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Delek US Holdings, Inc. earns most of its revenue from refineries in Texas, Arkansas and Louisiana. It buys crude oil and processes it mainly into gasoline, diesel and jet fuel, which it sells to wholesalers, retailers, oil companies and trading companies, principally in inland U.S. markets. It also produces asphalt and other industrial products. The company has sold its retail stores; its current businesses are refining and logistics.
Refining profitability depends on the gap between fuel selling prices and crude purchase costs, after energy, operating and compliance costs. Most of its crude is linked to the WTI benchmark, so discounts on that crude relative to other supplies matter. Delek also relies on Citi to finance a substantial portion of refinery inventory under an arrangement in which Citi owns covered inventory and buys specified refinery output.
Its majority-owned Delek Logistics earns fees for moving and storing oil, fuels and natural gas, processing gas, and disposing of and recycling water. It serves Delek’s refineries and outside customers, often under contracts requiring payment for minimum volumes or storage capacity. Several Delek refineries depend heavily on its pipelines, terminals and storage, while some logistics assets depend on those refineries operating successfully.
The refineries must meet federal renewable-fuel obligations by blending renewable fuels or buying compliance credits called RINs. Delek must buy additional credits and says it generally cannot pass those costs to customers, making regulatory exemptions important to earnings. Its facilities also need environmental and safety permits to keep operating.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Delek US depends on DELEK LOGISTICS PARTNERS, LP to transport crude and market, store and handle refinery products; as of December 31, 2025, it owned 63.3% of the partnership and consolidated its results. Watch fees from serving Delek’s refineries: the contracts require Delek to pay for minimum volumes or storage capacity, not just actual usage.
HF Sinclair Corporation competes with Delek US for fuel buyers in overlapping south-central and southwestern US markets. Both operate independent refineries selling gasoline, diesel and jet fuel, making HF Sinclair’s fuel sales in those markets relevant to Delek’s competitive position.
PBF Energy competes with Delek US in Gulf Coast markets, with both refining crude into unbranded transportation fuels and using supporting logistics to reach buyers. PBF’s margin between crude costs and gasoline, diesel and jet-fuel selling prices offers a comparison for Delek’s refining earnings.
Valero Energy Corporation competes with Delek US for overlapping wholesale, bulk and retail-distribution customers buying fuels made from crude oil. Watch Valero’s petroleum-refining results rather than its ethanol or renewable-diesel businesses for a comparison with Delek’s gasoline, distillate and jet-fuel margins.
CVR Energy competes with Delek US for wholesale fuel buyers in Arkansas, Oklahoma and markets connected to Texas by pipelines. Watch CVR’s renewable-fuel compliance costs: Delek must buy additional renewable-fuel credits, known as RINs, whose cost can squeeze refining margins even when fuel-versus-crude price spreads hold up.
Marathon Petroleum competes with Delek US for wholesale gasoline and distillate buyers, and both combine crude refining with logistics that move and store fuel. Marathon’s gasoline and distillate sales volumes provide a window into demand for the main fuels Delek sells.
Phillips 66 competes with Delek US to supply gasoline, diesel and aviation fuel to branded and unbranded wholesale buyers, including on the Gulf Coast. Its unbranded Gulf Coast fuel sales are the closest comparison here, since all of Delek’s refineries are in that region.
Par Pacific Holdings, Inc. shares Delek US’s dependence on the gap between crude costs and selling prices for higher-value fuels, but serves different regional markets. Its refinery fuel margins and throughput offer a comparison for Delek’s operations, not a direct read on Gulf Coast fuel prices.
EIA Crude Oil Stocks Change (Oct/16)
For Delek, weekly crude and gasoline stocks indicate changes in crude supply and fuel availability that can shift the crude costs paid by its refineries and the selling prices they earn, changing the spread between them.
Larger crude and gasoline stocks would point to looser supply and possible downward pressure on both Delek’s feedstock costs and fuel selling prices; smaller stocks would point to tighter supply and possible upward pressure. The refining margin depends on how the two price effects compare.
PBF ENERGY INC. earningsPBF
PBF Energy’s report will show how Gulf Coast fuel prices relative to crude costs, and refinery throughput, are affecting a close comparison for Delek US Holdings’ refining business.
Look at PBF Energy’s refining margin and throughput. Wider margins with steady throughput would indicate supportive Gulf Coast fuel economics and refinery operations, conditions that could also help Delek US Holdings; narrower margins or lower throughput would signal pressure in the same regional business, not prove Delek’s own results.
CVR ENERGY, INC. earningsCVI
CVR Energy’s report will show whether renewable-fuel compliance costs are squeezing refinery earnings, a useful signal for the credit costs Delek US Holdings may face.
Read CVR Energy’s renewable-fuel compliance costs alongside its refining margin. If costs rise while the margin holds, compliance spending can eat into earnings independently of the fuel-to-crude spread, a risk Delek US Holdings also faces; easing costs would suggest less pressure through that channel for Delek.
Delek US Holdings, Inc. earningsThis company
Delek US Holdings’ report will show whether refining margins and throughput are translating into refining earnings, and whether fee income from Logistics is still growing.
Read refining margin alongside throughput, then check Logistics EBITDA, a measure of segment earnings before interest, taxes, depreciation and amortization. Wider margins with steady throughput and rising Logistics EBITDA would show fuel sales and logistics fees both contributing; weaker margins or throughput, or flat Logistics EBITDA, would show one of those earnings paths is failing to carry through.
DELEK LOGISTICS PARTNERS, LP earningsDKL
Delek Logistics Partners’ report will show its transport and storage throughput and fee income, revealing whether the network Delek US Holdings relies on is moving crude and products and contributing earnings.
Check Delek Logistics Partners’ throughput and Logistics EBITDA, bearing in mind that fixed fees and minimum-volume commitments can support income even when actual use changes. Steady or rising measures would show contracted fees supporting the network and earnings Delek US Holdings consolidates; declines would signal weaker service activity or logistics earnings, although minimum-volume terms may cushion some of the effect.
Industrial Production MoM (Oct)
For Delek, factory, mine and utility output indicates how much industrial activity may support demand for gasoline, diesel and other refinery products, affecting product prices and refinery throughput alongside crude costs.
Stronger factory, mine and utility output would point to firmer potential demand and throughput for Delek’s refinery fuels; weaker output would point to less support. Whether refining margin improves also depends on product prices relative to crude costs.
