DK - Earnings call 4 2023 | Delek US Holdings, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Delek U.S. Fourth Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Tuesday, February 27, 2024. I would now like to turn the conference over to Rosy Zuklic, VP, Investor Relations. Please go ahead.

Rosy Zuklic

to U.S. welcome and morning, the Delek Good fourth conference call. quarter earnings Financial call Participants Reuven Soreq, Chief EVP, will President today's Development. Spiegel, Mark Corporate and and Operations; Avigal EVP, include on Hobbs, Israel, CEO; EVP Officer; Joseph the presentation of Relations the Today's section Investor found U.S. can be material on Delek statements. X website.Slide forward-looking our harbor safe contains regarding statements We'll be today's during making call. forward-looking statements cause differ materially to statements risks These results involve and actual uncertainties today's that comments. may from filings. as to results differ included in actual our cause well SEC could that Factors here are as no update Avigal to statements.I now assumes forward-looking company to The over turn obligation for will any the call remarks. opening

Avigal Soreq

Good and Rosy. you, for Thank morning joining us today. you thank

a control. consistent of During quarter, like [indiscernible]. to details that, each in fourth but delivered quarter our a the operational Logistics the In provide Spring. saw Refining, we at and the improvement.Joseph segment We will Big during favorable from I The member well at thank did in for team. in record we Delek the quarter, total of see perspective, higher our progress a record opportunities still segment. position We in could seasonal refinery further strong operations end quarter, our performance another the demand good market job throughput the Logistics weakness on From product our achieved With operations our with validates the Basin. focusing a guidance. our would Permian of of the ran we consistent what

best XXXX. reported segment year its Retail outside QX COVID of Our

objectives. of was progress made adjusted We full for $XXX the on million Delek. significant XXXX year; year We strong to Turning our key a EBITDA. achieved

We our our and financial our operational initiatives.In strategic terms people improved shareholder and year. solid sustainable all made a return excellence, they foundation a and strategic investments As for our strength and This growth. delivered across in this are assets. performance excellence, businesses of reminder, operational team executing profitable

on budget on and Tyler was the in capturing. incidents. The was result reliability with turnaround major improved planned recordable refinery stronger Our no time, completed of and recovery

practices I'm on for record focused process best report very includes improvement. year pushing and that our constant performance.This are safety to and We personal for safety safety. XXXX was on our pleased

and XXXX, returned to we Turning $XXX through continue million shareholders shareholder we return; share dividend buyback. shareholder-friendly. In strength of be financial to and

We million. also improved We financial our on by strong to our debt our strategic $XXX position progress flow using made by initiatives. reduce cash

As ways a cost tangible efficient This our results. of result has efforts of we reduction delivered more found working.

level.We reach inventory run our reduction. example, has debt our improvement progress making in and of management For $XXX goal to both are resulted million earnings in cost rate

Lastly, significant towards our value headway unlocking was business. in intrinsic made

XXXX; have and turning focus wavered. key drive safe towards We'll excellence, Now not priorities operational and to [indiscernible] operations. our reliable continue our

deliver will of to well-positioned Joseph give are interest in have in look We on Krotz capital and will We'll expect portfolio We'll refinery about stakeholders we the improvement the shareholder Springs best believe disciplined of and opportunities. QX remain our continue Financial XXXX. performance we segment. results. our mind. strong in are our to context initiatives post-turnaround. we undertaking allocation strength of return capture Refining talk the also key.We turnaround with additional We

we million returns. returns the competitive to committed based free we to of and are balance $XX we cash to in to and flow. In remain million sustainable sheet shareholders. was demonstrate optimize $XXX shareholder this We continue committed shareholder returned buyback.As XXXX, will XXXX, upon share

in improving balanced advance XXXX, we approach and ]. we'll we we'll between remain keep remain On a and this focused As maintain shareholder returns. strength initiatives, financial and our our approach, execute strategic [

value shareholder the maintaining operation, million, our reduction enhancing show delivering we our return with and a program while our responsible decades be on dedication month manner. maintain the by transition a meet our approximately project Spring CapEx earlier from which safe XXXX to reliable $XXX the to our serve our estimate opportunities will industry will that over capital refinery reflects like Big to energy For levels.The safe, Energy a operations. explore financial XXXX, our growth in that This portfolio Joseph, In projects to strength continue advance space our to technology, and additional call will come.Now was XXXX, well for to environmental flexibility. strategic project selected would of capital objectives. Department detail that who capture I announced carbon the We this into a to turn will provide we

