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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-38142
DELEK US HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
dklogoa36.jpg
35-2581557
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
310 Seven Springs Way, Suite 500
Brentwood
Tennessee
37027
(Address of principal executive offices)
(Zip Code)
(615) 771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑Accelerated filer ☐Non-accelerated filer ☐Smaller reporting company ☐Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01DKNew York Stock Exchange
At August 1, 2024, there were 64,538,625 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).

Table of Contents
Delek US Holdings, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended June 30, 2024
2 |
Image3.jpg
Financial Statements
Part I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In millions, except share and per share data)
June 30, 2024December 31, 2023
ASSETS  
Current assets: 
Cash and cash equivalents$657.9 $822.2 
Accounts receivable, net771.4 783.7 
Inventories, net of inventory valuation reserves1,010.4 981.9 
Other current assets61.2 78.2 
Total current assets2,500.9 2,666.0 
Property, plant and equipment:  
Property, plant and equipment4,799.4 4,690.7 
Less: accumulated depreciation(2,013.6)(1,845.5)
Property, plant and equipment, net2,785.8 2,845.2 
Operating lease right-of-use assets133.5 148.2 
Goodwill729.4 729.4 
Other intangibles, net284.3 296.2 
Equity method investments386.9 360.7 
Other non-current assets122.7 126.1 
Total assets$6,943.5 $7,171.8 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$1,861.4 $1,814.3 
Current portion of long-term debt9.5 44.5 
Current portion of obligation under Inventory Intermediation Agreement— 0.4 
Current portion of operating lease liabilities51.0 54.7 
Accrued expenses and other current liabilities642.9 771.2 
Total current liabilities2,564.8 2,685.1 
Non-current liabilities:  
Long-term debt, net of current portion2,452.2 2,555.3 
Obligation under Inventory Intermediation Agreement472.2 407.2 
Environmental liabilities, net of current portion32.8 110.9 
Asset retirement obligations26.2 43.3 
Deferred tax liabilities262.1 264.1 
Operating lease liabilities, net of current portion96.0 111.2 
Other non-current liabilities54.4 35.0 
Total non-current liabilities3,395.9 3,527.0 
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, 82,085,570 shares and 81,539,871 shares issued at June 30, 2024 and December 31, 2023, respectively
0.8 0.8 
Additional paid-in capital1,175.8 1,113.6 
Accumulated other comprehensive loss(4.8)(4.8)
Treasury stock, 17,575,527 shares, at cost, at June 30, 2024 and December 31, 2023, respectively
(694.1)(694.1)
Retained earnings328.1 430.0 
Non-controlling interests in subsidiaries177.0 114.2 
Total stockholders’ equity982.8 959.7 
Total liabilities and stockholders’ equity$6,943.5 $7,171.8 
See accompanying notes to the condensed consolidated financial statements
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (unaudited)
(In millions, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net revenues$3,421.7 $4,195.6 $6,649.3 $8,119.9 
Cost of sales: 
Cost of materials and other3,099.4 3,766.6 5,896.7 7,206.2 
Operating expenses (excluding depreciation and amortization presented below)185.1 188.7 398.9 359.5 
Depreciation and amortization80.7 82.6 167.1 159.4 
Total cost of sales3,365.2 4,037.9 6,462.7 7,725.1 
Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below)26.3 31.1 52.1 58.1 
General and administrative expenses63.1 75.8 127.5 147.3 
Depreciation and amortization11.4 6.8 20.2 13.4 
Asset impairment22.1 — 22.1 — 
Other operating income, net(79.9)(6.1)(81.5)(16.9)
Total operating costs and expenses3,408.2 4,145.5 6,603.1 7,927.0 
Operating income13.5 50.1 46.2 192.9 
Interest expense, net77.7 80.4 165.4 156.9 
Income from equity method investments(30.4)(25.5)(52.3)(40.1)
Other expense (income), net— 0.5 (0.7)(6.6)
Total non-operating expense, net47.3 55.4 112.4 110.2 
(Loss) income before income tax (benefit) expense(33.8)(5.3)(66.2)82.7 
Income tax (benefit) expense(7.7)(3.8)(14.9)12.0 
