DK - Earnings call transcript Q4 2021 | Delek US Holdings, Inc.

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Operator

Good morning and welcome to the Delek US Holdings Fourth Quarter 2021 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Blake Fernandez, Senior Vice President, Investor Relations. ahead. go Please,

Blake Fernandez

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

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

As a statement. under harbor forward-looking term two reminder, federal this as defined safe contain the conference slide call is see for statements may securities Please laws. that

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

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

Reuven Spiegel

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

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

slide the provides or results. of a we had press share a XX which In of highlights included $XXX tailwind continuing $X.XX adjusted release the The the cash Blake. impacts $X Page fourth working million inventory in other hedging the million we after-tax and second paragraph of quarter. call in release per quarter inventory I four, breakdown from flow On turn the operation, With items will provide of of the of million. waterfall. of benefit that positive capital flow $XXX approximately includes over cash of to a XXXX the

Blake Fernandez

Slide net billion a capitalization. Reuven. on $X.XX We quarter the $XXX and consolidated our five highlights ended debt. fourth of with of million basis Thanks, cash

net of Excluding at Delek debt net debt at $XXX.X million approximately December XX, $XXX Logistics XXXX. we had million, of

With first proceeds. quarter $XXX Moving range insurance to the to call I'll assumes $XXX be six, slide impact the to impact from million million. of elevated natural the to reflects are and costs to CapEx. gas we over Operating and Todd prices provide This operations of ongoing turn no guidance modeling. in for forecasted that, discuss

Todd O'Malley

Blake. Thanks,

million. system the day, fourth This utilization in in and at seven, gathering $XX remaining the crude on barrels the million fourth the stations. refinery. some quarter expect oil resides business segment discretionary turnarounds were at Tyler was in million resulting average gross oil no and with quarter, throughput rebranding our of This projects, at major XX% barrels XXXX, activity midpoint. four now slide and ongoing During work forward the turnaround locations to maintenance be Tyler total the capital I'll per In the pushed crude approximately $XXX of to a for was during expenditures that pulled the of Permian. Permian largely system The the or initial on full of in comments. closing XXXX, day, reflects of capital XXX,XXX for reflecting the approximately build-out The approximately basis. turnaround new-to-industry the to spending will Delek includes throughput is planned program turn capital year Tyler on first in gathering between the was XXXX. per the and to a retail XXX,XXX at quarter Growth XXX,XXX range in which we over refining $XX business. XXXX expected Uzi logistics of to be development million $XXX growth to his spending X-Eleven dedicated million segment, associated call $XXX On

Uzi Yemin

units, continues We're organically. morning portfolio. assets and will underscore our This activity the announced DKL environment. improve activities to future. we in DK implement December within good divestiture in additional date. time, turnaround the programs backdrop partial into capture opportunities on see sales increasing existing successful and the levels believe we been The value well optionality Thank of The the the of to everybody. held you, major in creates sale positions program optimistic lack us DKL to these on Over units the Todd to Basin and margin to assets macro of XXXX, Permian has our underlying grow

a Webster the we Wink should move XXXX, into year. positive throughout As contribution provide to

efforts will Finally, report the target We With call our reduction investors our review by to one that, in open more a progress we to operator, make you Scope continue questions? and for encourage two please emissions sustainability XXXX. on with our ESG for carbon XX% details.

Operator

from the go question-and-answer question first Gupta begin Manav session. Suisse. [Operator ahead. We comes Instructions] Credit The with now Please will

Manav Gupta

Uzi Hey team. and

on Delek's what prices. sometimes I leverage think wanted positive to is, I underappreciated to crude is focus is what --

infrastructure the on stores. of built. activity And the to higher is business highest the the when benefit Permian prices your your even Higher given tends inland helps Basin, beta the midstream probably also in increased You're fact your crude retail location have in group. They you that rigs crude in that the bring volumes differentials. the

the how overall help what ahead? you oil understand, higher go hands Looking crude better way your as at we morning, play are crude acting, macro we today is us seeing this can would in

