Delek US Holdings, Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Delek US reported second quarter 2026 net income of approximately $170 million, or $2.71 per share, on an adjusted basis, and net income of approximately $344 million, or $5.48 per share, with adjusted EBITDA of approximately $639 million.
- Excluding the 50% RVO adjustment, adjusted EBITDA was approximately $490 million and adjusted EPS was approximately $3.64 per share.
- Refining system operated well with all four refineries performing as expected; Big Spring refinery showed improved reliability, higher crude slate flexibility, better product yields, and higher octane blending capabilities post-turnaround.
- Enterprise Optimization Plan (EOP) contributed approximately $60 million to P&L in Q2 and targets at least $220 million annual run rate cash flow increase by 2026.
- Delaware Basin midstream business (DXL) is close to completing a comprehensive sour gas solution, expected to maintain best-in-class EBITDA growth and yield, with third-party EBITDA expected to exceed 80% on a pro forma basis in 2026.
- Cash flow from operations was $263 million; investing activities used $176 million primarily for growth projects; financing activities used $82 million including dividend and distribution payments.
- During the quarter, Delek paid approximately $16 million in dividends and $20 million in share buybacks.
- Net debt excluding DXL declined by $72 million due to term loan paydown.
- Throughput guidance for Q3 2026 is 296,000 to 316,000 barrels per day system-wide.
- Operating expenses guidance for Q3 2026 is $220 million to $230 million; G&A $50 million to $55 million; D&A $110 million to $120 million; net interest expense $75 million to $85 million, split between Delek standalone and DXL.
- Supply and marketing segment improved by $60 million quarter over quarter, driven by $25 million from wholesale marketing.
- Logistics segment posted best quarterly results in history with approximately $144 million adjusted EBITDA.
- Management reaffirmed 2026 EBITDA guidance for DXL of $520 million to $560 million.
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Transcript
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안녕하세요, 여러분. 참여해 주셔서 감사합니다. Delek US 2026년 2분기 실적 발표 컨퍼런스 콜에 오신 것을 환영합니다. 오늘 준비된 발언이 끝난 후 질의응답 시간을 갖겠습니다. 질문을 하시려면 별표 1번을 눌러 손을 들어 주시기 바랍니다. 질문을 철회하려면 다시 별표 1번을 눌러 주십시오. 이제 회의를 Robert Wright 부사장 겸 최고재무책임자에게 넘기겠습니다.
Robert, 진행해 주십시오. 좋은 아침입니다. Delek US 2분기 실적 컨퍼런스 콜에 오신 것을 환영합니다.
오늘 콜에는 Avigal Soreq 사장 겸 CEO, Mohit Bhardwaj 신에너지, 전략 및 투자자 관계 담당 EVP, 그리고 경영진 팀의 다른 멤버들이 함께합니다. 오늘 발표 자료는 Delek US 웹사이트의 투자자 관계 섹션에서 확인하실 수 있습니다. 2번 슬라이드에는 미래 예측 정보에 관한 안전 항구 조항이 포함되어 있습니다. 참고로, 이번 컨퍼런스 콜에는 연방 증권법에 정의된 미래 예측 정보가 포함되어 있으며, 여기에는 가이던스 및 향후 사업 전망에 관한 진술이 포함됩니다. 오늘 콜에서 이루어진 모든 미래 예측 진술은 실제 결과가 오늘의 발언과 크게 다를 수 있는 위험과 불확실성을 내포하고 있습니다. 실제 결과가 달라질 수 있는 요인은 당사의 SEC 제출 자료에 포함되어 있습니다. 회사는 어떠한 미래 예측 진술도 업데이트할 의무를 지지 않습니다.
이제 Avigal에게 개회사를 넘기겠습니다.
Avigal? 감사합니다, Robert. 좋은 아침입니다. 오늘 참여해 주셔서 감사합니다.
FULL TRANSCRIPT
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