DK - Earnings call transcript Q3 2024 | Delek US Holdings, Inc.

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Operator

Thank you for standing by. My name is [ Jayel ], and I'll be your conference operator today. At this time, I would like to welcome everyone to the DK Third Quarter Earnings Call. [Operator Instructions] I would now like to turn the conference over to Robert Wright, Deputy Chief Financial Officer.

You may begin.

Robert Wright

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

Avigal Soreq

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

was margin current During $XX approximately the third environment $X mid-cycle. below million. refining quarter, $X to EBITDA adjusted is The our

prioritizing remains to capacity the in on and meantime, turnaround; X on our our This are the margin months. recent digest executing more refining remains XX shut market demand structure; the down. below factor continues mid-cycle, expect In low and product balance we to to balance global our rise. lowering opportunistic things supply inventory and help oil buyback the first, to second, we making the good third, can next and sheet we shares. refinery over control: As cost will the Refining progress KSR additions support

turnaround shareholder-friendly our of of strong am outlined the Joseph value; will fulfill strong safe actively progressing to Parts the each on refinery calls, these is all turning being of and unlocking Now, a had second, more is balance working are now will provide operational the Springs to well. in key third, this. previous Big Spring. quarter. operations; another Sum focus team detail. We The and having I El in strategic we I've In as proud key are: details discuss Krotz a reliable of priorities, Delek's Dorado, I making in the sheet. progress priorities areas first, potential. our and the

would like Parts efforts. we the progress made Sum I Next, about on to of our talk the have

on On announced to closed Sum that a related efforts. we with and other We the our transactions retail I X. on the make our transactions DKL stronger, announce between these to DK of We of FEMSA closed DKL transactions and and happy to the pleased of transactions. XX. DK These Webster all the drop-down intercompany sale Parts we earnings both September second and series we August am closed results. of to quarter call, of Wink have assets the are

XX. us in We September to deconsolidation. outcome keep and improving maintain next continuing with on allow which acquisition refining balance the turned of the have while journey its our HXO are DKL, sheet to Midstream below Sum of mid-cycle. Delek strong timing, as closed Logistics actively pleased a step Parts margins The is

Basin DK in DK benefit between more contract continued growth to to the while DKL We making extensions third-party opportunities increasing significant flow, Recent million annual ownership DKL relative good cash its exchange economic the extend steps DKL. distributions. position increasing scale. has for additional amend and on progress by cash flow from seizing which XX%, an DK $XX DK in separation taken will towards lowering increasing DKL XX% DKL. cash are rising maintaining and also deconsolidation bring is to on back contract by attractive through its interest EBITDA. its DKL getting improve from Permian and flow

DK We and shareholders value manner will the create complete unitholders. methodical deconsolidation DKL and in both a DKL for

improvement cost reduction highlight like plan. would to our I new and Next, margin

half million savings DK currently and $XX of run million XXXX, improvement has to the transactions. back $XX in $XX through the improvement. Our is second million and expect incremental which a least to and and plan at increase through of achieve plan of $XX cost come rate above we new expects annual process $XX commercial cost $XXX by beyond to The G&A million million optimization efficiencies, in margin to to million intercompany along with margin

the markets which on we G&A have bottom This our X with our strategy refineries started been line plan. run to along order produce commercial sell further will optionality per the efficient market value. Over $XXX company. We increase tighten cost execution at and least last year. right will allow us and investing years, allow to our phase by right maximize million to in in from recently us system, efforts, in product the will our the incremental These efficiencies,

ensure is to flow piece balance Our commitment free sheet. efforts final mid-cycle a strategy these aim is return in our can cash our shareholder of we generate significant through and strong to maintaining condition. The

During committed to paid team our bought capital I would and to allocation. In work to our approach we the thank quarter, We million shares. remain $XX disciplined entire a their hard dedication. dividend like and in back of million balanced and for closing, $XX

the operations. to who color will turn Joseph, additional call will I Now, provide over on our

Joseph Israel

barrels our the $X.XX We per you, a in in focused the per and Production system. In quarter $X.XX low-margin Tyler, on was Avigal. was well environment operating quarter barrel remain future day. to and margin flow initiatives our in per expenses approximately cash Thank generation and third total barrel. capture support XX,XXX strategic operated across throughput were