Uzi Yemin

Manav. morning, Good

that were started make broader. strategy, If coming change flood happened that all year $XX, all XXXX that crude it then when when start I what Thanksgiving is but -- see right said that Saudis remember they actually it strong was you to and best course $XX. bring XXXX, the let XXXX say up. little down. producers differentials led aspects. of their And Day to prices in go to back in XXXX, in production down. need think Then see And when history, by the to the $XX, a All -- decided and to because, oil coming our market we XXXX day we went we so very far rigs and I me we yes,

barrels in little million let year you we give be right XX,XXX with And But are barrels gathering producers disciplined. system producers. The -- call finished disciplined are of our in past. system. the in two point they of reference think a saying here, that We it honestly me own now. DPG the will overbuilt or they the our gathering than a more we as I from to situation that know be are going to the

as more over with -- barrels. We gathering are quarter quarter finishing we're XX% Actually, the an XXX,XXX that speak. we increase of first than exiting first

continue barrels to We with toward quarter XXX,XXX acreage number. of the second by barrels the expect be end existing producers, XXX,XXX and existing barrels grow dedicated from to towards XXX,XXX the

in from producers because talking not it are to $XX. me portfolio be So existing clear, to -- talk to and all we let them these as We our it to be sees, doubling that was in system we the used $XX. everybody are our others production speak when start

completely different be it's a when to it's game. going $XXX, alone Let

So, the DPG thing to is thing enjoy the it. first

will production of or Delek. that some But You will differentials it times XXXX, XXXX, the Then we It's WTI $XXX the end XXXX correct to you're overheated immediately actually opening back up, DPG will come down. $XX to won't we believe. don't see impact start of is first WTW. in going we as impact differentials to will at to switch It come continue happen Delek. Midland. But for in for quarter. very expect is is to the good it's up. very, absolutely probably volume from toward think which volume $XX, positive going Very the go the events impact down can the to going after we

Manav Gupta

We you SREs been Uzi have for given here. know past very in the follow-up crops. quick

position they the might look seem has But issue EPS high. initially world of SREs. not is Now changed. the Gasoline price

might to yours? you believe you SRE give a there. the actually down. to But the legal there leave for it actually And they So, price possibility be recourse the in don't, would rightfully they case what taking a is RIN bring is just I'll you open

Uzi Yemin

to how $X.XX. sure hand government. can't government First, and -- We're I other it's we away federal very them if got up If understand past and we myself the decisions. $X.XX. give at explain probably the and across is taking We it look to their the waiting the Dorado for We wants tax El every think of in Tyler. deferral in think to don't that I for them deserve year. carefully

come. We their are we're I they to talking say when them. responding questions would to

how crazy it politically is idea. willing this understand don't what But I I accept really think is market the it is. to

we that to is Now, that we them specifically any feel order for deserve to that action and we Delek, I strongly needed do. are them. they'll don't know I what willing get know take in

Manav Gupta

time. so you your for much Thank Uzi

Operator

is Goldman go Davenport Carly ahead. The next with question from Please Sachs.

Carly Davenport

capital the just taking allocation. for on to Thanks team. morning good Hey, questions. Wanted start

you can first about As you then a that's refining capital or guess where what sort the reinstatement talk are for dividend buyback? what program of allocation capital have in for factors via gating consider trending I your year the or been maybe whether half are perhaps of we think of some key returns the to order priorities here? And about margins looking

Uzi Yemin

Okay.

good Carly, morning. So,

it First, the I'll if thanks and thanks one one support. the by for time take will. you taking for

have for allocation one turnarounds took during way actually We is Tyler capital strike. We not I do XX within XX days coming both the first XXXX. or major any system. down the our The think

time. That's the the happy million. the are why reasons a we're that same running thing but did loss $XX very sure weaker. was the profit saved We probably It major we $XX million, XXXX. in us table left make we to did quarter at through million Tyler. on $XX we that -- little turnaround of around the that Krotz a LPO cost at one Then of We did just

to and a want picking clear don't which -- differentials still the coming we're the we be are see we So, the if didn't high. yet because the overly earnings our environment yet market. RINs backwardation see see But back core change situation be a in demand still optimistic in me up. very change let and we and continues We

especially any carefully, especially very I it of at look we're So, the to reason this other fact at areas. why we be and case, growth, back side in continues money if that then also DPG don't the to want spending light on to see the