Joseph Israel

Avigal. you, Thank

the the day which of in the Production in reflects through a was per was day. Tyler, in barrel El operating is per XXX,XXX approximately Moving from throughput. total per plant. barrels throughput to In processed tank the approximately back-to-back team throughput X; estimated in were was $X.XX the record margin to barrels XX,XXX barrels day benefit quarter high quarter, per $X.XX slide per approximately day of fourth Tyler and quarter total an In $XX.XX the day, the range.In barrel, fourth quarter, in employee in throughput high total XX,XXX our quarter and XX,XXX expenses the per record first accrual per farm barrel per XX,XXX total X Dorado, work. barrels barrels accelerated throughput a

quarter the optimize XX,XXX we existing and for operating is improve on mostly additional increasing Dorado heavier pipeline driven Big on improving configuration fundamentals focused day, guidance, grades first margins. By work, in Our addressed. the per of Estimated approximately reliability, barrel. El sales side, and several In commercial maintenance areas.By refinery the team to mainly use regional expenses asphalt will light range. past per we improve the per for crude barrels capabilities were the the product Dorado, barrels in the El throughput were was in years is and $X.XX in asphalt will improvement and barrel total optionality. opportunities, discoveries was margin the day sourcing, profit day accessing our barrels but working After production wholesale XX,XXX Spring, the XX,XXX in by throughput reflected per with that quarter per $X.XX to

integrity barrel, approximately per for $X.XX per maintenance including per $X.XX Krotz additional day. day estimated Spring an program activities.Operating from barrel to throughput per is was In per production Our the in $X.XX barrels barrel barrel and maintenance quarter per expenses the related $X.XX benefit to employee $X.XX throughput barrels to for barrels per Estimated Big approximately XX,XXX $X.XX barrel related total unfavorable including per range. the Springs, were impact was the XX,XXX first the barrel, per XX,XXX accrual. in margin day

crude at to day operating per energy barrel. we the quarter per major preparing entire include per is along is negative barrels margin for Springs for flexibility as throughput units.Execution XX,XXX Krotz our quarter, Our fourth as and FCC RINs million.This quarter and cost XXX,XXX in efficiency. $X.XX return from well production $XX to wholesale a with fourth the The expenses position throughput improvement per barrels Mid-Con to and million barrel a range barrels the range. was XX,XXX $XXX the $X.XX the in is $XX $XX our per lower variance the team ourselves day as barrels day of dynamics to coming In And which and is is expected Plant challenging will approximately turnaround, is rate gasoline were upgrades million marketing maintenance and and implied per upgrades loss refining per prices. estimated the million from yield mainly approximately the year, first for XXX,XXX target seasonal quarter. system day decrease season. third supply-demand contributed trends reflects regular for

provide to with our expecting better are initiatives the commercial optionality future. in us We

marketing an year quarter consistent many our approximately important million and successful summary, compared Asphalt for system the with in in was million and seasonal with our trends.In XXXX contributed ways. $X $XX third

Our our what us equipment focus people, on optimize system growth. to and foundation is we strong and for position have process a giving

have and gasoline these operations we for Spring's Springs Tyler, constructive, the to U.S. the market confident about Rosy financial refining are season. coming are we will over well-positioned opportunities.I While years, the Krotz remain in variance. turn Big and our over optimized capture XXXX to ahead of Dorado now the progress dynamics for call reliability El

