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EX - 99.1 2 dk - ex991earningsreleasex03.htm EX - 99.1 Delek US Exhibit 99.1 • • • • Delek US Holdings Reports First Quarter 2021 Results Improved sequential EBITDA despite various headwinds ; headline earnings reflect a lower tax benefit attributable to a more favorable internal outlook and corresponding impact on estimated annual effective tax rates Record first quarter retail segment results versus comparable periods providing stability and growth Improving crack spreads prompted a re - start of the Krotz Springs refinery All major planned refinery turnaround activities for the year are now complete , paving the way for higher utilization rates Maintain strong balance sheet with $ 794 million of cash as of March 31 , 2021 -- BRENTWOOD , Tenn .-- May 4 , 2021 Delek US Holdings , Inc. ( NYSE : DK ) ( “ Delek US " ) today announced financial results for its first quarter ended March 31 , 2021. Delek US reported a first quarter 2021 net loss of $ ( 98.6 ) million , or $ ( 1.34 ) per share , versus net loss of $ ( 314.4 ) million , or $ ( 4.28 ) per diluted share , for the quarter ended March 31 , 2020. On an adjusted basis , Delek US reported an Adjusted net loss of $ ( 125.2 ) million , or $ ( 1.69 ) per share , for the first quarter 2021. This compares to Adjusted net loss of $ ( 119.7 ) million , or $ ( 1.63 ) per share , in the prior - year . Adjusted earnings before interest , taxes , depreciation and amortization ( " Adjusted EBITDA " ) was $ ( 41.4 ) million for the first quarter compared to Adjusted EBITDA of $ ( 19.0 ) million in the prior year . Reconciliations of net income ( loss ) reported under U.S. GAAP to Adjusted net income ( loss ) and Adjusted EBITDA are included in the financial tables attached to this release . Adjusted quarterly results include approximately $ ( 20.5 ) million ( after - tax ) , or $ ( 0.28 ) per share , of headwinds which is comprised of the following : a net unfavorable impact of $ ( 10.3 ) million ( pre - tax ) from negative " other inventory impact " which is outlined on page 12 and other net inventory hedging losses in the amount of $ ( 16.2 ) million ( pre - tax ) , outlined by segment in the table on page 9 . Uzi Yemin , Chairman , President and Chief Executive Officer of Delek US , stated , " Despite Winter Storm Uri , a continued challenging economic environment , and turnaround activities , we had improved EBITDA performance quarter over quarter . Our headline earnings reflect a lower tax benefit due to improving internal forecasts and the preliminary expectation that our annual tax rate will be better than statutory rates . Our retail business continues delivering strong results with record first quarter performance providing a layer of stability and growth within the portfolio . " Mr. Yemin continued , " In the refining segment , improving margins prompted us to re - start the Krotz Springs refinery . Our major planned maintenance for the year is now complete positioning us to run at strong utilization rates . We are excited to announce an exclusive agreement with Baker Hughes utilizing proprietary intellectual property allowing us to meet IMO regulations through blending competencies . This creates an attractive organic growth opportunity with minimal capital requirements and attractive return potential . " Liquidity . As of March 31 , 2021 , Delek US had a cash balance of $ 793.5 million and total consolidated long - term debt of $ 2,367.8 million , resulting in net debt of $ 1,574.3 million . As of March 31 , 2021 , Delek Logistics Partners , LP ( NYSE : DKL ) ( " Delek Logistics " ) had $ 983.4 million of total debt and $ 13.4 million of cash , which is included in the consolidated amounts on Delek US ' balance sheet . Excluding Delek Logistics , Delek US had approximately $ 780.1 million in cash and $ 1,384.4 million of debt , or a $ 604.3 million net debt position . We maintain a federal income tax receivable totaling $ 156 million as of March 31 , 2021 , related to the federal net operating loss carryback , of which we expect to collect approximately $ 136 million in 2021 . 1 |