So, other balance we on see obviously prices for our cash free refiner. flow are like cash balance the good the sheet. any sheet Higher

it We very the at carefully will during year. look

Carly Davenport

the Great. the gathering Thanks that's a contribution appreciate Webster, was ramp-up color bit little that. on Can all side how progressing then for kind to follow-up Wink the through you throughout And process we just business you about talk and there. year? gave should of the be on the about the the how earnings and midstream to thinking

Uzi Yemin

see will Well, we this believe get it's to similar years where phase the by me be to -- It's do as of by and where a start don't the differentials of so the to clear, on will we -- And I in not are our in see they utilization. that because far. and I that following start-up in material we we – be compressed phase. differentials end and project. producers oil said don't the -- next we'll I to full year starting ramp end ramp-up or say XXXX still close drilling sorry the we mode. Thank we're threshold our we just the it -- as we're of that year because development fees impact ramp-up -- peers believe the or do up. are starting the think the do I to that of stay what well said, we will Okay. start in want going to next because collect let position what moving up us are position -- ramp-up saying I'm mind than year more current the or Q that starting above you. are a XX%

Operator

is Read Fargo. The go next from Please question ahead. Roger Wells with

Roger Read

we an hit more look Good pretty obviously But morning. of think, days between versus big question I impact big mean, and like to have Cushing Uzi, granted last I separation the Cushing I'd Brent. couple tends you you. to had in on if of Midland on, a we've the

mean But we're versus the across about significantly. So right export of your and And not you? differentials what blowout does issues know Permian around What going more Brent with potential moving Midland obviously the are I'm that the mentioned think terms earlier how some for in about how I discounted issues as the you should say margin US capacity to differentials think we just you in of the wondering there. you have look any well if going as forward? crude market thoughts?

Uzi Yemin

Okay.

between The no So always $XXX EBITDA. spread the thumb say we backwardation of rule scenario let's and no we zero-zero. of RINs million go is $XX think crack and Midland here. that -- million $XXX and one by We're one neutral also - without around that under

call look are we there. mid-cycle. basis we think a pretty on what it regular we how it. That's look much at at we We that's and So

-- see for is So then still is we higher. the applying And different crack the premium. also if still everybody. and is start that the Obviously, backwardation a that much we you to if components a have headwind Midland that RINs you

I moving think it's was -- around. it

$X.XX continue nicely spoke not to until look Roger up. mind week. up about Midland-TI. something it times it's always will to we know either several opening the up and And you We happen that as opened will last our Midland. in the think and to RINs on or at cracks I Midland-Brent It probably So over open backwardation

it if we to months and feel a on upswing. I that bottom all anything. as a ago ago we months say said obviously of you along are Todd that couple positive. the We that's hit or So want company three don't the know we

Todd O'Malley

is phenomenon right I that that Yes. the happening Ukraine end if pulling wider prompt obviously by what's the back over being the the of the front you now mean, at Roger well. as driven look Brent-TI in of has the had in the curve effect but market

So $X.XX full you of that at look if you're year in kind range.

excess. for DKL The to going continued us. the incremental So working differentials to production to We kind we the constructive a that's export to ultimately of there's DPG on that's benefiting very basis. lead favorable have into system even on the think benefiting the that and relative more market think be refineries, extent

So...

Blake Fernandez

Blake. Roger, it's And

utilization a you if barrels sure this. Let million But you that's add of roughly one me system I'm the just a thing. year. XXX know from standpoint sensitivity assume XX%

just spread the if in every per So you dollar about figure expansion it's million. barrel bottom-line the to that drops $XXX right

probably to have So modeling but you a I just know that you. reminder

Roger Read

demand question. That's across we as the just distillate everything around of of what helpful. curious the and jet spiking even Thanks. seeing here but Follow-up in about and Crude is trends system think way you're fuel. gasoline, your kind

Uzi Yemin

the only is demand as world. around United jet picking pandemic in dies everywhere. think I but States, up Even not the the

expect of a that very of strong terms I that we probably few -- year a ago and course to we think projects. several XXXX in record it said year I said I it months think be

things what so that are demand be don't the coming of think this us. will on I Europe war extremely know looks I impact But far strong. and back.