El to throughput barrels Tyler in throughput in For barrels XX,XXX was the estimated XX,XXX total approximately quarter in the the day. quarter, day is fourth range. In per the Dorado, total XX,XXX per

related reliable to and operations barrel for FCC unfavorable Penex $X.XX safe barrels per the expenses And a the consistent Operating per were a strategic standpoint on Dorado fourth configuration estimated barrel, in well impact quarter is a units. range. is positioned per operationally, refinery On in and has the to throughput the $X.XX barrel, XX,XXX Our per including level, basis. approximately XX,XXX team barrel to El day from of impact unfavorable the production margin compete. was demonstrated $X.XX per an outages. Estimated $X.XX outages from those including

million cycles. As rate in contribution Avigal generated benefits million These mentioned, refining are to as product $XXX well segment. initiatives around in with of and refinery million El will upgrades optimization. the the $XX be as the Avigal gross the Timing, million El Big Dorado margin the per approximately by the barrels market to mid-next optimization, expecting improvements the self-help place mostly $XX commercial the support include capital in per Approximately cash run process day. by was footprint. the net for initiatives in through are estimated flow minimal million as level, XX,XXX Spring, are expected outlay. benefits expanding All system of year. In we $XX incremental with million mentioned, planned approximately margin offering, leaving Dorado $XX throughput An $XX for barrel the quarter are $X generation total our related an products

barrel $X.XX margin per barrel. and was per operating production $X.XX expenses were Our

our per progress Krotz Big Estimated XX,XXX We quarter we achieve with improvement XX,XXX our importantly, proud approximately was is a as Springs, the are in sustainable per in throughput barrels as the fourth manner. goals, day. total and this for to Spring range. In day throughput barrels in build XX,XXX

in was margin were per Our expenses quarter and operating the $X.XX barrel. production barrel $X.XX per

by end units all and operations plan, are month. normal the scheduled back of turnaround our executing are the to to get We

barrels planned range. throughput fourth a per day the in to quarter As result, XX,XXX for XX,XXX is the

is per for implied in the target system the range. day XXX,XXX quarter XXX,XXX fourth Our to barrels throughput

we commercial and asphalt summary, continue teams Robert the call the was approximately $X our [ marketing, will the loss. In for million Of to gaps, a excellence the million contribution to on execute on by focus business. ]. partially wholesale was for by operational fundamentals marketing's optimization $XX third of Moving in the that, well turn of initiatives financial with front, addressing continue After quarter, $XX variance our commercial million. generated supply offset one to our sites. I reliability and each over on successfully now to

Robert Wright

I'll start by XX. to Slide Joseph. Thank referring you,

The primarily margin second of the variance $XX quarter, net decrease share, or to million. Slide Delek of quarter in loss a of which lower $X.XX to XXXX. adjusted $X.XX due was $XX a a EBITDA EBITDA and adjusted per shows For was quarter loss environment. the second or was the Adjusted million $XX of refining, comparison in between third per had XX share. is negative net million the a $XX primary XXXX quarters million negative

quarter, logistics As had million $XXX we the for strong in another delivering adjusted segment, EBITDA.

million activities a Moving an period, the Investing the $XX to and was outflow Slide Within operations amount to cash expenses. movements the this includes proceeds retail, use sale million $XX payments. On the offset XX $XX reflects by relating offering have of our XXXX million capital is Cash also flow. of of from $XX acquisition tack-on period capital distribution includes of and dividend of Financing $XX of transaction-related working the million to discuss [ million to for HXO. activities in results in This addition million. $XXX $XX million million loss of inflow Slide forecast. of partially net tied of $XXX in program and repurchases, an from expenditures share and XXXX XX, XXXX full of million and capital the the we the ] DKL of timing year payments accruals. actual $XX for the

was projects, including $XX that were commenced KSR million. the of the the fourth half capital and quarter in primarily Third quarter. addressing spend Approximately in expenditures regulatory sustaining turnaround refining,

current plant was the capital Libby announced this million, continues which original plan after excluding to was our track earlier plan capital year's outlook set. the XXXX, on year For at gas $XXX X construction,

is Our position on Delek XX. between and Slide out cash net broken Delek Logistics

long-term $XXX most and on primarily due was which XX. occurred of Consolidated XX. the sale year, the $XXX DKL acquisition, of debt at of on by to the used During million, closed we built year was HXO September increased during the retail, which cash, the September million level finance to which

where XX, Moving we to outlook now cover items. Slide

to million between expected $XXX $XX addition to expenses of G&A quarter be between expense million, we In $XX and D&A operating to $XX $XXX and fourth to million guidance $XX million. and to million for be between provided, XXXX, and be expect million. million the interest be and million $XX is $XXX the net between Joseph

for We the open now call will questions.

