DK - Earnings call transcript Q4 2020 | Delek US Holdings, Inc.

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Operator

Good morning, and welcome to the Delek's Fourth Quarter and Full Year 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation there will be an opportunity to ask question. [Operator Instructions]. is event this note being recorded. Please now Blake Fernandez. would like to to over conference the turn I Please go ahead.

Blake Fernandez

webcast US I everyone results. on and for morning. joining discuss Good would us today's like conference XXXX fourth quarter Holdings' to thank to financial Delek call

me and Uzi our used President members as as and call of Chairman, Delek CFO, and of is EVP can be Investor call US the of other team. today's materials Reuven Refining; during Spiegel. and today's The our Louis on President, Joining on Yemin, website. CEO; LaBella, presentation section management EVP well found Relations the

Harbor a reminder, that Securities as under As statements Federal conference Safe this Laws. Please contain X statement. forward-looking is slide defined may term see call the for

reporting non-GAAP with principles accordance the of to measures addition the which are generally certain financial is in Investor these results posted GAAP, on comparable or results, in to can segment results. financial of financial release, accounting encouraged reconciliation non-GAAP the be press Investors report Relations found we which the to website. GAAP the accepted review In

are turn And I'll prepared financial information Uzi that, will less will today's being will remarks that we Louis assuming few earnings call segment cover CapEx. comments. I operations release Reuven. performance. press With and then Our Reuven call, will offer review has into and reviewed, capitalization over and and cover guidance. closing to made a press the market the incorporated that been On is the XQ are covering release.

Reuven Spiegel

negative per diluted or $X US reported income net fourth the basis share, period. $XXX Delek compared Blake. prior share million a million, XXXX, Thank to of adjusted you, On the year per of for an net in $X.XX $X.XX loss or of quarter

period. in million $XXX negative the year prior compared million of was XXXX, fourth the EBITDA adjusted to $XX quarter in Our

the in XXXX, provide the or In items per positive million. over the The press million of we $XX share after and working which $XXX second in headwinds, million included impact, of release quarter. tables quarter adjusted includes hedging would a other quarter in flow cash Blake. from on providing that, of waterfall. highlight providing turn flow like XX capital slide $XXX the had it benefit approximately approximately four, continuing On the expenditure $XX to we results. will XX tax I fourth Cash inventory $.XX a the operations, paragraph release of of cash were million. With a impacts page inventory I of highlights capital to of page

Blake Fernandez

at $XXX expected Thanks, term $XXX term XXXX. long fourth first Reuven. tax long federal $XXX debt our $X.XX XXXX. $XXX XX, a We is consolidated December be with Delek debt, Logistics expect the you of million I million, of approximately refund half approximately which debt $XXX would we of the in billion of remind had million, we excluding million collected of to that capitalization. net on Slide million of highlights of five net a cash of ended basis and quarter net

guidance our to six, for first provide we quarter Moving slide modeling.

normalize energy would Our expect initiatives footprint short an putting expenses regional in in That February reduction our track a basis. course. said pressure weather upward inclement We basis. on controllable due term on cost underlying and on is expenses remain weather-related related to on

Louis over to announced and the to turn that, the With in segment CapEx. January to Midland operating. Webster call is pipeline to Wink I the the operations discuss JV Webster that Lastly, will of now

Louis LaBella

Blake. Thanks,

quarter day. XXXX. During the our refining In approximately of fourth XXX,XXX the oil per quarter, first crude was total throughput system barrels

originally run timing to normal further rest in revised Krotz continue of February its to approximately midpoint. operations turnaround XX% $XX $XXX below during planned March. Dorado bringing was Tyler we back to are reflects for or million expected utilization our weather-related at spending an for and throughputs our crude capital On XXXX average accelerated and the turnaround capital no XQ, million expect the quarter planned at in between Springs have This were and and Big barrels Spring Tyler, at And the work and the to Springs day, the operating oil budget budget. XXX,XXX seven, This year slide $XX -- fourth full Big original current XXX,XXX million. $XX We per downtown's be below million, XXXX to El expenditures year. to of mode.

our $XXX is reminder, expected approximately million a the $XX levels. XXXX $XXX be turnarounds, to representing program from a reduction of XXXX As to capital including million million

to the turn call I Next, Uzi.

