DK - Earnings call transcript Q2 2022 | Delek US Holdings, Inc.

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Operator

Good day and welcome to the Delek US Holdings Second Quarter 2022 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. ahead. go Please

Blake Fernandez

would on I Delek thank for everyone Holdings’ Good conference like call us results. financial today’s quarter discuss and joining second morning. ‘XX to webcast US to

of could CEO; Investor Uzi on me Chairman; Delek President during and the as as today’s used Operating is; other Relations our call Todd Joining The Yemin, members presentation EVP O’Malley, materials be of call website. Avigal the Executive Soreq, Officer; section found well on Chief and US management today’s team.

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

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

are and Todd than turn CapEx, reviewed, and Uzi. information capitalization, and we’ll comments Our prepared covering Uzi today’s financial I’ll been release the release. it market a are and that, guidance On turn over from both and to Q&A being earnings cover will for and the review will Avigal, it remarks with press segment then call, I less incorporated we has we’ll performance into is begin that and assuming then session. With made

Uzi Yemin

accessible many quarter’s over any our to for over you I to Directors, support it an is and goodbye Avigal Chairman. new the those me investors financially opportunity thank of to offering Soreq. kind really morning, With oversight their forward the call, you, our strong to role I my turn reins XX Executive to that, in your on Thank hand years. said I this Blake employees it’s Avigal. opportune and strategic time the the good Delek would in last as I I’ll to know past remaining position like words. look take conference everybody. of appreciated and to and CEO, over and Board all

Avigal Soreq

committed return rejoin we you. we good and combination I’m to focused colleagues. to Thank has record strong earnings. to several share dividend old June cash around want and $X.XX quarter, to family excited things team with reengage We a history to and avenues. done Uzi continue. utilization and Delek to rates One, are friends million Delek reported – morning. the have expect through the returning $XXX of shareholders, of year, special I’m proud XXst. announced This on returns. Thank we highlight three a and I a you, performance. a long maximize of with of and

Second, regular And an including we million announced $XX million buyback dividend. additional share third, expected first million quarter, $XX QX. $XX share in $X.XX a completed in to

On the are during million, evaluating buybacks $XXX QX. we of additional top the

balance DKL mix into opportunity used the significant footprint to XBear our third-party Delek improve on step into building increased we team expand closed our balance would over our transaction an and on During our This by widens we in free XBear the strategy less product Basin. Delaware water make family. cash to and cash quarter, is natural the reliant The gas billion. welcome important generated to Xst, to and DK. sheet revenue, the our I independent our and the June like $X.X On flow acquisition. to the

to to I I meeting in many leadership And Todd. mentorship. many the remained that, Uzi it years the environment look for thank Finally, oil outlook months. to you of has over upcoming refining with robust. I improved, for macro and and want the of will forward turn

Todd O’Malley

million million was Thanks, of quarter year net increase per per provide ‘XX, segment, of rates Slide million Refinery was the Avigal. from US to prior Delek $X.XX $XXX.X period. compared Net On had $X.XX margins, $XXX.X adjusted improved income the for a capital an attributable income where second the $X or share. of or share, X, ‘XX, Refining earnings. million. coupled period. us to achieve operational $XXX a performance, per which the record net On quarter, positive loss includes million to flow of adjusted year of the We prior million with share second a strong In we quarter we flow compared in the working of benefit continuing EBITDA record waterfall. had The cash or utilization of million $XX.X second in had $X.XX cash to operations, in $XX dramatically basis, allowed and $XXX

to Xth a September share $X.XX we paid that returned XXth. be of of record the the share per will June of of August per on on XXst declared Board on on was cash special to Regarding that Earlier week, dividend approved a XXnd. regular shareholders, dividend quarterly $X.XX July shareholders this paid reinstatement

Finally, the Board to bringing repurchase total million. $XXX approximately authorization the by million, share the increased $XXX authorization

cash quarter, And a expect consolidated million a billion $X.XX basis, second million. to with consolidated repurchases ended the X $XX We we third on on commence we $XX debt. Slide the net quarter to highlights our the had of During estimated basis. program billion of $X.XX capitalization. with of

million Logistics of the Blake. turn Delek to only had net back call at XXXX. of that, of DK XXth, $X.XX June debt $XX I’ll billion, over at we debt With net as Excluding

