Q1 2024 Delek US Holdings Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA for Q1 2024 was $159 million, showing an improvement from the previous quarter.
- The logistics segment delivered another strong quarter, with significant contributions from operations in the Midland and Delaware Basins.
- Delek US Holdings Inc increased liquidity from approximately $300 million to $800 million and reduced its leverage ratio.
- The company paid $16 million in dividends during the quarter and approved a $0.05 per share increase to the regular dividend.
- Delek US Holdings Inc is making progress in unlocking the value of its retail business by engaging investment bankers to review strategic opportunities.
- Delek US Holdings Inc reported a net loss of $33 million or $0.51 per share for Q1 2024.
- The company faced operational challenges including weather-related interruptions that impacted refinery throughput and efficiency.
- Supply and marketing segment reported a $65 million loss for the quarter, influenced by adverse weather conditions and rising price environments.
- There are ongoing challenges in optimizing the crude and product slates to enhance overall company EBITDA.
- Despite efforts, there are still significant steps needed to achieve the targeted $90 million to $100 million run rate in cost savings by the end of 2024.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek US First Quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Rosy Zuklic, Vice President, Investor Relations.
Good morning, and welcome to the Deltic U.S. First Quarter Earnings Conference Call. Participants on today's call will include Avigal Soreq, President and CEO; Joseph Israel, EVP Operations; Reuven Spiegel, EVP and Chief Financial Officer; Mark Hobbs, EVP, Corporate Development.
Today's presentation material can be found on the Investor Relations section of the Delek US website. Slide 2 contains our Safe Harbor statement regarding forward-looking statements. We'll be making forward-looking statements during today's call. These statements involve risks and uncertainties that may cause actual results to differ materially from today
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