Rosy Zuklic

U.S. from from was the XXXX lower to to the quarter third the record quarter trends. the at down quarter significantly X; EBITDA reflects over new a set operations was was of million shows seasonal million.Retail per XXXX, the share, due X, quarter. loss Starting on of $XX This primary quarter refining. and quarter for flow fourth to On that a lower $XX Joseph. Thanks, fourth Logistics Delek million Adjusted adjusted from share. $XX loss per $X.XX $X.XX slide net slide Cash for or or of adjusted $XXX million. the in driver of was cracks EBITDA had million. results relative waterfall third $XX largely the was the the fourth

in stores. Corporate were crude falling lower our a lower margins segment compared quarter, improved environment, saw with last expenses. at employee costs but Although to largely strong due benefit we volumes we maintained

million at sustaining a to which for $XX was projects slide improve Midland we capital to capture Delaware was million. quarter $XX of scheduled $XX for million XXXX. XXXX and the as major was XX% Funds approximately approximately million. $XXX is million and the and be at include return $XX prices XXXX, stores, debt primarily activities $XXX refinery plan product the $XX $XX work for activities for refinery Full ending major improvements.Net $XXX On fourth Growth in cash positive expenditures are operations, XX% and to of quarter, and will Spring balance is paydown quarter includes with XXXX In projects, capital gathering million rebranding $XXX volume reliability Cash million rate.In buybacks, XXX the as fund is Delek's was which company the in capital we capital Included distribution Corporate on dedicated for fourth at both a million. program we million, expenditures, broken the Moving and slide Logistics, million systems, Logistics on are sustaining from to new include segment million during $XXX guidance refinery and is expects regulatory capital in Big million improved advance Delek Retail million to and and turnaround to of the XX Financing This payments. $XXX reflected $XX reimaging turnaround be Springs the $XX Tyler most Big regulatory with XXXX as is partnership. projects. largely Other which inventory XX, of million the in million invest includes Approximately to the program is regulatory projects, and dedicated connections of $XX of for IT program Refining, slide cash discuss well projects capital to expenditures. Delek the year at enabling the working dividends This flow; projects drew approximately growth growth the including of and for million towards capital million, Spring projects. which the Krotz capital. have debt the I shareholders. the The of of during continued debt out to sustaining breakout in the with in spend convenience flow $XXX forecasted in growth expected said, mainly million The of interior $XX between initiatives. and repayment, lower management segment this $XX XX. primarily and maintaining and $XX amount receivables.Investing of refinery.Our million. from reflects

of During $XX drew million. the net and $XX paid cash $XX a million the position ending debt of down with debt, quarter, of million we quarter

XX items. covers slide outlook Finally,

first be and of million In million.We and $XX addition expense million D&A to the provided operating for and interest G&A $XX for $XXX between now million between between expenses $XX and we expect net million; $XX $XX to between line the be to to will to quarter be million XXXX, be open questions. million guidance Joseph $XX million, and $XXX the

Operator

from question Neil Goldman first with Sachs. comes Your Instructions] Mehta [Operator

Neil Mehta

talked Avigal know the the the just is an and first something thinking of guess you've milestones on I that of about your parts couple sum years unlock. we over Yeah. update watching be last the should it's around I question latest the on? in

Avigal Soreq

you to parts of Neal, you I we -- energy that are the you around know going want Mark, assure some [Technical much Neil, do add Difficulty] more? significant and to Hey have topic how happen. want the headway you? to how

Mark Hobbs

is But say, committed we're like, And or balance say have deliver Yeah, our Neil. Look, that. not company to across would our that for look, towards all at say update do, our I would this are I this attractive business. businesses, don't but generate we point, anything focused to very working in sheet anything our hard what value we to but returns enhancing positioning of that the may future. the that's at we time, we only shareholder although highlighting on in foreseeable and intrinsic specific remain

taking all those it. I appreciate we're consideration. So of things into

Neil Mehta

and we think strengthened -- us you from tuned. perspective the stay a softer follow-up as incrementals impact, quarter. mind was sequential decrementals. like the marketing on quarter Do to XQ a The And one-time we'll a your is on there. dynamic Yeah, guess sounds just could we about keep expected. Mid-Con through than you in as anything little the have little love XQ, we build what bit just would some to about be that margins I I maybe think as want bit

