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Delek US showcases financial and operational performance for June 2024

Delek US Holdings and Delek Logistics Partners have released their investor presentation for June 2024, showcasing their financial and operational performance. Here are the key highlights from the presentation:

Financial Strength: As of March 31, 2024, Delek US Holdings had $753.4 million in cash and $1.74 billion of net debt, while Delek Logistics had $9.7 million in cash and $1.6 billion in long-term debt. The company is evaluating opportunities across its business segments to unlock value for shareholders and unitholders.

Operational Excellence: The refining segment had a throughput capacity of 302,000 barrels per day (BPD) from four PADD 3 refineries, with access to advantaged domestic, inland crudes, and Gulf Coast product pricing. The company is focused on running its operations safely, reliably, and in an environmentally responsible manner.

Financial Performance: The net income for the first quarter of 2024 was a loss of $32.6 million, compared to a loss of $164.9 million in the fourth quarter of 2023. Adjusted EBITDA for the first quarter of 2024 was $158.7 million, a significant improvement from $60.6 million in the fourth quarter of 2023.

Cash Flow and Capital Expenditure: The company reported a cash balance of $753.4 million as of March 31, 2024. The capital program for the first quarter of 2024 was $46 million, with a forecast of $330 million for the full year, focusing on regulatory and sustaining growth.

Segment Performance: * The refining segment reported an adjusted EBITDA of $106.1 million, while the logistics segment reported $99.7 million and the retail segment reported $6.5 million for the first quarter of 2024.

Guidance for the Second Quarter of 2024: * The company provided guidance for operating expenses, general and administrative expenses, depreciation and amortization, net interest expense, and barrels per day throughput for the second quarter of 2024.

Adjusted Net Income: * The reconciliation of U.S. GAAP net income (loss) to adjusted net income (loss) for the first quarter of 2024 showed an adjusted net loss of $26.2 million, compared to an adjusted net income of $92.7 million in the fourth quarter of 2023.

Today the company's shares have moved -0.4% to a price of $24.99. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

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