Net (loss) income (26.1)(1.5)(51.3)70.7 
Net income attributed to non-controlling interests11.1 6.8 18.5 14.7 
Net (loss) income attributable to Delek$(37.2)$(8.3)$(69.8)$56.0 
Basic (loss) income per share$(0.58)$(0.13)$(1.09)$0.84 
Diluted (loss) income per share$(0.58)$(0.13)$(1.09)$0.84 
Weighted average common shares outstanding:  
Basic64,213,899 65,773,609 64,117,943 66,359,537 
Diluted64,213,899 65,773,609 64,117,943 66,835,322 

See accompanying notes to the condensed consolidated financial statements
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(In millions)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net (loss) income$(26.1)$(1.5)$(51.3)$70.7 
Other comprehensive (loss) income:  
Other loss, net of taxes— (0.1)— (0.1)
Total other comprehensive loss— (0.1)— (0.1)
Comprehensive (loss) income$(26.1)$(1.6)$(51.3)$70.6 
Comprehensive income attributable to non-controlling interest11.1 6.8 18.5 14.7 
Comprehensive (loss) income attributable to Delek$(37.2)$(8.4)$(69.8)$55.9 

See accompanying notes to the condensed consolidated financial statements

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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited)
(In millions, except share and per share data)
Three Months Ended June 30, 2024
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at March 31, 2024
81,626,016$0.8 $1,171.8 $(4.8)$381.5 (17,575,527)$(694.1)$179.9 $1,035.1 
Net (loss) income—— — — (37.2)— — 11.1 (26.1)
Common stock dividends ($0.25 per share)
—— — — (16.0)— — — (16.0)
Distributions to non-controlling interests—— — — — — — (13.8)(13.8)
Equity-based compensation expense—— 7.3 — — — — 0.3 7.6 
Taxes paid due to the net settlement of equity-based compensation—— (3.9)— — — — (0.2)(4.1)
Exercise of equity-based awards402,665— — — — — — — — 
Other56,889— 0.6 — (0.2)— — (0.3)0.1 
Balance at June 30, 2024
82,085,570 $0.8 $1,175.8 $(4.8)$328.1 (17,575,527)$(694.1)$177.0 $982.8 

Three Months Ended June 30, 2023
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at March 31, 2023
84,569,103$0.9 $1,141.2 $(5.2)$557.2 (17,575,527)$(694.1)$124.3 $1,124.3 
Net (loss) income—— — — (8.3)— — 6.8 (1.5)
Common stock dividends ($0.23 per share)
—— — — (15.0)— — — (15.0)
Distributions to non-controlling interests—— — — — — — (9.6)(9.6)
Equity-based compensation expense—— 5.7 — — — — 0.2 5.9 
Repurchase of common stock(1,795,335)(0.1)(24.2)— (15.7)— — — (40.0)
Taxes paid due to the net settlement of equity-based compensation—— (2.9)— — — — (0.1)(3.0)
Exercise of equity-based awards308,196— — — — — — — — 
Other68,331— 2.0 (0.1)(0.1)— — — 1.8 
Balance at June 30, 2023
83,150,295 $0.8 $1,121.8 $(5.3)$518.1 (17,575,527)$(694.1)$121.6 $1,062.9 




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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited)
(In millions, except share and per share data)
Six Months Ended June 30, 2024
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTreasury SharesNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 202381,539,871 $0.8 $1,113.6 $(4.8)$430.0 (17,575,527)$(694.1)$114.2 $959.7 
Net (loss) income— — — — (69.8)— — 18.5 (51.3)
Common stock dividends ($0.495 per share)
— — — — (31.7)— — — (31.7)
Distributions to non-controlling interests— — — — — — — (23.6)(23.6)
Equity-based compensation expense— — 14.3 — — — — 0.5 14.8 
Taxes paid due to the net settlement of equity-based compensation— — (4.4)— — — — (0.5)(4.9)
Exercise of equity-based awards447,039 — — — — — — — — 
Equity attributable to issuance of Delek Logistics common limited partner units, net of tax— — 50.5 — — — — 68.3 118.8 
Other98,660 — 1.8 — (0.4)— — (0.4)1.0 
Balance at June 30, 202482,085,570 $0.8 $1,175.8 $(4.8)$328.1 (17,575,527)$(694.1)$177.0 $982.8 
Six Months Ended June 30, 2023
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive LossRetained EarningsTreasury StockNon-Controlling Interest in SubsidiariesTotal Stockholders' Equity
SharesAmountSharesAmount
Balance at December 31, 202284,509,517 $0.9 $1,134.1 $(5.2)$507.9 (17,575,527)$(694.1)$125.9 $1,069.5 
Net income— — — — 56.0 — — 14.7 70.7 