Uzi Yemin

Coast you, the Gulf Coast Louis. should initiative. remains capital industry entering region. by Delek track XXXX and well-positioned and inventories the morning along from on for and cost Recent resulting Thank everybody. supported Good improving cold Gulf downtime reduction weather margins product create

We the in Holdings With to perform outlining retail this stability another one-third and less operates Blake. and the approach is owns energy. mitigate this in economic the with diesel retained indirectly opportunities refinery. XXXX. we and acquisition, Our turn their see renewable call to option cost which acquire in to our a increase of within $XX view, company continues diversification as layer over other strong renewable of distribution XX% interest that, million well above segment in year. I'll has DKL well, to low In throughout Bakersfield served with areas the capital have ownership The diesel, California In helps X% a growth business far risk and execution intensive. returns GCE

Blake Fernandez

Thanks.

candidates would to maintaining that election of to is partners, diverse shareholders, and customers at reviews XXXX for address value. and conclude, the independent board opportunities strong, to our committed create interests and serves director regularly of employees, we annual and meeting. best energies CVR's Delek three like to a its the nomination deliver Before board we

and nominees evaluate make Committee CVR's will a in Our course. nomination recommendation and due Corporate Governance

our time. questions and The this can that topics. XXXX questions? keep the at please be nominations today's shareholder call you purpose on on not we operator, With open call these conversations focused year We for ask of and quarter fourth to will your we discuss making further the that is earnings of comments full results,

Operator

now question Our Read begin comes from and the will Please Instructions] We [Operator Wells first ahead. Roger session. question Fargo. with answer go

Roger Read

Yes. Thank you. you Good all? morning. How are

Uzi Yemin

Roger. morning. Hey, Good

Roger Read

kind you online? I us timing can release we terms investment for of you the been How different be. facility could in potential? on all thoughts thoughts the lot out feedstock Bakersfield a more diesel. guess than if going use renewable offer of to and We've of maybe hear going side waiting Any margin Any kind coming in of a that what given the to on would other facilities. that's of it's the

Uzi Yemin

which updates of to online, Roger, It's not January So, lot in come the XX. there's supposed a slides. besides

We have option up a XX-day once running. it's and

running, execute risk. to up prior to facility and the So there's execution benefit this really to basically that no being and mitigating us

could You of rightly feedstock they are point risk. and potentially out, mitigate growing some seed, camelina the that some

it, just have And interesting. But a understand CI that they're score. defer could to GCE that we very we're and could to really disclosure. low As going be very

as point, the facility, you the this basically build participate. execution XX-day and let million them to So look, and see free awaiting at there, $XX and just we're

in from information additional of aside lot a not slide. the which So

Roger Read

Alon. with as wondering what what is of But side all need they've other aside, some a I we Thanks. the and Putting us the of Krotz of of unit activist back it if to the renewable the is were the for up, of now, of or side the should time it's we a into Springs sell kind terminal do those you is for some of the these think Springs environment future to acquired on and candidates stay see up the which side thought obviously come don't of stuff Okay. fuels? some you would running. Right to -- And we buy at Or of I a as Uzi, before, what about all would talked Krotz value idle. think one more the what operation? issue consider expansion follow things. into want of get unit's

Uzi Yemin

one. a Roger, that's great

in take me Let pieces. it

as Krotz territory. paper. is $X actually not not of a It's and lot positive $X RINs, It's money. First Krotz three including wasn't month a a It took environment, turnaround. million, all, the speak. million, on today's is making time the in margin, But million in Springs of we idle. did it's making margin. finishing $X We time In today's of

it that we that million let's did enhance or will just be $X RINs. $X month the So Krotz Springs. disclose able take two add project next the another call profitability over time to That's to the We or will including and million.

over with Then the they RINs mode. But if margins we were restart to two the may refinery in $XX, waiting three we are, to be $X. a $XX, weeks. So the next where continue

Roger Read

Thank you. right. All

Operator

Suisse. Manav Please question go ahead. Credit next Gupta The from is with

Manav Gupta

think I won't of specific Hey, well you, Uzi. little a ask -- operate is you know I you assets follow-up those enough about asset. for know who This Roger. But cash. free that bit on And

don't You assets reason. capacity or any nameplate other operate for

you to trying refinery. any line. into think there struggle three part say asset where hesitation will specific make not months understand, to is just And be with I'm close your to move it refinery let's and let's six So the there cash, it? the to would ahead a free down But get say, on let's

