Delek US Holdings, Inc. engages in the integrated downstream energy business in the United States. The company operates in two segments Refining and Logistics. The Refining segment processes crude oil and other feedstock for the manufacture of various grades of gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products that are distributed through owned and third-party product terminals. It owns and operates refineries located in Tyler, Texas; El Dorado, Arkansas; Big Spring, Texas; and Krotz Springs, Louisiana. The Logistics segment gathers, transports, and stores crude oil and natural gas, intermediate, and refined products; and markets, distributes, transports, and stores refined products, as well as disposes and recycles water for third parties. It owns or leases crude oil transportation pipelines, refined product pipelines, crude oil gathering systems, and associated crude oil storage tanks; and owns and operates light product distribution terminals, as well as markets light products using third-party terminals. It serves oil companies, independent refiners and marketers, jobbers, distributors, utility and transportation companies, government, and independent retail fuel operators. Delek US Holdings, Inc. was founded in 2001 and is headquartered in Brentwood, Tennessee.
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U.S. RIN prices plunge after EPA delays biofuel compliance deadline
U.S. ethanol blending credit prices plunged Monday to their lowest levels in more than four months after the Environmental Protection Agency extended a September 1 compliance deadline for refiners and ruled on long-pending small refinery exemption requests by the end of August. Conventional ethanol RINs traded as low as $1.75, down $0.34 from Friday and their lowest level since April 15, according to data from Argus Media, after the credits had traded as high as $2.50 on July 7. RIN prices lost substantial value again during Monday's session in response to the EPA's impending small refinery exemption decisions, after falling 5% on Friday. Market participants expect the EPA's rulings to free up a significant number of credits, with refining and ethanol industry analysts estimating that the exemptions could free up 1.2 billion to 1.8 billion RINs that small refiners could use to meet their 2025 compliance obligations, after the EPA had previously indicated it could reallocate 990 million RINs associated with exemptions. Extending the compliance deadline is seen as signaling some form of RIN relief for refiners' 2026 and 2027 obligations as well, University of Illinois agricultural economist Scott Irwin told Reuters.
Phillips 66 Seen as Most Likely Delek US Holdings Acquirer
Phillips 66 is viewed as the most credible potential acquirer of Delek US Holdings, whose stock has surged 141% year to date past Wall Street's $64 consensus target. Delek closed at $71.47 on August 21, 2026, near its 52-week high, and an acquirer would gain four refineries with roughly 302,000 barrels per day of capacity plus a 63% controlling stake in Delek Logistics Partners. Marathon Petroleum and Valero Energy each hold about $8 billion in cash but prefer buybacks or demand stronger strategic fit, while Energy Transfer faces leverage and capex constraints. Three Delek executives sold shares on August 17 and 18, 2026, described as routine pre-scheduled sales, and the stock's run-up has compressed the rational takeover premium.
Delek Logistics Raises Dividend for 54th Straight Quarter
Delek Logistics Partners raised its quarterly distribution by half a cent to $1.135 per share on July 22, marking its third increase this year and 54th consecutive quarterly hike. The midstream company's annual dividend now stands at $4.54 per share, yielding 7.7% after the stock slumped nearly 13% on August 13 following a 4 million-share offering at $50 per share, well below its prior close of $60. The offering dilutes investors by $200 million against a market capitalization of $2.8 billion, with proceeds partly used to retire debt at 6.05% interest. Delek Logistics is up 17.2% year to date, and parent Delek US has reduced its ownership stake from 79% four years ago to about 63%, with Delek expecting 80% of 2026 EBITDA to come from third parties.
Delek Logistics Partners announced the pricing of its underwritten public offering of 4 million common units at $50.00 per unit, raising $200 million in gross proceeds. The offering is expected to close on August 14, 2026, and the underwriters have a 30-day option to purchase up to an additional 600,000 common units. Delek Logistics intends to use the net proceeds to repay outstanding borrowings under its revolving credit agreement and for general partnership purposes. Delek US Holdings will not purchase any common units in the offering, and its ownership interest in Delek Logistics will decrease from 63.0% to approximately 58.0% following completion, assuming full exercise of the underwriters' option.
Delek US Reports Record Logistics EBITDA and Advances Enterprise Optimization Plan
Delek US Holdings reported second-quarter 2026 net income of $170 million, or $2.71 per share, with adjusted net income of $344 million, or $5.48 per share, and adjusted EBITDA of $639 million. The logistics segment posted its highest-ever quarterly adjusted EBITDA of $144 million, driven by Permian Basin crude, gas, and water offerings, while the Enterprise Optimization Plan contributed an estimated $60 million toward an annual run-rate target of $220 million. Delek Logistics Partners reaffirmed full-year 2026 EBITDA guidance of $520 million to $560 million, with third-party EBITDA expected to exceed 80% on a pro forma basis, advancing the Sum of the Parts deconsolidation strategy. The company returned $36 million to shareholders through dividends and buybacks, reduced its term loan from $920 million to $850 million, and provided third-quarter throughput guidance of 296,000 to 316,000 barrels per day across its refining system. Management emphasized ongoing efforts to secure Small Refinery Exemptions to mitigate elevated Renewable Volume Obligation costs and expressed confidence in a mid-cycle free cash flow profile of $650 million to $700 million.