Common stock dividends ($0.45 per share)
— — — — (29.7)— — — (29.7)
Equity-based compensation expense— — 12.0 — — — — 0.3 12.3 
Distributions to non-controlling interests— — — — — — — (19.1)(19.1)
Repurchase of common stock(1,811,627)(0.1)(24.4)— (15.9)— — — (40.4)
Taxes paid due to the net settlement of equity-based compensation— — (3.4)— — — — (0.2)(3.6)
Exercise of equity-based awards361,839 — — — — — — — — 
Other90,566 — 3.5 (0.1)(0.2)— — — 3.2 
Balance at June 30, 202383,150,295 $0.8 $1,121.8 $(5.3)$518.1 (17,575,527)$(694.1)$121.6 $1,062.9 

See accompanying notes to the condensed consolidated financial statements
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net (loss) income$(51.3)$70.7 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization187.3 172.8 
Non-cash lease expense27.6 30.2 
Deferred income taxes(15.9)12.0 
Asset impairment 22.1 — 
Income from equity method investments(52.3)(40.1)
Dividends from equity method investments22.7 19.5 
Non-cash lower of cost or market/net realizable value adjustment(10.7)(9.6)
Loss on extinguishment of debt3.6 — 
Equity-based compensation expense14.8 12.3 
Other (19.0)6.3 
Changes in assets and liabilities:
Accounts receivable12.3 240.2 
Inventories and other current assets(2.9)280.6 
Fair value of derivatives7.1 (19.4)
Accounts payable and other current liabilities(5.0)(134.9)
Obligation under Inventory Intermediation Agreements64.6 (146.3)
Non-current assets and liabilities, net(86.7)(4.1)
Net cash provided by operating activities118.3 490.2 
Cash flows from investing activities:  
Distributions from equity method investments3.4 7.3 
Purchases of property, plant and equipment(133.3)(277.6)
Purchase of equity securities(0.4)(9.0)
Purchases of intangible assets(1.3)(1.3)
Proceeds from sale of property, plant and equipment9.5 0.7 
Insurance proceeds18.0 — 
Net cash used in investing activities(104.1)(279.9)
Cash flows from financing activities:
Proceeds from long-term revolvers3,013.1 1,547.0 
Payments on long-term revolvers(3,463.4)(1,781.5)
Proceeds from term debt852.5 — 
Payments on term debt(536.1)(12.3)
Proceeds from product and other financing agreements259.7 656.0 
Repayments of product and other financing agreements(361.8)(603.2)
Proceeds from Inventory Intermediation Agreement— 32.2 
Proceeds from termination of Supply & Offtake Obligation— 25.8 
Taxes paid due to the net settlement of equity-based compensation(4.9)(3.6)
Repurchase of common stock— (40.4)
Distribution to non-controlling interest(23.6)(19.1)
Proceeds from issuance of Delek Logistic common limited partner units, net132.2 — 
Payment of debt extinguishment costs(0.3)— 
Dividends paid(31.7)(29.7)
Deferred financing costs paid(14.2)(1.2)
Net used in financing activities(178.5)(230.0)
Net increase (decrease) in cash and cash equivalents(164.3)(19.7)
Cash and cash equivalents at the beginning of the period822.2 841.3 
Cash and cash equivalents at the end of the period$657.9 $821.6 
Delek US Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited) (Continued)
(In millions)

Six Months Ended June 30,
20242023
Supplemental disclosures of cash flow information:  
Cash paid during the period for:  
Interest, net of capitalized interest of $0.7 million and $0.7 million in the 2024 and 2023 periods, respectively
$145.2 159.9 
Income taxes$3.2 $6.6 
Non-cash investing activities:
Decrease in accrued capital expenditures$(6.6)$(24.3)
Non-cash financing activities:
Non-cash lease liability arising from obtaining right-of-use assets during the period$14.1 $22.9 

See accompanying notes to the condensed consolidated financial statements
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Notes to Consolidated Financial Statements
Delek US Holdings, Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
1. Organization and Basis of Presentation
Delek US Holdings, Inc. operates through its consolidated subsidiaries, which include Delek US Energy, Inc. ("Delek Energy") (and its subsidiaries) and Alon USA Energy, Inc. ("Alon") (and its subsidiaries). The terms "we," "our," "us," "Delek" and the "Company" are used in this report to refer to Delek and its consolidated subsidiaries. Delek's common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "DK."