Uzi Yemin

money, of not a the assets. to shareholders. the be to And big. we -- are to to our And committed operating are we make free flow. Shareholders to the want -- are Well, cash commitment have to committed are Manav, and we we us profitable ledger we

three assets, not or decisions make on one You month two months. or months in

have look period take absolutely for can't day, on make -- in different we clear question, By money But We if commitment it. you the of term the You time time, a our answer asset and operate changing assets. things. it it's not is end more the money shouldn't of an we that to take then is that all your optionality to long vision. make to

Manav Gupta

That is perfect. And Uzi.

very In one there Springs done quickly. Because any good it's on well lighter good very the past. very the I'm looked trying understand in a It's little very you Big it to asset. times? a Just quarter, refinery. for just side. a It's were

that that gross something kind must margin, for wrong. So to asset of generate gone have

So if you a could elaborate little?

Uzi Yemin

will, In rising a And market, or Yes, all you reasons, Asphalt. of is Asphalt if thing. that's one absolutely. first three lagging. Two

still best in consider we hiccups thing of Spring in The of We Spring. the second refineries couple Big Big the one country. had

like coming do it when this it. get all we Especially the it’s different with read something it? have much intent is, about any asset that about calls we to Permian of people, phone we quarter hear back. wouldn't not. light but in into Certainly Actually, If I So time.

mean be well. But March as don't [ph] this quarters two will We or one Xst. much. we quarter on to freeze So had back

assets. best with full Louis, Spring is think, one our I Big slate. of

Manav Gupta

for Uzi, much, so my taking you questions. Thank

Operator

Rao The next Prashant ahead. go question is from Citigroup. with Please

Prashant Rao

And your for lot high. occurring? debt revenue one. Hi, is flow just in initiatives? where year my think and to cash target and can I And about ask wanted team. level Uzi taking sort some sheet. deleveraging of how on It Thanks are are Or through Thanks. for the it a But achieved is if see thoughts other question. needed? strategies of said there's The I right we that refiners to cycle. methods these free just a now, you given the get balance you wanted do for be or end? of

Uzi Yemin

Thanks Prashant. morning. time, Good taking for the

one So let's one. by go

three if didn't our this not As month, it mean, quarter. know, the If said, We I this We're we over the as hoping will months. coming over second to billion we get not, quarter. be $XXX to quarter, first in commit way, quarter. quarter. not, If you next next first have the hopefully

our That's side. coming that way. that's million, $XXX on So

We flow. thing. be another $XXX $XXX cash said year to free we cash That's is free the Second, need million of flow. all that, million, second

very know The DKL. dividend well. another that DKL what -- announced with just don't X% thing, we have we third doing increase in is we I have -- And

of asset XX% that So We're very, doing DKL. in business the in that's holding is not an very well.

of cash. avenue getting So another that's

quarter you position So quarter comfortable out similar feel options. We build will very feel these one that. of be -- quarter. with second the We rule cash. in cash. our actually didn't the to I burn quarter and any saw that the cash wouldn't first We We the second

concern -- it. sheet that about So we're just something is something the balance not much

Prashant Rao

sheet, follow-up just And Okay. the be debt metric metric? or of are know think more targeting more watching looking When cap you're Or Thanks, we that debt-to-EBITDA Uzi. balance right in it on do net about on primary of debt-to-total [ph]? we you're on we're metric? for targeting level that at you a quick should sort terms the metric page. you your is What thinking LNG as internally guys are same so the target us, that you a

Uzi Yemin

going no get right that remember, If a question. great for DKL. will something in a continue go times is to That's X.X net three -- all toward number is comfortable And be can down you now we're we DKL. debt what to DKL do if I'm half to said -- we along we doing, debt-to-EBITDA. There's and -- if that we're

that DKL, we DKL, net debt. eliminate DKL level, can at million two with. get comfortable that's are you $XXX we're less times right of an the If than If area we outside at

Prashant Rao

Thanks, That's helpful. Uzi. Appreciate time. super the

Operator

go is Energy. question Simmons Ryan next The ahead. Please from Todd with

Ryan Todd

the you little the quick view around RIN of How small a the And our about Yes. potential talk Thanks. on refining thinking in expense new quarter? costs was you in about first the expense quarter? either RIN administration? of reintroduction likelihood a any Can bit maybe, exemptions what the comments Maybe refinery under RIN fourth follow-up on the refresh side.