Blake Fernandez

million, the expenses. million I prices, third primarily of and in modeling reflected is annual step to company third elevated function in million the incentive profitability with expense like would accruals The strong in natural quarter the and costs forecasted normalize increase and range Thanks, plan rate utilization that of the which acquisition. quarter gas to to elevated expenses material as quarter the in $XX provide the G&A maintenance $XX highlight minor forecasted of in due impact year, Todd. to accruals are of our bonus Operating Slide guidance a X, costs purposes. was for of outlook to expected be ongoing On were closing bonus guidance we XBear to the reflects change $XXX million. for for associated the range $XXX a a this

guidance debt, the acquisition million impact to million interest reflects closed Finally, in a full reflects that which XBear DKL of of expense impact consolidated the quarter the $XX $XX for quarter June. from

X, is This million of where system ‘XX XX% capital than or the a now utilization is the The the in on $XX program During questions? and refining to million oil continue Gathering barrels total were XXX,XXX consolidated of quarter, expected crude at third quarter second approximately demand. in throughput please our basis. to Slide expenditures see ‘XX, the the during range midpoint. our that, expected for closing XXX,XXX anticipated average a Permian million. record With In achieved of approximately a oil Operator, the $XXX earlier of in crude acquisition business, the year call quarter strong a factors producer XBear day day. the and open between barrels we to growth $XXX be XXX,XXX capital you full throughput additional to can On

Operator

you. Thank

the question-and-answer from comes Instructions] session. We Sachs. Davenport will question Goldman with Carly begin Our first [Operator

Carly Davenport

questions back call, the taking on for And Avigal. hear today. the Thanks morning. good great Hey, to you

weekly out We’ve from the to DOE noisy demand wanted coming on just start data. some side. seen So the stats in

seeing for perspective your sense just a to products of from particularly you’re other system, wanted the commentary helpful but a real-time demand across would as what So gasoline, be well. get on

Avigal Soreq

Carly, me, too. all, you of as First well great to the on call have and with

on solid will start and We Blake I and demand side retail the a wholesale. continue. So our the see both on will system, on

we barrels demand. placing issue We have see no and robust

you So chime maybe Blake, up. can

Blake Fernandez

Carly, good morning.

So the X% same-store XQ. or in sales obviously, on up you reflected the release see press so

here reflect is, a important dramatic DOE the stats what’s some recently decrease. I of think to note

We in our seeing are Quarter-to-date, that an XQ. increase not at in we’re all system. actually year-over-year seeing

driven know and a are could So basis in part far. the is that our on into are activity I increases we partially think the actually that even by XQ of seeing we But year-over-year you so Permian-centric robust. fact there system, be

Carly Davenport

really just helpful. follow-up Great. then That’s returns. And capital around was the

the around here and special You’ve guess regular the the think I dividend year about the authorization. half the obviously as positive buyback as back you as well had some increasing updates of expect on incrementally even to consider the is buyback? incremental XXXX, the or Or dividend specials? there potential into know the raise be you you focus largely do regular to a and

Avigal Soreq

So I obviously, give would And the more that. a general or question early for bit guidelines some than second will specific too too to half answer but give year, to number that. highlights for I it’s a early, like bit the a me of around the

value for cash So have at done And much reason, and a Delek to share we approval probably options look right. of deleverage are of we cash dividend, as We the $XXX million the in part, and return, to holistically buyback some ways saw, undervalued, see the and you the is exploring we the debt. well need between we, and debt. that obviously, believe buyback

Carly Davenport

Appreciate that.