Our condensed consolidated financial statements include the accounts of Delek and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP") have been condensed or omitted, although management believes that the disclosures herein are adequate to make the financial information presented not misleading. Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP applied on a consistent basis with those of the annual audited consolidated financial statements included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 28, 2024 (the "Annual Report on Form 10-K") and in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K.
Our condensed consolidated financial statements include Delek Logistics Partners, LP ("Delek Logistics", NYSE:DKL), which is a variable interest entity ("VIE"). As the indirect owner of the general partner of Delek Logistics, we have the ability to direct the activities of this entity that most significantly impact its economic performance. We are also considered to be the primary beneficiary for accounting purposes for this entity and are Delek Logistics' primary customer. In the event that Delek Logistics incurs a loss, our operating results will reflect such loss, net of intercompany eliminations, to the extent of our ownership interest in this entity.
On July 31, 2024, a wholly owned subsidiary of Delek, entered into a definitive equity purchase agreement (the "Retail Purchase Agreement") with a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”). Under the terms of the Retail Purchase Agreement, Delek agreed to sell, and FEMSA has agreed to purchase, 100% of the equity interests in four of Delek’s wholly-owned subsidiaries that own and operate 249 retail fuel and convenience stores (the "Retail Stores") under the Delek US Retail brand for a cash consideration of $350.0 million plus the purchase of inventory and other customary adjustments under the Retail Purchase Agreement for indebtedness (the “Retail Transaction”). See Note 18 for further information.
On August 2, 2024, Delek Logistics entered into a Purchase and Sale Agreement with H2O Midstream Holdings, LLC (the “Seller”) to purchase 100% of the limited liability company interests in H2O Midstream Intermediate, LLC, H2O Midstream Permian LLC, and H2O Midstream LLC (the “Purchased Interests” or "H2O Midstream"), related to the Seller’s water disposal and recycling operations, in the Midland Basin in Texas (the “H2O Purchase Agreement”) for total consideration of $230.0 million, subject to customary adjustments under the H2O Purchase Agreement for net working capital and indebtedness. See Note 18 for further information.
In the opinion of management, all adjustments necessary for a fair presentation of the financial condition and the results of operations for the interim periods have been included. All significant intercompany transactions and account balances have been eliminated in consolidation. All adjustments are of a normal, recurring nature. Operating results for the interim period should not be viewed as representative of results that may be expected for any future interim period or for the full year.
Reclassifications
Certain prior period amounts have been reclassified in order to conform to the current period presentation.
Accounting Pronouncements Not Yet Adopted
ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements
In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-02 Codification Improvements - Amendments to Remove References to the Concepts Statements ("ASU 2024-02"), which amends the Accounting Standards Codification ("Codification") to remove references to various concepts statements and impacts a variety of topics in the Codification. The ASU is intended to simplify the Codification and draw a distinction between authoritative and non-authoritative literature. ASU 2024-02 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company does not expect this update to have a material impact on our condensed consolidated financial statements and related disclosures.
