Delek US Holdings Reports Third Quarter 2020 Results

  • Pathway to improving cash flow by $200 million Y/Y in 2021
  • Trimming workforce approximately 8% adapting to prevailing macro conditions, focusing on competitiveness and efficiency
  • Reducing CAPEX approximately 40% Y/Y; 2021 spending guidance of $150 to $160 million (including turnarounds)
  • Exceeding G&A and operating cost reduction guidance in 2020; expect incremental $80 million reductions in 2021
  • Taking tactical actions to minimize cash losses at Krotz Springs refinery
  • Contribution from other initiatives including the start-up of Wink to Webster pipeline
  • Ownership in Delek Logistics Partners LP (DKL) increased to 80% post incentive distribution rights (IDR) simplification

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