Blake Fernandez

Carly. Thanks,

Operator

comes next Manav Our Please Credit question Gupta Suisse. go with ahead. from

Manav Gupta

a improvement, off mean, All been I guys. you to improvement showed have capture – Hey noticeable but the but basis, regions Krotz’ was compared – improvement at this consistent material very good showing the capture on chart.

delivering understand results. there which what these So help over excellent exactly you’re is doing us

Todd O’Malley

it’s Manav, good Hey, Yeah. Todd. morning

on there having know One setting that a Pipeline, Colonial the the So strong in last Krotz are driven were job of demand it Europe happening things fuel we’ve for over out couple a up done it’s that northwest that an you years New margins couple into of at incredibly undersupply now. of good market. the by is, success York, right

an during you to the we had even in massive As of at disposition, number Alkylation quarter ago unit. a project a gasoline. premium traded to values build relative premiums years alternate know, alkylation

a in over via the pretty our every our that comes there yield to where you make] know side XXX%. distillate [jet barrel in, [ph]. that, yielding we’re to actually gain, of We also And have exposure barrel have the addition we significant

margin you that you we’ll all see Krotz that Springs than kind those powerful the environments know during continue the basis, saw last powerful to put know of think slightly and lower on you a over we during So, the refinery a QX. we’ve levels that of together, albeit couple we – really seen and go-forward months that a makes

Manav Gupta

And E&P be, we’re companies question the CapEx. seeing their would second raise

We are in Permian. – seeing the trying people basically grow to

Permian. spread not in I come more – Thank how mean, as than see WTI want the to I on these that grows? – just widening versus focus I’ll to I production Permian and on, crude there. Brent And spread you Brent as additional Brent want So And Permian Brent it between do versus leave than rigs focus you.

Todd O’Malley

Yeah. robust Obviously, and where a point, your seeing have We growth a don’t still their in the the right earnings to know number believe to CapEx projects, you on that that takeaway that situation based any, growth newbuild capacity. Permian. continue are see on We that increase Sure, excess in we of producers during system we’re lot in if messaging of to a the calls now table. we’ll Manav. we’re see coming pipeline our the the

by that we is view widen late the time out. our should continue to we ‘XX, So differential see that early you get to ‘XX, know

you know ‘XX, the at Brent You is – significantly $X.XX, if about know look right that. you but spread it’s Midland-MEH in over now, the trading

that out robust So you to of over situated ideally the of DPG couple pretty to last Webster our is with years. spread obviously take pretty and stake that System that built we’re Gathering know we’ve in advantage Wink ownership the wide. and And

that rewards about of we have and position, we good we’ll done. we the move think ample the work forward, So, that as to opportunity hard feel reap we’ve our

Manav Gupta

Thank Uzi. And best, the you, guys. all

Todd O’Malley

Thanks, Manav.

Operator

Please Your ahead. Roger next from Fargo. with go comes Wells Read question

Roger Read

Yeah, And, I chance, my morning. quarter. the guess, thank missed you. I last Uzi, Good in

Springs, apologies years. dislocations So be on the goodbye, into the over not and The in to our permanent call thanks Manav’s have for QX, on the everything to Uzi, as side; seeing gasoline will the you, one Colonial, distillate say, we view Krotz Maybe temporary QX, is, And said, they much of that I my follow-up side. that. some a the about were you question just I question proves seem the Krotz acquired you get the on you around. look unit at to in on maybe at terms a time to should back of on I the for down. pretty shut the be and if on friends, opposite they guess this

rest we the expect Krotz system? again of potential should So Delek versus the for outperform to

Avigal Soreq

the Thank you for question.

high the obviously differentials. it’s optimistic We’re Krotz. oil with about think very positioned We and price well

optimistic So is, the very answer are about Krotz. yes, we

Blake Fernandez

And Roger, just one thing, would I add too.

a for globally. is, You there’s doing, we peers but strong know, industry has happened in what speak can’t I what are pull demand think the

are barrels netbacks that receive and better the flowed us through of exported so allowing would Colonial, And lot being a system. through that normally to have is

had in to that’s think what factor mentioned I a So, as Todd earlier. addition contributing well

Roger Read

helpful. the bit that’s at then Okay, structure? sheet you I inclusive little you’ve I’m EBITDA, as And but overall about granted, goal debt a earlier, asked curious, taken mean, there debt? how balance structure acquisition, should is of of kind DKL, an this XBear is time? but a of just Delek, an look of at step there over that up to Just you we with know to the take level a level think certain debt aggregate optimum a

Avigal Soreq

debt. give returned And you on look the remain to gave. a both, a at But shareholder, cash that’s as the refining question. to outlook the bit on as economy and the and holistically for more it’s we’ll and And robust related very Hey. numbers. obviously, to We and have cash I long Thank you, buyback on extensively. bit stabilized, And we first obviously, Roger. are for me are too dividend, that specific obviously, resources will upside be net will use looking optimistic we the between early Thank obviously, that. answer