Uzi Yemin

the take allow to drink tea me I'll one. to that here. my Blake, Well, one I'm the second will first sure take want

not the administration on give Biden counting to second SREs one, we the [ph]. So handsomely are

that administration, is coming to the is of Krotz going exemptions. everybody El couple Court Obama I under and and in a even the I'm that Springs think that that ruling change there Dorado However, remind got things. refinery months Supreme may

that. why see what positive two be I to won't then ruling So, don't any see if eligible refineries to court reason we'll it's refiners, And is. the these

and if -- is the our court that. that won't for rule assumption the court However,

can Now, really we is that But cash we on know. something tangible. our flow build don't based not

Blake Fernandez

And the on Ryan, first question.

historically there. is. exposure disclosed with you obviously have tell or FCC we not unit RIN a our will of right I that's Krotz expense chunk not good So, what our running, exposure the

to at I the we capability. I So mean, we that But mitigates historically, not expenses. do of But end elevated the it. have have we want it. some blending RIN clear, of prefer to not some day, disclosed have be

of just kind we So leave there. it

Ryan Todd

focus I I of plan. appreciate participate of of have the RD is separate you investment, just your the Springs, to mean, capital that guess, about you Maybe the much to near on business? conducive any plan note. facilities But is say the explored Bakersfield the like that outside can't conversion Are at there in I the a about potential Krotz there? light kind view point or potentially this Bakersfield the further you term

Uzi Yemin

asking we step you're do question. We a Ryan, it? great to want at looking it at a Are Absolutely. time.

feedstock do refinery, maybe GCE refineries. cost. with We maybe We that. comfortable feel some entire the concerned We do position. through convert convert look to other are And We the to we play the of it. that opportunities, at of one-third about to want in

something million small may not that degree $XXX, refineries, Just right they're have are four remember to that relatively some we we attractive profitability wise. in now, business But $XXX so investing happen of that in small, all area. the with not

Ryan Todd

Okay. Thanks guys.

Operator

JP Please ahead. is go Phil next with question The Gresh Morgan. from

Phil Gresh

questions. morning. the Yes. for good Thanks Hi, taking

progress First from how one crude from looked capital effect much just running a which positive that the inventory the fourth How just working to of in on from a trends, maybe at expect that quarter. for benefits level? capital and XXXX? Springs just perspective would effects And Krotz any in you rising price cash come that was versus lower working

Uzi Yemin

refinery hurts working your doesn't Phil, first, shutting down the it and capital help.

hurt. end down receivable you days days. I'm if you It’s sure collect of after help Krotz you for do. if XX remember, the us. shutting pay crude, you five So the the didn't actually month Because and

and have as in refinery though. that our basis, $XX -- don't help help. prices, And you make between prices payable it crude rising or sure So the the doesn't side. breakdown the out receivable understand our have don't between hurts your breakdown on daily sorry, on and attention will quarter side, and a to cash inventory cash. I'm now full manage pay first a the we slate, working want I to We helps. tremendously Rising the the certainly not capital running shutting I -- well.

by end run that. and that's So, of the like important the most the our business we'll day, thing,

Phil Gresh

talked Thank well. to backs you had the cracks you does point, thrown thing, other great. Uzi, balance there discussion Okay, like last the that a One out certain for got is about obviously, you key as as a clarification. buy the priority if call, level. it Though in sound a sheet

buybacks your balance sheet? just on versus So latest thoughts

Uzi Yemin

the of great -- a And soon. us feel with comfortable does combination, the million as in obviously, feel puts the our balance the balance coming what out see we we'll thing. still good. said, feels with position in With well that especially -- and so It's of do we balance I light $XXX again, pretty want do with way With sheet, to sheet DKL leveraging. buyback that sheet performing don't so

said, like the would we $XX In that a RINs $X.XX. $X, prices see we that were RINs are cash So is cracks $X. past, like said to RINs two, With are -- we higher. four free time, now. months Obviously flow much Today At $X. of three, I number that good. being

to buyback don't crack, to free want what things cash know and RIN. number the differential believe see combination will there's or the between today I flow, So de-leveraging. really do Once I don't won't we to go Midland of and commit other a that find no because we reason

Phil Gresh

just about line potential. question you sight, talked on Last growth release strong your retail, of Okay. the in

anything thought worth you. So Thank elaborating if there's I'd I see there? on

Uzi Yemin

within very retail, strongest we So, we opportunities the organic growth probably energy That's one of the rate of complex. see. strong opportunity see that Phil, return

a as a year. growth do capital served to this it return some business do avenue get the Obviously, that into we highlight. to wanted seeing. and we opportunity investments above the mode, once of we we're redeploy that what basically of to see XX% rate And that's of on basically, past back so stability And we're

us whether remains and be someone attractive is with else? sits That to retail So or that seen.

