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