Avigal Soreq

Yeah.

flow. a obviously it's actually to give marketing easy the guidance cash positive see the quarter G&A, during can line in flat which record seasonal all very of at weaker, had marketing throughput And previous the is a Supply in you and had QX. surely, a in of meet line to big OpEx, supply see very seen the strong with that we quarter. and we've that So terms trend we

we into I that during add more So some don't on ]? control focusing what have anything market-driven. you can into there listen, seasonality did know are the But to which and [ is Joseph, line, job quarter. we good that if a is we

Joseph Israel

in consistent in contributed with beyond trends, from and trend. it by seasonal December think to $X the incremental seasonal marketing marketing through a challenged, Wholesale going [indiscernible] refineries heard ]. was the asphalt and freeze Yes, positive demand I $XX the million, margins, the in million wholesale in generally you most especially negative [ driven Mid-Con,

generated the the the wholesale which the element hurt marketing has rate by capture this that The in helped really XQ normal other was blended reprice, at -- refining value point.

to situation El Mid-Con supply Dorado, in several this in in us of weeks, the your we point, through through [indiscernible] navigate future has So Neil, sales commercial the the remarks help most volatility. type fronts, focus demand past the resolved the in which prepared the and of to in discussed would optionality

Operator

J. Your P. next comes question from with John Morgan. Royall

John Royall

So my on one capital. is first working

it to looks working reverse, You've a bit even be little around side, the to talked expect capital despite crude bigger there? working tailwind. management? efforts and tailwinds Should you falling all more only And not about reversal mentioned price. XQ further things speak you in Can the wouldn't inventory you your but XQ's like going inventory and there go is It capital an a other did forward, there we more equal? management of not had tailwind

Avigal Soreq

you Yeah, give would absolutely, maybe I around some John. it. more to ask color Reuven,

Reuven Spiegel

year. sheet the took for Good view we of Sure. I beginning and morning the holistic mean you thank the our a around balance question. more from health

had We and the in but all optimizing chunk inventory big we work the fourth that of So the one fourth them. fruition third really capital did Obviously, and it -- along. of of a some quarter, we was where the fourth -- initiatives roughly of completed third of in the quarter rate addition quarter the the million and were that in realized year, on had saving ZBB effort, were in $XXX million which $XX that, and in working we the [ to to quarter. contributed third we which a run mostly ] already the a the accomplished $XX million capital.In XXXX, managing

efforts to so the $XXX of Our and kind the working end was the capital. of And along million. focus safety debt by reduction, debt reduced contributed that, with roughly reliability result

want inventory forward, at the with of we we that regard kind reached be manage. to will going of level to I think

working So events a result be that the in the will quarterly of will more it capital impact future.

John Royall

And detail. helpful really you you mentioned transition. That's around of then some opportunities the could talk about energy

us you at side you've capture carbon this any in Spring. And 'XX point? mentioned status is this? budget you also committed past? think And to option spoken can there in had at you've the for remind I the that of the Big on capital the Is on the renewable just this

Avigal Soreq

John. absolutely, Yeah,

with elect [indiscernible] we're we cost of that a DOE return we do so do will negotiate capital on benchmark XXXX, put on ourselves IRR to at is there no will the everything point, material the from and standpoint. So capital we going for to this under

energy break John, DOE, and first that the capital meet the a So we we capital will that But our a or are marketing it a from you and not a area, going benchmark. -- by we further be in metric. the to deal.And a we'll see refinery can which those testimony elect this nice advantage capital very and that is transition leader future, to make holistic standpoint, projects in are to Big Spring big elected very believe Delek

that The other Obviously on into get diesel, option renewable it's a looking we on cheap look to the we are have way carefully. diesel. a renewable

doesn't see As lately. [indiscernible] can renewable you have diesel

not we benefit million, to So commit are $XXX million then and that. that from fortunate $XXX no

were to want market fortunate don't the close that. you add the option? very we Mark, around [indiscernible] I So if is but know, anything to