Roger Read

All right. Thank you.

Uzi Yemin

Roger. you, Thank

Operator

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

Phil Gresh

good morning Hey Uzi.

Just front. follow-up the one on allocation capital

to But think share on versus obviously past about environment in the then do depends one you've or other point would consider have your own lean preference buyback. some you strong probably the price. your I And at talked it there? way you something dividend in a of a the extent

Uzi Yemin

the prefer the dislocation point is we we'd marketplace of prefer that unless dividend. in opportunity an dividend this is not really do At there Yes. -- something to

Phil Gresh

Got it.

tailwind the unique was just capital the working cash for quarter. -- fourth anything the that thinking right 'XX, of in there be to Is then kind question flow reverse about with in year? about would this one that state or And Okay. is next steady

Reuven Spiegel

in is Reuven. it's accounts Thank receivable. was the of decrease for There issue mostly Well you question. $XXX Hi, between quarters. impact timing because the a million

So are be uptick that then pricing the well. first events impact expect on capital working some the And on have if but working will an are an in quarter. we the happening positive that to quarter, the XX as of hours see still we have last will in the with sustainable first capital that that

Phil Gresh

Thank it. Got you. Okay.

Reuven Spiegel

Phil. Thanks

Operator

Paul Scotiabank. question The from go Please ahead. next is Cheng with

Uzi Yemin

voice. Mr. Cheng good to hear your

Paul Cheng

so Thank to historically the of you. just in on big focus on need have twice that that the think curious more a I correspondingly Uzi continue And that's oil. you and DKL a faring Permian reducing gas takeaway. guys the the probably in

to or want core the would so where with to oil And that to refining? your your that want you to integrated be you new focus. you business link that will is guys and in the that's stick a or interested get know that So

Uzi Yemin

that's that to it look ancillary But if question haven't may oil to Well, an product interesting focus we with we done net -- gas, them us it. our -- mainly them we help it. oil. comes at is as We to Historically an want we the Paul. producers like want

on as term selling I DKL think to as opportunity will at. stand-alone DKL. where the ATM But look that's we for DKL may probably DKL to stand-alone company reason to that program be some want be an think units company long the down a a of

Paul Cheng

that X% ownership? you any don't Is you GP -- LP because it seems to not selling you so DK have or that about that want by like are need so down the -- minority minimum per that And hold really control quarter. really ownership any to a

Blake Fernandez

to think too in DKL. initially definitely publicly said protect We've the and investment test XX% program our high. is designed I was Paul, waters the

appetite this basis. deliver Through morning we're course on we're the to the but And not have do is this dependent quarter. target. ATM it X% basically would specific that year. quarter But a able to each of to a about the intention implement intention the call defined do We ongoing pricing X% program have we this think to I continue messaging an to think I per be so trying

question. that So your I think answers

Paul Cheng

Okay. on this don't was maybe say fully the year Wink volume. Webster year And backed you have little Uzi was the on surprised much I a and and by even next contract the bit I take-or-pay thought project impact.

or still be the mean was So book the revenue, just receive I you probably able cash, should that the cash? to

Uzi Yemin

ramp-up period. I already The are already. shippers up some subscribed be booked, a is of ramp-up project fully said. have but because we want the signed fully conservative clear. just that, business to we there's be we in for want as And It's to our part period, which

So during already year the but don't we the -- a will ramp-up we XX%. won't few of full said to a period, that the XX% to we ourselves initial see which magnitude of the is minimum we millions XX% threshold probably see see

Paul Chang

the And next contribution year to full at in would what that let's Uzi, throughput end by what's of that would -- you time? be that you assume or be full runway,

Uzi Yemin

We XX% the around said above our is threshold million. that are we and investment well $XXX

