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Delek US Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenues to $3,042.4 million from $4,628.8 million in the same quarter the previous year. This decline is attributed to decreases in the average price of gasoline and ultra-low-sulfur diesel, as well as reduced wholesale activity.
Cost of materials and other for the quarter was $2,788.7 million, representing 92% of net revenues, compared to 87% in the same quarter of the previous year. This increase in cost ratio is due to decreased sales volume and lower crude oil prices.
The company reported a refining margin of $165.5 million for the quarter, compared to $456.7 million in the previous year, with the decline attributed to decreased crack spreads and sales volume.
Operating expenses decreased to $185.1 million from $214.0 million, primarily due to lower natural gas costs and outside services.
Net loss for the quarter was $67.5 million, compared to a net income of $136.1 million in the previous year. The loss was driven by a decrease in refining margin and increased asset impairment charges.
Cash provided by operating activities was $78.9 million, while cash used in investing and financing activities was $25.7 million and $144.4 million, respectively.
Delek had a working capital of $2,582.2 million as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various strategic developments, including the sale of its retail operations and the acquisition of H2O Midstream, which are part of its efforts to unlock 'sum of the parts' value.
Delek does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on operational excellence, financial strength, and strategic initiatives to enhance its business and shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Delek US Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.