Roger Read

Well, differently. let slightly ask it me

sheet understand balance would acquisition, now kind broader big With the sheet acquisition want structure sort just to you of to an corporate of you next side, following in that overall the reduce I’m debt the any the trying balance here step-up have or like on goals. CapEx? before a

Avigal Soreq

the of goal in we’re to later is QX Yeah then reduce debt that Roger. going some and Part on Absolutely, year. of forward this it, and do going level, our to

is, So the yes. answer

Roger Read

you. thank Okay,

Operator

question next comes Please Holt. from with Pickering Matthew & Your Blair ahead. Tudor, go

Matthew Blair

Hey. Good morning.

pushing a growing know premium. their it or you a time up yields, path rolling the doesn’t many growth kind like still looking DKL on And of feel distribution distribution charted You’ve not a their here unique either midstream the at when your at peers by of side really MLPs. even at are trades

moves through talk So you hoping to what was next intend DKL? you of I there? still And the Do continue growing could that the strategy. distribution are

Avigal Soreq

sure. Yeah,

don’t stop So, and have years. and see for the years first have that dividend return able DKL the to [ph] [hold] capitalize future. – We of have all, over in a we engine unit we seen any on to growth the that we the as intention

want around color to Blake, in So I don’t we if are some of both and know optimistic give them. on chime more you that.

Blake Fernandez

kind the of we’re peers third-party-oriented looking to Yeah. third-parties, of that very acquisition, We them growing coming from up, Matthew, I to unique. rolling our and XBear [technical lot and the you know and fact EBITDA you a with are are and alluded difficulty] of a that. we about think little we’re continue bit differentiated XX%

but leverage think, our position We’ve I long so are flow, continue increasing cash XX distribution, looking and we’re growth. committed next I a year, think to our component And there’s has a position for we X% track in obviously, consecutively up, distribution free not to should continue. to quarters record moved that’s a where and a experiencing this And I leverage growth do in obviously, year. be we guide we’re think of but to

Matthew Blair

quarter? then hold nice Or Sounds these you in can rate aware overall QX think Is capture anything improvement good. do that rate gains a we this the QX. refining And in on QX? you capture should there versus for you to be had

Todd O’Malley

Yeah.

of materialized. improved, were able in of as that, view feel the about you albeit ourselves a upper environment they’ve work capture levels to a we QX. up historically. know we basis. going last Todd. end our And margin you in done it’s major to We not be couple that result lot our level you we’ve that Matthew, run very the set the that that know obviously, go-forward towards over to the planned been Sorry, the a But in don’t to has margins we’ve maintenance. well running; We Tyler you will that very of Yeah of and continue strategic know think know with range talked know because I we’ve proactive you as strike any the have we about good on think of took up quarter, view to the be reached quarters, a

Matthew Blair

thanks. Perfect,

Operator

question with ahead. comes Kalei of Our from next go Please Bank America. Akamine

Kalei Akamine

Akamine morning. of taking My a just question Bank first is on good Kalei Thanks my It’s Hey, WTI-Brent. for here. from America. question follow-up

what So Krotz? And on season. I’m current through wondering to or SPR whether a that are the can note, releases suppose I continuing whether provided the related a you color guys spread, about a SPR think it’s benefit turnaround on at give the the any structural you response

Todd O’Malley

reverse Todd that relative it’s be that well we values would this start barrels. to at release from above XXth again. in August involved market Kalei, SPR we in willing Sure, spend cleared XXth, is When recent the – that suspected, were through looked But what I’ll sorry, the alternative as order. most were Yeah. bidding. to we September and we