Paul Chang

And by able working only? cash about a of the be million capital to is this final -- your the So that XXXX. manage you about now versus about current capital your Reuven. the jumped end all efficient Is at liability say negative question, and that crude fund you what look right causing prices, higher Okay. allow it's oil we increase or way is versus basically, that say exclude XXXX XXXX billion that year-end million related big that that you $X that to how that maybe the If sharply better? $X.X to billion has working and it's by or the $XXX sharply $XXX for jump more to operation be

Uzi Yemin

going us so capital. and know Paul you you. -- follow working Delek, with that technical tell -- the this most I'm we because go is positive we'll little this just is refineries you took are prices to also through within up you I'm when up journey as getting a net

You it. know know it and I

our that. need end millions price of it is you of size day And order put cash by assume regardless cash of to of in the jump will that. like the what them we year, a So by today profitability. dozens like crude to of of we tell is all with if the together is, dollars stays where Profitability

difficult to the price very of without it's So what predict is crude. that saying

Paul Chang

how XXXX for there's the want working capital? in actually driven I'm just a of saying commodity asking whether manage this mean see you also to year a last by I the at not forecast. big I'm end Okay. XXXX, in prices solely end just change change versus -- that's the change. guys of way, the or looking that's I the

Reuven Spiegel

mostly need get if commodity on you we'll price. that, It's to you. more back the But color

Paul Chang

Reuven. Okay, you Thank

Operator

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

Kalei Akamine

Good guys. Hi, for Doug. Kalei morning, This on is

want question. and first So thanks to is question for My on the up follow dividend is I taking twofold. the this

quarterly perhaps talk relation consider about the level the give So you you the us how to rightsizing you you example. to prior can if question would in is, about that at reinstating cut? to not same dividend, think I'll an And And DKL?

-- the So basically is covered MPC's dividend by distributions MPLX. MPC from

So wondering, way. strategically use if similar in your MLP you a would

Uzi Yemin

taking the for I want morning. to clear. be Thanks Good time.

all We it we said are -- along.

paying are toward at -- We're don't as we the time. and it our go of if we borrowing. and same back we to not change dividend period really that back shareholders We market time that the pandemic. come soon from changes. And of inching policy as want the our feel We deserve out

to especially pandemic So that. the if pace feel and take we strong careful, dividend. prudent of is to not you the we that to will coming cash toward going hurt out were flow We and be want that a very

probably to to moved an thing. try MPC the two, moved they job profitability same awesome and shareholders. money to three do watch to want back ago giving it And MPLX So and sorry we quarters I'm did we'll profitability to --

Kalei Akamine

it. Got

under And XXXX major cash capital. from off has in is Obviously, sounds maintenance a focused lot understandable. turnaround from during is pushed My of still pandemic it it's consideration. Tyler question the preserving to like on XXXX. industry second completely a -- guys So you on which have

return capital will XXXX year wondering is if what normal remind that could be maintenance number that I'm and be you a levels you Thanks. whether us would appreciated? to where So

Blake Fernandez

obviously Yeah. Kalei, push XXXX what so to done into XXXX. turnaround out is we've from going XXXX, the Tyler

we will being turnarounds million that have activity historically context, maintenance the we've presumably there. somewhere So to the $XXX in million about capital give talked plus And to $XXX turnaround you range.

not to finesse And a into try start year, the Tyler. that obviously no what position So growth. yet And probably And up getting turnaround we've that. that fine-tooth of turnaround as we're will the opens at and XXXX, for this again, opportunity then we in combing historically that some we'll said. activity that's we head into have

Kalei Akamine

I Great. it. appreciate

Operator

with The Please next ahead. question Morgan Dan is from Stanley. Kutz go

Dan Kutz

Hey. Good morning. Thanks.

to wanted the Just follow unit on up DKL program. sale

So market. color at on appreciate per X% quarter the the the

larger per wanted the market X% ask now? a quarter of the kind is or table that's stands an structured on like being kind as Just plan considered, is the sale as option it to of the or is Thanks.