Mark Hobbs

the monitoring closely. we sure. it very were John, Around obviously option, Yeah,

Our when run And days quarter. a information closely. then monitoring it it for first understanding as we're based XX% intending on the quarter it will But and and that at to at opportunity have hit in it. the publicly the a once commission look runs And second available facility watch first quarter. the we the through start rate that's to XX that would we is utilization, they're take

to low-cost it's for in renewable an a and diesel well-located a us facility. a position -- potentially As Avigal opportunity meaningful said, be attractive it acquire could

So closely. we're it watching

Operator

Fargo. Wells with comes Your from Read next question Roger

Roger Read

operational guess questions on for side. the two I Yeah. both me,

to let's at anything you QX. QX, right? know follow a I mean again, of us does that, just there's couple say, can that marketing an it's buttons of give -- it, push call the kind limit but idea this reverse, year. and let's Is the it as what headwinds up the supply look conditions, on can you says evolved in maybe of to to that's how months you sort market of, Just change of I there first

Avigal Soreq

Yes.

to not what market going we for that So gives. line. to fit the are usually with going be market guidance give It's the

And -- our looking there from end bit seen seasonal average, we So we'll correlated X-year market Overall, be around general all both at around consistent at are the Gasoline around a the for on beyond information, diesel, give around standpoint X-year that. are below. trend to guidance so we we a build seasonal. going a to and is average, the gasoline are constructive. supply marketing. positive macro lower of look information diesel. But and a -- driving with not We've

Joseph Israel

Yeah, nothing to add.

Rosy Zuklic

to, Can add, and would others he Roger, add through persistent I January. were only I think saw And some I fact the is remarks, it prepared his one that. just in impacts weather the thing? said the thing maybe Joseph that referred that of think I

thing so line. would And mindful be of be just that the obviously be that that in that that will I reflected one would

Roger Read

enough. Fair Okay.

weather I more benign tailwind. it get as a the seems is you'll so guess, here Although, way that maybe two-thirds through, we are of

typically, units Big as is question company, overall the other of it here it's slide recently. The but better been has -- and I on Spring we have, refinery the challenged been of one in this think X.

actual [ us favorable the the I call a it, progress Is kind quarters you're road this there going help look lines? million, that the affect those put to we you change should as as third rate of what we would two the would along it a go in just of changes the that get something crude yield of more to ] point there just first we going Maybe understand to that consistently? let's 'XX? in capture run through some XX%. signs for in $XXX is above facilities year, roughly year.What reliability the got should unit You've mean improvement, the year next two-thirds get are as

Avigal Soreq

that but complete with throughput give [ answer, from Yeah, is just barrels will XX,XXX [indiscernible] and more OpEx refinery a less. consistent of $XX and for standpoint, And sure. a [indiscernible] and Joseph day a Big a will I Spring ] say

that it see to cannot And that's to before. year be, can where the $XXX bring You highlight the back is what trend the used million. it reason there of we no and

write years we get the in cannot refinery we Joseph, as used to to one if please? [indiscernible] consistent, what So past, is that reason it used ago. there no

Joseph Israel

Yeah.

gasoline remarks So mentioned already prepared as ability season. service we coming are we the positioning to in Spring's well Big from the

We reliability people, And addressing path have equipment, the see we we been process, meaning different clear [indiscernible] structure. gas [ capture should execution as cost on risks improved on vision, ]. mitigate

] So and mid-cycle around as the expecting communicated north we capture Difficulty] in in should stabilize we XX,XXX XX% [Technical of to run past, stabilize are rate around [ probably throughput by the basis.OpEx end Difficulty] year good [Technical probably quarter every maybe of the year assumption. reduction a a linear barrel end until the and reduction be barrel of of would the $X.XX

very So these take get And process. encouraged are people, equipment bottom all get we the it -- process, we to want by to of to line where it. will

and have as our coming and very surprises goes the time We are we already about spring. by capabilities less confident this less