So, that point. you at we this public, weren’t information obviously, is winner that, in and know a

we We TI-Brent offshore is – bit. a and the give are a of that’s to obviously We you some the think, benefit onshore, out to know without a don’t happening SPR. the result to in of us you able with northwest has blown currently things logistics that though, we’re believe barrels In WTI-Brent], see backfill actually of result quite some believe that spread the SPR know release. to Europe. having So that’s worry regards the you [sic those moving issues barrels access about

a Brent put barrels a as MMBtu. $X very $XX market, That’s to has incredibly $XX to been significant frontline is very relative to $XX refiners the barrels. which dated the shed marker. see high premium of to sweet European causing an continue the of search as result, high into as in to continuing in bid to a We’re prices to sour range natural That, gas

causing So pushed like much we as of Europe again, to of because TI versus releases, pull it’s more lower which, of being are a feel moving TI, opposed to offshore. Brent largely out that’s perform SPR

So, answers I that your questions. hope

Kalei Akamine

the that, question Thank And appreciate a on my buyback. you. Todd. follow-up second I is

doesn’t DK in. getting to at here. million $XX on have given do to more sheet, I million, at back try to shape your constraints the And But lot level. It’s guidance congratulations of off, a it it you of to point. QX saw like First a years. of the $XX been want lean the like to capacity could understand but of this balance you feels couple for volatile the least guys appear I

Avigal Soreq

Thank you.

I that’s think it’s a trying was highlight what question the and answer. I give great in my to first

trying we to smooth on the buyback got million. you $XXX to that are seen it the Board way all to the one-time. to make the the of program, go part approval reasoning That’s that not We have from

think So as obviously, continue economy will it if will, the it market the like looks is we buyback still we along there. and as obviously with that continue

Kalei Akamine

more appreciate could Got any have? And it. I there. second planned here, housekeeping I’ll of looks I question. you it’s half you If CapEx loaded. that. work Thank you. Refining remind us just just sneak a Can in one leave it

Blake Fernandez

bottom Kalei, there’s to ramp-up the get a year to full spending. definitely line some is the

million So seeing. per quarter you’re that it’s roughly $XXX

but what second maintenance year. we’ve half in that turnaround indicated We we’re for activity some there’s this have the major is no minor that, basically the all along of doing year,

quarter. we’ll guidance obviously, you and So XQ have results for next throughput give XQ, the see once guidance can know we you

Kalei Akamine

Blake. Thanks, Great.

Blake Fernandez

Yeah.

Operator

with Jason go Gabelman ahead. comes Please question next Cowen. Our from

Jason Gabelman

morning. for Good taking Thanks my questions.

for what seat I strategic is few the one next step And have into see company first an the The your And and you I priorities you from follow-up. as are it over wanted thoughts years? the to the path for over Uzi taking for your get big where Thanks. Avigal. a open-ended for just one

Avigal Soreq

extremely everyone So people I people as much that was all, the by learn be we such how you both impressed the first, I nice the around my stepped question. know Delek company company and first love successful and and was, And a into are. And assets. to to dedication job have weeks the wants of better, thank the great ago for first priority to six to for visit

to of bit or have plan, holistic bit very will people can until so it strategic we it’s present and more to right. we was I going bit but assets, take far, give So encouraged – of visiting a great. a see a I long – many one most the a more – conclusion was time, Obviously,

So there. we not part of is exploring to that the believe we the are working, how ways value some and the unlock

Jason Gabelman

Understood. million if drove Okay. a for the the is one looked those think just high; numbers. any was of XQ higher repeat that you in Thanks. second than discuss the Can XQ? bit It where I OpEx you the was. like that And guidance and expect $XX quarter on then to factors just

Blake Fernandez

Hey, Jason.

natural mention, prices just one, were for So obviously, elevated. let me gas

factor. So that was a contributing

utilization The second record-high is, piece hit we rates.

as consume. know, you you the the more run, you So more

final there So an was that’s OpEx accrual element The is, know in you that an as as well. piece well. of landed actually bonus element

gas for contemplate giving we’re guidance elevated So ongoing prices. That is quarter, slides. natural the next which in does

it in a see guidance, million roll you million. So, as bit, to does $XXX can though, $XXX the over

Jason Gabelman

thanks. Great,

Blake Fernandez

Yeah.

Operator

[Operator Instructions] comes Cheng from ahead. Paul question next Scotiabank. go with Please Our

Paul Cheng

right, – Good morning, All you. thank guys

Avigal Soreq

Hey, Paul. Paul. morning, Good

Paul Cheng

that a congratulation full semi-retirement. though maybe don’t it’s we think add retirement, Even me a morning. final I right. on said congratulations, let the already so Good

that you. I’m sure will we – well and we So come see across

too way that young to retire. just You’re fully

Uzi Yemin

that the one told the you Paul. just that took us guys are public, I

each So we difficulty] years, we [technical other and – XX know XX years.