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Notes to Consolidated Financial Statements
ASU 2023-09, Income Taxes(Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09 Income Taxes(Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). The standard is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements, but does not currently expect adopting this new guidance will have a material impact on our condensed consolidated financial statements and related disclosures.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the chief decision maker ("CODM") and included within each reported measure of a segment's profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The ASU also requires disclosure of the title and position of the individual or group identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2023-07 should not have a material impact on our condensed consolidated financial statements and related disclosures. See Note 2 for further information.
ASU 2023-06, Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative
In October 2023, the FASB issued ASU 2023-06 Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). The main provision of ASU 2023-06 is to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the FASB accounting standard codification with the SEC's regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the provisions of the amendments and the impact on its future condensed consolidated financial statements, but does not currently expect adopting this new guidance will have a material impact on our condensed consolidated financial statements and related disclosures.
2. Segment Data
We aggregate our operating units into three reportable segments: Refining, Logistics, and Retail. Operations that are not specifically included in the reportable segments are included in Corporate, Other and Eliminations, which consist of the following:
•our corporate activities;
•results of certain immaterial operating segments, including our Canadian crude trading operations (as discussed in Note 9); and
•intercompany eliminations.
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 throughout the financial statements and the accompanying notes.
The disaggregated financial results for the reporting segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for the purposes of assisting internal operating decisions. The CODM evaluates performance based upon EBITDA attributable to Delek. We define EBITDA attributable to Delek for any period as net income (loss) attributable to Delek plus interest expense, income tax expense (benefit), depreciation and amortization. Segment EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered alternatives to net income (loss), which is the most directly comparable financial measure to EBITDA that is in accordance with U.S. GAAP. Segment EBITDA, as determined and measured by us, should also not be compared to similarly titled measures reported by other companies.
Assets by segment are not a measure used to assess the performance of the Company by the CODM and thus are not disclosed.
Refining Segment
The refining segment processes crude oil and other feedstocks for the manufacture of transportation motor fuels, including various grades of gasoline, diesel fuel and aviation fuel, asphalt and other petroleum-based products that are distributed through owned and third-party product terminals. The refining segment includes the following:
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Notes to Consolidated Financial Statements
•Tyler, Texas refinery (the "Tyler refinery");
•El Dorado, Arkansas refinery (the "El Dorado refinery");
•Big Spring, Texas refinery (the "Big Spring refinery"); and
•Krotz Springs, Louisiana refinery (the "Krotz Springs refinery").
The refining segment also owns three biodiesel facilities, located in Crossett, Arkansas, Cleburne, Texas and New Albany, Mississippi. During the second quarter of 2024, we made the decision to idle the biodiesel facilities, while exploring viable and sustainable alternatives. See Note 15 for further information. In addition, the refining segment includes our wholesale crude operations and our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S.
Logistics Segment
Our logistics segment owns and operates crude oil, refined products and natural gas logistics and marketing assets as well as water disposal and recycling assets. The logistics segment generates revenue by charging fees for gathering, transporting and storing crude oil and natural gas, marketing, distributing, transporting and storing intermediate and refined products and disposing and recycling water in select regions of the southeastern United States, the Delaware Basin in New Mexico and West Texas for our refining segment and third parties, and sales of wholesale products in the West Texas market.
Retail Segment
Our retail segment consists of 250 owned and leased convenience store sites as of June 30, 2024, located primarily in West Texas and New Mexico. These convenience stores typically offer various grades of fuel, food and beverage products, general merchandise, and certain food and other services. Substantially all of the motor fuel sold through our retail segment is supplied by our Big Spring refinery, which is transferred to the retail segment at prices substantially determined by reference to published commodity pricing information.