Operator

Your TPH. next Blair Matthew from question comes with

Matthew Blair

wanted of sale openness My to have? would your you some retail relative I the up talk your could about be parts that a options how at retail to hard and attractive work I you appreciate efforts, sale a question assets? might here. follow of is other some on your And to

Avigal Soreq

one we that's frontline a so Everything question. table, great Matthew, absolutely. the than active and are is more on

Matthew Blair

ballpark old Okay. to And $XX follow-up million for XXXX. And EBITDA figure. have an and in million think normalized item trading this that says $XXX your million do here that on roughly compares to in you line then as an be? note think should my I What activities. is $XXX annual supply roughly annual I

trading contribute do what basis? on an forward supply So should and going you annual think,

Avigal Soreq

And of line so. that that our don't consistent a topic that will Rosy, give have I and think with guidance we for we you energy deals. remain lot among with the around Matthew, practice best

Rosy Zuklic

we as based -- supply said, may thing in on no supply. say have and trading note have longer is and And there you supply And and old business. an you a what stability. there, wholesale previously components. we little the the more the asphalt there's marketing. to trading we marketing is the The And have have asphalt again, what then and business three have wholesale and Yeah. bit supply. the in would the marketing would line I It's There's marketing, tend

have million spoke do market we in the saw based they variance fact because in $XX Joseph the movement had the third Now fluctuations on to that quarter then between of a RIN conditions.Case we what the that point, about obviously quarter fourth environment and third relative the in fourth prices. and Mid-Con the the

bit to more a be tends Asphalt stable. little

You've the fourth stronger. month stronger look little I like, a with fact the in you've tend what summer seem to weaker of got and be to the think quarter being got And the and that on quarter first the you've seasonality a quarter more got the months during fourth stable the side.So the middle. and bit quarters first the is good indicator quarter fourth quarters a --

bit also two have throughout you so depending that's system, are right? to pieces on [indiscernible]. third right? The the little other was perspective our But being a the both supplying And a refineries system, a unloading to little and bit fluctuation, crude may one from a DKL entire easier of disruption handles because also little business the model that supplying harder the and the supply component our bit refineries the supply,

Operator

from Your with Bank Kalei America. of comes Akamine next question

Kaleinoheaokealaula Akamine

on also from guess West regards a here. Coast. his sends Doug Krotz X just is I the slide guys. number on the question Hey the first couple I've got turnaround.

better the hoping of same back about on that could that's and end, in that Dorado whether I that El that's performing as whether or you the you're drive question the commercial idea thinking in And Just how opportunities commercial the can of us performance there. scope you're reliability give some potentially work yield? guess,

Avigal Soreq

answer Yeah. well. Krotz Springs, with I color around more and some Joseph the will about give will start as

Joseph Israel

Yes.

from the improvement year million to annualized want [indiscernible] three we catch-up efforts positive to words, million scope margins expected. crude but unit we jet achieved an fuel piping of capacity. what on guided million things. per First, We help I'd and we make $XX we you flexibility.In our exactly more will so other [indiscernible] Back like and final -- coming the [indiscernible] remind actually which turnaround, maybe rate $XX assumptions. it's expecting One add when that were to $XX we is yield achieved our are we more

FCCU are put when turbines would better and that yields. us that and improved in with of with we expecting are and conversion make is reactor Second energy will new couple a to we we efficiency higher [indiscernible]. provide addition, replacement [indiscernible] some And we reform

Avigal Soreq

El If the you opportunity want planning the prepared slate. in we're heavier take more some Joseph And advantage area. highlights wholesale Canadian around also prepared weakness Dorado a addressing are grades, we we that his remarks bit of heavy run ] El Dorado, of [ grades. to that are seeing

built that Dorado we opportunity. we were we're El refinery and what heavier running So are a is trying versus was capture to than that running,

Joseph Israel

with about automatically I will [indiscernible] netbacks because El of capture. to when Dorado system [indiscernible] you and or and that think asphalt improvement make heavy believe quality benefit configuration from asphalt contribute its