Blake Fernandez

Yeah.

was So our evaluating of objective DKL. to in said, And investment protect the I long like look main we're this time. carefully period over a

option improvement the in of DKL and to We're see to not about implement best Given trading a discount to the both taking big benefit some units lack and liquidity day selling and we're by already felt the starting X,XXX was volumes. ATM program. we a float, the shareholders DK the

to I opportunities improves, from up precluded liquidity that opens is that sales. and us And for not we think as what the are block program. additional happens doing probably sales block consider with float

we and at huge but ample appetite, taking when level. probably there's sure time liquidity to it's DK at the we're not make yes, for we're is, answer discounts the that the doing a want shareholders think I So

Dan Kutz

switching for a Thanks color. gears. that And Great. then just kind lot of

ask impact in of seeing trends So we've business? are about the for out kind expectations of asphalt And that there? your you're prices. of Thank that refining you. wanted part would your business extent hearing been in profits strength what what kind to I your that

Todd O'Malley

Excuse me, seeing is Todd. We're strong definitely relatively Dan, this Yeah. prices.

mind we kind now, the in capture seasonal inventories go market season paving asphalt at do roll When to robust, spring of we're as keep we a and they're period. into second the that into ahead the is positioned we going And we of roofing to of And prices, look basis. season and business, believe in that weather. that However, building right be we this winter of warmer quarter beginning quarter, fill ideally go-forward we're end third a on as right? think

Dan Kutz

a Thanks it lot. I’ll turn Great. back.

Uzi Yemin

Thanks.

Operator

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

Jason Gabelman

question. good taking quick Two Hey, morning. my ones. for Thanks

Permian. that on own. biodiesel up you're plants Where counterparties is believe in then these gathering discuss the First super types have you speaking one activity really the your that just majors the that on my public from? broad coming kind are And the Can volumes you ramping strokes? seeing actually privates? second to not of I you I'm ramp in of Are if mistaken. E&Ps you four of them

sense for Thanks. something explored and those One of make that pretreatment you? competitors their your that's if converting talked about plants a economics into unit wondering facilities. I'm you've

Todd O'Malley

take Yes. the that to deal it I'll biodiesel piece I'll the question Blake of hand over part then Todd. it. it's to first of Jason, with

of In terms pretty we our footprint, be of that everybody speaking in to honest. we're producers mix to the have a much

from do privates, talk around DPG nimble the hunt but footprint, the little our slower who to maybe we could And and for majors, we're just more not business. the complementary inside on of obviously, We the exposure majors. operate super business most always publicized in opportunities we're that obviously have that right discussing be but to also existing don't now, are and bit a the bureaucratic seen are to seeing than you've a privates as have, obligations

that, over answers question. on that With the turn hope to I it So your Blake I'll biodiesel.

Blake Fernandez

Yes, Jason. Good morning.

And production So million pretreatment. gallons at really a exploring just year. to think, this be clear, point, three plants, of not we're XX I it's

could that feedstock on options a some not exploring but are We we're on that in position front. optionality share anything yet improve to think the we economics,

to just about the exploring stay in So then, of that's Bakersfield. you help economics would And And course, say we're diesel of I know know what over of that. I tuned. renewable kind the option

So think answers that that's your but angle, question. a different obviously I

Jason Gabelman

converting pretreatment plants. wasn't adding It plant the biodiesel biodiesel to was It facilities. pretreatment the Thanks. to

Uzi Yemin

Uzi. it's Jason,

bioplants. are within that these for all for And need feedstocks system. different we comfortable And are do gallons fact point, we especially blending at always where in at the the to light of we our that our we're looking are needed integrated are We in this these refineries.

Jason Gabelman

right. for All color. Great. Thanks the

Operator

[Operator I back concludes Instructions] the there over our any this remarks. question-and-answer conference to like no closing further for turn questions. would session. to Uzi time, Yemin are At This

Uzi Yemin

but my course, an analysts This of we thank like ahead to you, great Debbie. have company Directors. it great thank, to colleagues thank of to is. mostly Thank the you like a each your year, like Board and you I'd it easy what table. of this us. I'd around future one us. day. of that investors the soon. We'll I'd makes to of in Have wasn't But like and a the friends confidence talk employees bright to for I'd thank

Operator

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

may You now disconnect.

Delek US (DK) 24 Feb 222021 Q4 Earnings call transcript