Zacks Highlights Delek US, PBF Energy, and Valero Energy as Top Refining Stocks
Zacks Equity Research identifies Delek US Holdings, PBF Energy, and Valero Energy as well-positioned to benefit from tight fuel supplies and steady transportation demand. The Zacks Oil and Gas - Refining & Marketing industry ranks in the top 8% of 247 Zacks industries, with aggregate 2026 earnings estimates up 102.8% over the past year. The industry has gained 60.9% in the past year, outperforming the broader sector's 26.9% rise and the S&P 500's 18.7% gain, and trades at an EV/EBITDA of 6.25X versus the S&P 500's 18.24X. Delek US Holdings carries a Zacks Rank #1 (Strong Buy) with a 2026 earnings growth estimate of 25.9% and shares up 174.3% in a year. PBF Energy, also a Zacks Rank #1, has an expected three-to-five-year EPS growth rate of 56% and shares up 147.6% in a year. Valero Energy, a Zacks Rank #2 (Buy) with a market capitalization of more than $90 billion, has a 2026 EPS growth estimate of 243.6% and shares up 114.4% in a year.
U.S. refiner margins hit record highs as fuel shortage fears mount
U.S. refiner margins shattered records this week as low stockpiles and supply disruptions from escalating U.S.-Iran attacks threaten fuel shortfalls. The 3-2-1 crack spread, a key profitability benchmark, settled at a record $69.66 per barrel on Nymex Thursday. Diesel has been the main driver, with disruptions to Middle Eastern exports and a temporary Russian export ban tightening an already-strained market, while gasoline supplies are also a growing concern as refiners shift yields toward diesel and jet fuel. U.S. diesel inventories are down nearly 11 million barrels and gasoline inventories down more than 42 million barrels from pre-war levels, and both are well below their five-year seasonal averages. National average retail gasoline prices reached $3.99 per gallon on Saturday, up nearly $0.84 from a year ago, and analysts warn that depleted inventories and damaged Middle East refineries will keep prices elevated, benefiting refiners whose shares have surged this year.
Par Pacific Outperforms Delek US on Profitability and Cash Flow in 2025
Par Pacific reported a net income of approximately $369.4 million for fiscal year 2025, while Delek US posted a net loss of roughly $22.8 million. Par Pacific's revenue reached close to $7.5 billion, a decrease of about 6.4% from the prior year, and Delek US saw revenue of nearly $10.7 billion, down roughly 9.5%. Par Pacific's debt-to-equity ratio stood at roughly 0.8x and free cash flow was nearly $296.5 million, compared with Delek US's debt-to-equity ratio of 11.7x and free cash flow of approximately $22.0 million. Par Pacific also trades at a lower forward price-to-earnings ratio of 4.2x versus Delek US's 9.2x, while Delek US has a lower price-to-sales ratio of 0.3x compared to Par Pacific's 0.4x. Both companies face customer concentration risk, with one customer accounting for approximately 12% of consolidated revenue in each case.
Zacks Adds Five Stocks to Strong Buy List on July 1st
Zacks Investment Research added five stocks to its Zacks Rank #1 (Strong Buy) List today. Powell Industries saw its current-year earnings consensus estimate rise 39.1% over the last 60 days. Delek US Holdings' estimate increased 44%, Alliance Laundry Holdings' rose 10.3%, Cenovus Energy's climbed 38.2%, and Legacy Housing Corporation's estimate grew 11.5% over the same period.
Delek U.S. shares rally 6% after fire at Delta-owned jet fuel refinery
Shares of Delek U.S. rallied 6% on Thursday after a fire broke out at the Trainer refinery in Pennsylvania, which is owned by Monroe Energy, a wholly owned subsidiary of Delta Air Lines. The Trainer facility is a key supplier of jet fuel, and its potential downtime could tighten supply and boost margins for competing refiners like Delek, which derives a high percentage of its revenue from jet fuel. Delek also holds a 63% stake in Delek Logistics Partners, valued at about $1.7 billion, representing 58% of Delek's market capitalization. The company had already seen elevated profits this year due to global supply disruptions from conflicts involving Iran and Russia.
Trump administration asks Congress to allow year-round E15 gasoline sales
The Trump administration formally asked Congress on Wednesday to pass legislation allowing year-round sales of gasoline blended with 15% ethanol, marking the first formal push by the White House to enact the policy. The request came in a supplemental bill released by the Office of Management and Budget, which called the measure an urgent and needed fix that codifies the permanent, year-round sale of E15. Supporters argue the higher-ethanol blend offers motorists a cheaper alternative to conventional gasoline, while U.S. refiners warn it could raise costs and complicate fuel distribution. Legislation allowing year-round E15 sales narrowly passed the House last month but faces long odds in the Senate, where major bills typically need 60 votes. The national average for regular gasoline stood at $3.93 per gallon as of Wednesday morning.