Business Segment Operating Performance
The following is a summary of business segment operating performance as measured by EBITDA attributable to Delek for the period indicated (in millions):
 Three Months Ended June 30, 2024
(In millions)RefiningLogisticsRetailCorporate,
Other and Eliminations		Consolidated
Net revenues (excluding intercompany fees and revenues)$3,097.9 $107.7 $216.1 $— $3,421.7 
Inter-segment fees and revenues209.3 156.9 — (366.2)— 
Total revenues$3,307.2 $264.6 $216.1 $(366.2)$3,421.7 
Segment EBITDA attributable to Delek$17.3 $100.6 $12.4 $(5.4)$124.9 
Depreciation and amortization(57.4)(24.2)(3.7)(6.8)(92.1)
Interest expense, net(7.0)(35.2)(0.1)(35.4)(77.7)
Income tax benefit7.7 
Net loss attributable to Delek$(37.2)
Income from equity method investments$11.9 $7.9 $— $10.6 $30.4 
Capital spending (1)
$47.0 $10.2 $6.5 $7.1 $70.8 
 Three Months Ended June 30, 2023
(In millions)RefiningLogisticsRetailCorporate,
Other and Eliminations		Consolidated
Net revenues (excluding intercompany fees and revenues)$3,849.0 $113.9 $232.7 $— $4,195.6 
Inter-segment fees and revenues203.5 133.0 — (336.5)— 
Total revenues$4,052.5 $246.9 $232.7 $(336.5)$4,195.6 
Segment EBITDA attributable to Delek$121.8 $90.9 $15.0 $(70.0)$157.7 
Depreciation and amortization(59.8)(23.7)(2.6)(3.3)(89.4)
Interest expense, net(12.2)(35.0)— (33.2)(80.4)
Income tax benefit3.8 
Net loss attributable to Delek$(8.3)
Income from equity method investments$11.4 $7.3 $— $6.8 $25.5 
Capital spending (1)
$29.5 $19.4 $5.3 $7.0 $61.2 

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Notes to Consolidated Financial Statements
 Six Months Ended June 30, 2024
(In millions)RefiningLogisticsRetailCorporate,
Other and Eliminations		Consolidated
Net revenues (excluding intercompany fees and revenues)$6,019.5 $220.2 $409.6 $— $6,649.3 
Inter-segment fees and revenues396.0 296.5 — (692.5)— 
Total revenues$6,415.5 $516.7 $409.6 $(692.5)$6,649.3 
Segment EBITDA attributable to Delek$122.4 $200.3 $18.9 $(73.6)$268.0 
Depreciation and amortization(118.8)(50.7)(7.2)(10.6)(187.3)
Interest expense, net(19.1)(75.5)(0.1)(70.7)(165.4)
Income tax benefit14.9 
Net loss attributable to Delek$(69.8)
Income from equity method investments$15.9 $16.4 $— $20.0 $52.3 
Capital spending (1)
$68.5 $25.4 $10.6 $12.2 $116.7 
 Six Months Ended June 30, 2023
(In millions)RefiningLogisticsRetailCorporate,
Other and Eliminations		Consolidated
Net revenues (excluding intercompany fees and revenues)$7,449.8 $232.4 $437.7 $— $8,119.9 
Inter-segment fees and revenues397.2 258.0 — (655.2)— 
Total revenues$7,847.0 $490.4 $437.7 $(655.2)$8,119.9 
Segment EBITDA attributable to Delek$317.3 $182.3 $21.4 $(123.3)$397.7 
Depreciation and amortization(116.4)(44.8)(5.3)(6.3)(172.8)
Interest expense, net(21.2)(67.6)(0.2)(67.9)(156.9)
Income tax expense(12.0)
Net income attributable to Delek$56.0 
Income from equity method investments$15.2 $13.6 $— $11.3 $40.1 
Capital spending (1)
$177.1 $55.5 $8.0 $12.7 $253.3 

(1) Capital spending includes additions on an accrual basis.
