024

$ in millions (unaudited)

Refining

Logistics

Corporate,
Other and
Eliminations

Consolidated

Segment EBITDA Attributable to Delek US

$

12.8

$

68.6

$

(79.6

)

$

1.8

Adjusting items

Net inventory LCM valuation (benefit) loss

0.2

-

-

0.2

Other inventory impact ⁽¹⁾

25.8

-

-

25.8

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(8.0

)

-

-

(8.0

)

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements ⁽²⁾

(2.6

)

-

-

(2.6

)

Transaction related expenses ⁽¹⁾

-

8.6

2.9

11.5

Restructuring costs ⁽¹⁾

14.1

-

19.6

33.7

Intercompany lease impacts ⁽¹⁾

(32.1

)

28.9

3.2

-

Total Adjusting items

(2.6

)

37.5

25.7

60.6

Adjusted Segment EBITDA

$

10.2

$

106.1

$

(53.9

)

$

62.4

Three Months Ended September 30, 2023

$ in millions (unaudited)

Refining ⁽³⁾

Logistics

Corporate,
Other and
Eliminations ⁽³⁾

Consolidated

Segment EBITDA Attributable to Delek US

$

295.7

$

96.5

$

(67.4

)

$

324.8

Adjusting items

Net inventory LCM valuation (benefit) loss

3.4

-

-

3.4

Other inventory impact ⁽¹⁾

(28.2

)

-

-

(28.2

)

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

17.4

-

-

17.4

Restructuring costs

-

-

3.5

3.5

Business interruption insurance recoveries

(0.2

)

-

-

(0.2

)

El Dorado refinery fire losses

8.0

-

-

8.0

Total Adjusting items

0.4

-

3.5

3.9

Adjusted Segment EBITDA

$

296.1

$

96.5

$

(63.9

)

$

328.7

Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA

Nine Months Ended September 30, 2024

$ in millions (unaudited)

Refining ⁽³⁾

Logistics

Corporate,
Other and
Eliminations ⁽³⁾

Consolidated

Segment EBITDA Attributable to Delek US

$

135.2

$

268.9

$

(135.5

)

$

268.6

Adjusting items

Net inventory LCM valuation (benefit) loss

(10.5

)

-

-

(10.5

)

Other inventory impact ⁽¹⁾

39.0

-

-

39.0

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

1.1

-

-

1.1

Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements ⁽²⁾

3.7

-

-

3.7

Restructuring costs ⁽¹⁾

36.6

-

22.9

59.5

Transaction related expenses ⁽¹⁾

-

8.6

2.9

11.5

Business interruption settlement recoveries

(10.6

)

-

-

(10.6

)

Property settlement

-

-

(53.4

)

(53.4

)

Intercompany lease impacts ⁽¹⁾

(32.1

)

28.9

3.2

-

Total Adjusting items

27.2

37.5

(24.4

)

40.3

Adjusted Segment EBITDA

$

162.4

$

306.4

$

(159.9

)

$

308.9

Nine Months Ended September 30, 2023

$ in millions (unaudited)

Refining ⁽³⁾

Logistics

Corporate,
Other
and Eliminations ⁽³⁾

Consolidated

Segment EBITDA Attributable to Delek US

$

613.0

$

278.8

$

(176.3

)

$

715.5

Adjusting items

Net inventory LCM valuation (benefit) loss

(6.2

)

-

-

(6.2

)

Other inventory impact ⁽¹⁾

145.4

-

-

145.4

Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements

(8.1

)

-

-

(8.1

)

Restructuring costs

-

-

6.4

6.4

Business interruption insurance recoveries

(10.0

)

-

-

(10.0

)

El Dorado refinery fire losses

8.0

-

-

8.0

Total Adjusting items

129.1

-

6.4

135.5

Adjusted Segment EBITDA

$

742.1

$

278.8

$

(169.9

)

$

851.0

⁽¹⁾

See further discussion in the "Significant Transactions During the Quarter Impacting Results" section.

⁽²⁾

Starting with the quarter ended March 31, 2024, we updated our non-GAAP financial measures to include the impact of unrealized gains and losses related to RINs where the hedged item is not yet recognized in the financial statements. The impact to historical non-GAAP financial measures is immaterial.

⁽³⁾

During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation.

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Total Refining Segment

(Unaudited)

(Unaudited)

Days in period

92

92

274

273

Total sales volume - refined product (average barrels per day ("bpd")) ⁽¹⁾

309,175

307,626

312,075

295,141

Total production (average bpd)

303,882

303,399

302,858

287,375

Crude oil

295,350

294,726

291,042

275,310

Other feedstocks

12,245

11,222

15,727

14,815

Total throughput (average bpd)

307,595

305,948

306,769

290,125

Total refining production margin per bbl total throughput

$

4.88

$

16.01

$

8.09

$

13.86

Total refining operating expenses per bbl total throughput

$

5.12

$

5.47

$

5.34

$

5.50

Total refining production margin ($ in millions)

$

138.1

$

450.5

$

680.3

$

1,097.7

Supply, marketing and other ($ millions) ⁽²⁾

10.7

(1.2

)

(88.4

)

95.0

Total adjusted refining margin ($ in millions)

$

148.8

$

449.3

$

591.9

$

1,192.7

Total crude slate details

Total crude slate: (% based on amount received in period)

WTI crude oil

69.4

%

73.4

%

70.9

%

73.3

%

Gulf Coast Sweet crude

8.8

%

3.3

%

7.5

%

4.0

%

Local Arkansas crude oil

3.2

%

4.0

%

3.3

%

4.1

%

Other

18.6

%

19.3

%

18.3

%

18.6

%

Crude utilization (% based on nameplate capacity) ⁽⁴⁾

97.8

%

97.6

%

96.4

%

91.2

%

Tyler, TX Refinery

Days in period

92

92

274

273

Products manufactured (average bpd):

Gasoline

35,962

35,615

36,620

30,750

Diesel/Jet

33,647

34,620

32,490

26,976

Petrochemicals, LPG, NGLs

3,429

3,429

2,432

2,409

Other

93

1,959

991

1,856

Total production

73,131

75,623

72,533

61,991

Throughput (average bpd):

Crude oil

73,385

74,877

71,671

59,379

Other feedstocks

1,613

1,118

2,641

3,243

Total throughput

74,998

75,995

74,312

62,622

Tyler refining production margin ($ in millions)

$

51.6

$

165.4

$

224.6

$

329.7

Per barrel of throughput:

Tyler refining production margin

$

7.48

$

23.66

$

11.03

$

19.29

Operating expenses

$

4.61

$

4.74

$

4.90

$

5.06

Crude Slate: (% based on amount received in period)

WTI crude oil

79.2

%

76.8

%

80.6

%

78.1

%

East Texas crude oil

19.6

%

23.2

%

19.0

%

21.9

%

Other

1.2

%

-

%

0.4

%

-

%

Capture rate ⁽³⁾

47.8

%

73.0

%

58.4

%

64.0

%

El Dorado, AR Refinery

Days in period

92

92

274

273

Products manufactured (average bpd):

Gasoline

34,887

39,361

38,350

37,213

Diesel

29,854

31,927

30,587

29,211

Petrochemicals, LPG, NGLs

1,317

1,875

1,301

1,564

Asphalt

9,046

7,893

8,849

7,418

Other

993