Paul Cheng

more than Far that.

in IPO’d were You XXXX.

– So

Uzi Yemin

Yeah.

XX now. years So

Paul Cheng

has a time, it a been quite So we’ve Yeah, known. been time. quite

So have one. a great been

company. we’ll congratulate that So the the Avigal conference the in for CEO first let also as miss And you. be me call to

a on to I I level. I return may, to have capital but think, the into it’s first. framework, apologize, I high go if want more back

of some that may different to don’t a – the your whether approach? business. XX:XX longer-term at that right terms is or peers sort you – life formula XX:XX of larger for that base the Or Some economic say this flow much cash first least DK the company? of or of you somewhat do think or be back of the have and XX:XX long for that in returned target, than so Is applicable question. cycle be the approach of a have Avigal, the that a your formulistic medium kind you peers, is approach, think That’s will

Avigal Soreq

Okay.

try point, but will I that asked So, that I’m you again. to glad touch it

at, on you between and know, buyback, share dividend. repurchase as cash Paul, look holistically obviously, we So

We have regular we important the the the dividend and Obviously, is special of part component. which debt just that announced.

holistically. So we are on looking that

We are as be is second not yet to upside on ready robust, give – more and side. that, not I’m market for see saying we I’m but we the half, guidance it to just long will, again, that the will believe that as going

Paul Cheng

No, what I understand you said.

my return reinvested flow the some of the in cash business. to they then rest your or haul XX% be medium-term, think, XX% say, and peers will I of question say, the want long okay, the Avigal, or is in will that,

is guess approach question, the not? on I or approach And cash right that my guys company? why So the that’s if the do flow cash the for return think in you not, a formula-based

Blake Fernandez

Blake. is this Paul, So

say, Let me do have in think specific just terms more one, I quickly unique companies. frameworks that much of, companies little a of a, are these bit for mature the lot larger, we’re a

growing a company. We’re

compared compared bit to is we The that second component others. to differentiated is a a refining. to huge have is a there little midstream And piece that, leverage component that

six into weeks at wanted, box job. until not is number the settled have we and So a Avigal specific or ourselves this framework. into date, to getting Obviously, least

bit But group. for little point, can the this a us these unique it’s things, going at I think types we evaluate peer So compared of forward. to

Paul Cheng

at Okay. adverse impact oil the you expect contribution is finally, an press accounting when Two us reach that and release, inventory and asset that? questions. now that will Or price going versus to that you contribution the maybe then from that offset full you are with quarter FIFO share in be? Thank or the cite under going reflected with Wink on really the One, the lower to standpoint accounting, guys the you to guys your is fully on is that you. movement margin? be how short to Webster the as the going in second those and lower inventory can the that’s margin reported movements, what least to quarter, big you other contribution the And that hedging the

Blake Fernandez

flows second So Webster piece, Wink equity line Paul, on through that to item. the the method

that, or specifics aren’t call just disclosing months partnership it around so. given the progressively through, of next up that, XX it, is but the We nature ramping

So aligned want we with there the to sure just partners. is messaging make our

In terms hedging, of a the on question on your there and page. other back inventory table is

losses $XXX benefit going million. You’re there to hedging, by other more of much inventory we $XX notice than was realized That had offset back a from hedging of million.

if So is But you more have technically speaking, straightforward. clean from all work strip million are an our make much $XX what and higher EBITDA EBITDA would everything to sure going out, trying you obviously, been wanted to to all noise the adjusted than we’re investors see. basis forward, just

Paul Cheng

you. thank right, All

Operator

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

Avigal Soreq

that The team us had. Delek Board Thank much trusting quarter best The the so in worked for management the table around call. the for you ever you Thank investors us. to hard so allowing and and so the the the us company great to way trusting can. we our mostly, best that Directors much. And day. every obviously, this make company of manage Thank employees you

Operator

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

may You now disconnect.

Delek US (DK) 7 Aug 222022 Q2 Earnings call transcript