3. Earnings Per Share
Basic earnings per share (or "EPS") is computed by dividing net income (loss) by the weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income, as adjusted for changes to income that would result from the assumed settlement of the dilutive equity instruments included in diluted weighted average common shares outstanding, by the diluted weighted average common shares outstanding. For all periods presented, we have outstanding various equity-based compensation awards that are considered in our diluted EPS calculation (when to do so would be dilutive), and is inclusive of awards disclosed in Note 16 to these condensed consolidated financial statements. For those instruments that are indexed to our common stock, they are generally dilutive when the market price of the underlying indexed share of common stock is in excess of the exercise price.
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Notes to Consolidated Financial Statements
The following table sets forth the computation of basic and diluted earnings per share.
Three Months Ended June 30,Six Months Ended June 30,
202420232024
2023
Numerator:
Numerator for EPS
Net (loss) income$(26.1)$(1.5)$(51.3)$70.7 
Less: Income attributed to non-controlling interests11.1 6.8 18.5 14.7 
Numerator for basic and diluted EPS attributable to Delek$(37.2)$(8.3)$(69.8)$56.0 
Denominator:
Weighted average common shares outstanding (denominator for basic EPS)64,213,899 65,773,609 64,117,943 66,359,537 
Dilutive effect of stock-based awards— — — 475,785 
Weighted average common shares outstanding, assuming dilution (denominator for diluted EPS)64,213,899 65,773,609 64,117,943 66,835,322 
EPS:
Basic (loss) income per share$(0.58)$(0.13)$(1.09)$0.84 
Diluted (loss) income per share$(0.58)$(0.13)$(1.09)$0.84 
The following equity instruments were excluded from the diluted weighted average common shares outstanding because their effect would be anti-dilutive:
Antidilutive stock-based compensation (because average share price is less than exercise price)1,397,499 2,572,768 1,250,217 2,149,803 
Antidilutive due to loss664,225 464,170 660,263 — 
Total antidilutive stock-based compensation2,061,724 3,036,938 1,910,480 2,149,803 
4. Delek Logistics
Delek Logistics is a publicly traded limited partnership formed by Delek in 2012 that owns and operates crude oil, refined products and natural gas logistics and marketing assets as well as water disposal and recycling assets. A substantial majority of Delek Logistics' assets are integral to Delek’s refining and marketing operations. As of June 30, 2024, we owned a 72.6% interest in Delek Logistics, consisting of 34,311,278 common limited partner units and the non-economic general partner interest. The limited partner interests in Delek Logistics not owned by us are reflected in net income attributable to non-controlling interest in the accompanying condensed consolidated statements of income and in non-controlling interest in subsidiaries in the accompanying condensed consolidated balance sheets.
On March 12, 2024, Delek Logistics completed a public offering of its common units in which it sold 3,584,416 common units (including an overallotment option of 467,532 common units) to the underwriters of the offering at a price to the public of $38.50 per unit. The proceeds received from this offering (net of underwriting discounts, commissions and expenses) were $132.2 million and were used to repay a portion of the outstanding borrowings under the Delek Logistics Revolving Facility (defined below). Underwriting discounts totaled $5.5 million.
As a result of this common unit issuance and our resulting Delek Logistics ownership change, we adjusted additional paid-in capital and equity attributable to Delek Logistics’ non-controlling interest holders to reallocate Delek Logistics' equity among its unitholders.