Phil Gresh

Okay. Thanks.

Operator

with next The Matthew Pickering, is from Tudor, ahead. Holt. Blair Please question go

Matthew Blair

Hey, to side. substantially improved fairly on are here? anything segments that falling you'd out contrast like like there It margins. quarter-over-quarter, Is Mid-con Like most good margins refining everyone. the to is looks start gross Tyler's morning in which call to

Uzi Yemin

very crude supply Well, on did that in in vis-à-vis -- trading very in capturing well well Tyler. we opportunities capitalizing Delek performed moving and Tyler market. We a the and and

$X the that saw are probably go Because you from Dorado. offset the I just or going would time. didn't So you then one And two forward. times time this these at event. wouldn't two and to is know, say maybe perform I this and as jumped. same other say, as we as each El well time, is

celebrate some So Tyler did let's we great. victory But time before take here.

Matthew Blair

Makes then, existing doesn't fuel diesel the it pathways there's LCFS side, on sense. any look like camelina. renewable And for

pathway? that it I So pathway like to XX is pretty expecting there you lower view risk talking we getting you that? is guess getting do XX then Are in range? the as that Or something to two, possibly Or I than kind Blake, CI. could a one, pre-standard? any And you're think of that low mentioned, be even

Blake Fernandez

of sure that. I even even in mean, XX read, seen I CI since friends we're I'm XX, not this have we GCE, commentary you've over we're our about technically scores. not again, But Matthew, the partnership So, kind want talking and at to really there industry defer out in to at point.

we view risk. which lot concerned want about a mitigates attractive the terms risk in as just industry, for that feedstock, their the option. And a very don't again, this are they I at in of of it to grow own our I very the And to feedstock we So point, that extent think comment can friends.

of So it at to really need there. leave just point, this kind we

Matthew Blair

Yes. the That's point. a for Thanks responses. good

Operator

is Sachs. go with question ahead. next from Goldman The Neil Please Mehta

Neil Mehta

Good morning, guys.

question First on Logistics. Delek is

you your multiple really done seen As And we've said, stocks expansion. well here. some

parts? how of size system, then, given to you some monetization you which as And right think So do accretes think is general, your there, much fact of potential to ownership, the refining in third party about the very that. too? do to there's sizing that a in DKL if your large of potentially about the about for your business, recognizing How tied there the do lot in you think elect refining the you

Uzi Yemin

usually as good First, questions. these are very

address four there or think of are of I'll here. I three try one them, them each to

all, the the ratio. improve We coverage well for is of gathering DKL. performed The so. rightfully DKL performing system, Big First very the very ratio. improve and Spring trucking leverage well We

increase and -- organic do So we for we X% projects at And DKL. year. today have other announced next another

Still X%. very yield good So feel we thing. that were with about the between consistent is And and X% we hovering DKL.

owning depends of in It very business not We we XX%. about we during monetizing want it that period. if blackout how are do of much looking the at all That's carefully. on bite start something some said to We we in or go We along. couldn't it, the that are it.

DKL to the that's at to More to we that party more third of I is look at make So buyback. something continue a between DK say lieu not -- difference it DK and look at. sense -- to We'll DKL just and DKL and tied should ourselves, and obviously refineries. in by does mean provider DK okay, then look DKL and

are is that refineries. becoming more a itself Delek away in think multiple the shows and dependent I being on team great the more real And job in it from doing going MLP. our

more at just something do DKL to the we around refining percentage is DKL and look party, get in at? questions, last assets its third So think that I Neil. the goes goes more need we that -- and hope down remember need to down. we I that all Absolutely. that in refining One your as of asset. on thing DKL answered I look We refining the dependency

Neil Mehta

levels And is moved And particularly up has Brent then XX the seeing in what Permian customers that, trading now just that you And production, that think through large to into on questions, of Are Uzi. your gathering for do -- Permian. are part Return at that All quality you than about is Midland the system also privates. are a even is good, you and is of as production just better a these Brent -- production? barrel, is great the follow Neil. on I which differentials, here. talk barrel. activity Yes. flowing have of from That's view really premium to [ph] is which how quality but a a neat that level, think TI part you of as