Kaleinoheaokealaula Akamine

My the is I'm of understand scope to the interrupt sorry question the guys. work so the follow-up XXXX. to seems trying scope work, goes just like plan. through it of It

similar to there. I'm 'XX that if be very 'XX, is to CapEx going and that So leave I'll understand to suggests trying it

Joseph Israel

El you for the 'XX scope Are Dorado? asking

Kaleinoheaokealaula Akamine

number Well, through slide X. you on 'XX lay I these or for this 'XX, think commitments out accomplishments capital

'XX, basically if a known capital looks on that to for get I'm work. trying So plan like you've XXXX what handle work the the given already defined

similar that's to out figure to I'm So trying XXXX. if

Joseph Israel

Yes.

$XXX regards will It's in and for we the [indiscernible] be [indiscernible] is 'XX, later our a capital of efforts for at scope like and program lending, real if entire come part to no the we commercial future back needed. mostly we cost feel and there year. El point. know-how million mentioned So this Dorado will and estimate it's With the the grades

than down this is the from a now. year road, So more

Avigal Soreq

not related only not 'XX you make base commitment to the clear. capital, to reason 'XX. which the reason upside that the going Don't coming be going to the was 'XX, that to time, That Big heavy the capital benefit is say XXXX. see, slide the that completed turnaround, but a 'XX in XXXX, it slide to the as the That's over XXXX. of is the is very to which is come the can The intent says slide capital on during to And XXXX some of just to was slide. saying Spring, into

Operator

Gabelman Jason Your next comes with from Cowen. question TD

Jason Gabelman

It It's shareholder Jason wasn't Gabelman. I yet. discussed wanted to returns. ask about

past disclosed few press for earnings. out buybacks the The you quarter-to-date releases press think at I came the had release time.

that You quarter. do didn't this

have So buybacks made any the you wondering outlook through and for XXXX? repurchases quarter-to-date if

Avigal Soreq

Thanks question. an about overview are and the capital investors. return will to for I we how give the we what around think thinking

First we million million return, shareholder we'll -- of flow had $XX be dividend. We return. -- free very are from $XXX of committed million a to of $XX of cash buyback that this over and all, year,

We are committed probably going we to to XXXX. bought can of appreciate share maintain our in the same that X% And philosophy XXXX. you

we of suggest are -- is approach. of disclosing any waiver nothing what So our

holding to our around market a and committed return. to want are it, shareholder standard. self very We we to that leader are We as see us

Jason Gabelman

Okay.

and/or kind hear level XXXX X% of to feel mid-cycle So in a Is you. you difficult that's sorry, it's a either like achievable something bit that in environment?

Avigal Soreq

a do it So not cash free mid-cycle from to want We flow. was last year environment.

market number market more. it market be market might hold about number, you depends want conditions. it optimistic me to will committed to want It to And that less, be might and held I don't conditions. I So don't that predict conditions, but I'm to condition-driven. its we to on a that. are be

the seen them. You Jason, shareholders do. -- find seen have going going are of going ways and to us mind keep we're we need all and you nicely, have do, state exactly to we're year last that demonstrate mid-term return we we to to short-term, long-term, And on did of bring what to doing very said that. you we committed what and say understand to to we're the is

Jason Gabelman

seeing Understood. the you're niche you if could comment demand in Okay. you maybe that operate in? And markets just then that on

Avigal Soreq

we're so weather weather and enough very not are was market, talk that. going about good to we the optimistic So very in discussion weather. have calls about a about and I think the everyone Other we there blessed niche than

Operator

to at [Operator questions Instructions] Please the further proceed. like turn to would this There I now conference are over Avigal. time. no

Avigal Soreq

a my is. the to Directors, next us employees that to thank the it again for great you, talk thank investor, what our to call it in the table obviously, quarter. I our about colleagues would this And company Board Thank we'll you. of for around operator. quarter Thank most like they join importantly, make and this

Operator

lines. call for Ladies for and and Thank this disconnect you. thank We conference today. that you participating your concludes you please ask your gentlemen,

Delek US (DK) 27 Feb 242023 Q4 Earnings call transcript