Delek Logistics is a VIE, as defined under GAAP, and is consolidated into our condensed consolidated financial statements, representing our logistics segment. The assets of Delek Logistics can only be used to settle its own obligations and its creditors have no recourse to our assets. Exclusive of intercompany balances and the marketing agreement intangible asset between Delek Logistics and Delek which are eliminated in consolidation, the Delek Logistics condensed consolidated balance sheets are included in the condensed consolidated balance sheets of Delek. The Delek Logistics condensed consolidated balance sheets are presented below (in millions):
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Notes to Consolidated Financial Statements
As of June 30, 2024
As of December 31, 2023
ASSETS  
Cash and cash equivalents$5.1 $3.8 
Accounts receivable49.0 41.1 
Accounts receivable from related parties39.5 28.4 
Inventory1.8 2.3 
Other current assets1.2 0.7 
Property, plant and equipment, net919.1 936.2 
Equity method investments 235.9 241.3 
Operating lease right-of-use assets16.6 19.0 
Goodwill12.2 12.2 
Intangible assets, net331.2 343.0 
Other non-current assets11.7 14.2 
Total assets$1,623.3 $1,642.2 
LIABILITIES AND DEFICIT
Accounts payable$26.2 $26.3 
Current portion of long-term debt— 30.0 
Current portion of operating lease liabilities6.0 6.7 
Accrued expenses and other current liabilities37.8 27.6 
Long-term debt, net of current portion1,566.3 1,673.8 
Asset retirement obligations10.4 10.0 
Operating lease liabilities, net of current portion6.7 8.3 
Other non-current liabilities21.2 21.4 
Deficit(51.3)(161.9)
Total liabilities and deficit$1,623.3 $1,642.2 
5. Equity Method Investments
Wink to Webster Pipeline
Prior to its contribution to Delek Logistics on August 5, 2024 (see Note 18 for additional information), we owned a 50% investment in W2W Holdings LLC ("HoldCo") which was formed by us and MPLX Operations LLC ("MPLX") to obtain financing and fund capital calls associated with our collective and contributed interests in the Wink to Webster Pipeline LLC ("WWP") joint venture. The Company had previously determined that HoldCo is a VIE. While we had the ability to exert significant influence through participation in board and management committees, we were not the primary beneficiary since we did not have a controlling financial interest in HoldCo, and no single party had the power to direct the activities that most significantly impact HoldCo's economic performance.
Distributions received from WWP were first applied to service the debt of HoldCo's wholly owned finance LLC, with excess distributions made to the HoldCo members as provided for in the W2W Holdings LLC Agreement and as allowed for under its debt agreements. The obligations of the HoldCo members under the W2W Holdings LLC Agreement were guaranteed by the parents of the member entities.
As of June 30, 2024, except for the guarantee of member obligations under the joint venture, we do not have other guarantees with or to HoldCo, nor any third-party associated with HoldCo contracted work. The Company's maximum exposure to any losses incurred by HoldCo is limited to its investment.
As of June 30, 2024 and December 31, 2023, Delek's HoldCo investment balance totaled $70.3 million and $51.4 million, respectively.
Delek Logistics Investments
Delek Logistics has a 33% membership interest in Red River Pipeline Company LLC (“Red River”), which owns a 16-inch crude oil pipeline running from Cushing, Oklahoma to Longview, Texas. As of June 30, 2024 and December 31, 2023, Delek's investment balance in Red River totaled $139.1 million and $141.1 million, respectively.
In addition to Red River, Delek Logistics has two other pipeline joint ventures in which we own a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. to operate one of these pipeline systems and a 33% membership interest in Andeavor Logistics Rio Pipeline LLC which operates the other pipeline system. As of June 30, 2024 and December 31, 2023, Delek Logistics' investment balance in these joint ventures was $96.8 million and $100.3 million, respectively.
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Notes to Consolidated Financial Statements
Other Investments
In addition to our pipeline joint ventures, we also have a 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S., as well as a 50% interest in a joint venture that owns, operates and maintains a terminal consisting of an ethanol unit train facility with an ethanol tank in Arkansas. As of June 30, 2024 and December 31, 2023, Delek's investment balance in these joint ventures was $80.7 million and $67.9 million, respectively.
6. Inventory
Crude oil feedstocks, refined products, blendstocks and asphalt inventory for all of our operations, excluding merchandise inventory in our retail segment, are stated at the lower of cost determined using the first-in, first-out ("FIFO") basis or net realizable value. Retail merchandise inventory consists of cigarettes, beer, convenience merchandise and food service merchandise and is stated at estimated cost as determined by the retail inventory method.
The following table presents the components of inventory for each period presented:
Titled Inventory
Inventory Intermediation Agreement (1)
Total
June 30, 2024
Feedstocks, raw materials and supplies$258.8 $143.6 $402.4 
Refined products and blendstock266.7 306.3 573.0 
Merchandise inventory and other35.0 — 35.0 
Total$560.5