I time it think over catch that the up of build the will with a for take capacity. production to

think, on allow don't $X building I because I as the And the the our as we building go may won't two? Trump sounds, budget that Though to it based time, administration was on they Biden -- next minus WTI while or differentials people think $X crazy the infrastructure, more help people differentials, will it year open long, administration have back over Remember, long, allowed assets. I time. when don't activity We build that, And you of wide so. producers for the see the think like don't more $X day last get By will long, think and $XX, long $X. increasing. that. that is Permian or differentials the The Because level $XX it. were comfortable. seen or a

rushing a it. lot So, do I think people of are to

XXXX. where then part And come and then XXXX outlook I nice. be see Israel, demand the in cases, a second there's will for case, think if we as the the in if reduction this demand XX% of is materialize, vaccine the severe example, will back will

would production this don't count activity the if that of from on not do then XX. thinking here, Brent I point. further at even We count. So level or higher go case, a that's note will put up. grow together discount think I the And government

Neil Mehta

Thanks, Appreciate Uzi. it.

Operator

The America. is next of from Please question ahead. with Doug go Leggate Bank

Unidentified Analyst

is Doug. This on for morning. Good Yes. Clay

me. questions of couple a Just for

Dorado know whether you the know of the have recommendation is of scope scope the the be that by board? El turnaround. that Whether turnaround pulled what perhaps the final? to I is? it of could guys augmented forward Want So work Or

Louis LaBella

So, in the and of general team of turnaround Dorado to in we and scope timing we and to for pulled so think due weather I ready forward, try rise back fixed. the hey, cleaning Louis. that to beginning had, maintenance, is Yes, the just execute And pretty much is that expected can open April. is demand. for and ready El is inspect. it this the the it maintenance, The was Clay, we the online of And basically get so, to be get scope

effect. So we XQ should have a full

Unidentified Analyst

My second on renewable diesel. is question also

auction operators, the renewable the occurring? liabilities obligate any debt such of [ph] to the With execution diesel you the there of

Louis LaBella

to Clay, offline. we ought probably take that's something

So maybe we huddle offline up that all right. can on that's if

Unidentified Analyst

Sure. Thanks, guys.

Operator

is The Gabelman go Jason Cowen. next Please with question from ahead.

Jason Gabelman

is at Yes. can only a high the much I'll my project. going like actually Clean I to if was least follow-up Hey, broken XQ Energy And yet if thanks decently looks decently pretreatment the pretty El Dorado it Global include you talk it. project. that for And rate and question. is high rate, weak. at ran but Maybe at facility ground this try a a unit? Energy on has about Clean my Understanding then in so couple running I taking whole wondering the remain Global is a on on refining. system was just margins wondering,

looks maybe the like paradigm -- decision the operating It know. you Can just relatively Dorado particularly at to is El rates. run Thanks. at to run despite I at it So lower don't optimal negative discuss margins? high just levels

Louis LaBella

at So, have to piece, renewable Jason, over there to GCE. defer our really we're going folks on the to

so, the this XXX% it's situation pretreatment is. point, not And at clear what

I'm that. sorry but we're basically on sidelines awful information, the again, give of to you on So, lot an not

So sorry.

Uzi Yemin

you I is said, very to Tyler, if Tyler look at And as strong. very, Dorado, El regard

to in When green You all today's EBITDA El market, and that between the in RIN think here, about probably say believe green, areas. environment, [ph], Dorado today's do factors is income. Tyle RIN want mean offsetting certainly I and El net We Dorado. in I

up So it but once how I read we quarter. we'll see much into plays, one come wouldn't

is Tyler, $X. is $X at look Dorado minus you If Tyler El and

each other. offset they So

Jason Gabelman

Got Thanks. it.

Operator

This concludes session. conference like and Yemin any closing Uzi our would I the answer question to turn remarks. over for to back

Uzi Yemin

at little to tough, colleagues tough, least to confidence what investors Board mainly the of like XXXX And their great XXXX I'd our a day. in Well, thank like looks like confidence. around the us. it was here. thank lightly. XXXX, Thank thank this for company I'd to thank their for like take for table a tough, or the our their bear. it I'd tough thank interest company. to to my for you. We bear, I'd part everybody I'd But like second in is. Have employees making a vote don't of of Directors year.

Operator

presentation. concluded. is Thank today's for attending you now The conference

now disconnect. may You

Delek US (DK) 24 Feb 212020 Q4 Earnings call transcript