Operator

Mehta first Sachs. Your line Instructions] of from the [Operator question Neil Goldman comes of

Neil Mehta

is first and progressing And nature? the improvement? talk come ] for indicated, than [ on little softer there El did more talking this anything one-timey you -- here you you can more question in from bit Dorado. how And a path expected. the time as the spend about So in margins see really Is

Avigal Soreq

it's Thank Neil, us joining you Avigal. today. for

Dorado specifically. So, will that answer yes, El

I've from and there First that this a flexibility asset. of that that we ever long of Please, Joseph. time. good are done very from standpoint, doing about details over asset it's Joseph Nelson lot a it and around standpoint. specific around improve I've been more seen complexity exact is the an provide the a all, time, refinery And best will is a for actions operational to

Joseph Israel

El the from asset to excellence is refinery compete. mentioned, Avigal standpoint Dorado Yes. well Like also Thank operations you. configuration and positioned

So the we having is its potential. profitability these now really address X, take market access feel to and to perfect time the up gaps

and discussed those full time and which have importantly, design gaps in execution the mode. past, more to we took plan We are in already solutions, our

new will barrel of I net contribution As we year, our to process, remarks, more in have cash specific. a kit to tools future mid-next with in an and margins. little mentioned incremental And bit our in want flow marketing be by place robust per logistics support and $X

level, crude per will draw fuel. unit So, X,XXX [ our existing jet we refinery ] connect barrels of approximately on the to in tines day to

working commercial tower front, it mainly the additional products netbacks. and new utilize yield then, better the logistics and contracts recovery to the have really our vacuum And capabilities helps. the around markets for move FCC, We and liquid is on hope initiatives, team asphalt. I to

Neil Mehta

you lot call made The in of color. have a door, is, getting guys million. last of progress great the the That's $XXX cash since in terms the follow-up

believe is value. of especially And illustrative in X, how to so, you get be, here, lot repurchase slide a we talks what that program the I discount you aggressive can the the the the your trade share you about question guys think that and Slide pace relative if at

are this could of that about So the that the are slow about the buyback. And scenarios? pacing just what of you positioned down And relative the factors upside some well to to take of you dislocation? think pace advantage some how of talk

Avigal Soreq

Yes, Neil, I it. absolutely, will take

and more question our So allocation, the dividend are the So to right? cycle, strong is we maintain throughout about to first, that. with your committed answer capital permission, I will priority broad

that. We have demonstrated

pleased, on value. that. keep retail We feel sale with committed. That's we We the timing Neil, And right demonstrating are comfortable of are will right very very that. the something and with we the the

I X ever. think points more everyone understands now than those

$XXX are. see to million market -- the point across, like will we condition, see it inventory get -- us low, bring come the we The comfortable combination where a strong third you a are with point demand relatively us to we that I relatively EOP, make we would strong right the which a of

we tremendous amount approach going in to and past, sheet buyback, value As very buyback buyback stick to it we're around approach between in I balanced said We in the doing see leave the have to balanced will of QX. balance a and buyback. we clear. make I our equity, We just in it to that. did QX, -- actively and doing are And

Operator

next comes of the from Gupta Your question of Manav line UBS.

Manav Gupta

multiple a better, space. growth Help little for us projects midstream in are understand the you looking

asking exit guidance, how So, I'm as rate -- we DKL, we for like maybe in XXXX DKL? at for exact not EBITDA year your look opinion, at look some but should something

Avigal Soreq

Avigal. it's Manav,

the think time. DKL can but guidance ] are we for give color have Mohit around for XXXX. not We guidance We're around going give traction have the of exciting a great We obviously didn't in comfortable good to that. situation, and we can we end [ give and market, So, XXXX. on more

Unknown Executive

some you will million of So based in addition $XX the Avigal upon million what XXXX past, investments that how But you has in that on net in if have remember EBITDA the upon addition is making, are guidance DKL And not call, midstream our we a net think today, EBITDA. earnings based that give mentioned, of last provided and on where should I that we said $XX take EBITDA, yet. you. our to just DKL as that color

Manav Gupta

you're Perfect. these is if million some all below for like, Slide very remain benefits, say, even would I'm pretty just are through My target, million trying Using looks $XXX you good. margins to Obviously, to margins these because let's follow-up X. initiatives? cash $XXX this be it understand on mid-cycle the breakeven close depressed pushing time.

Avigal Soreq

what give some can more That's Plan, absolutely I color right. Optimization call Manav. you EOP, And Enterprise here around we the

next do EOP The me we front related G&A a that be market feel let can to that very the area And fronting So it's better. team condition. we It's project; -- was side. have not with It's self-help. one, clear. on lines plan doing few The we is to to million last few an that of the around That's a around system and level are X to going bottom order bringing all in processes. line. of processes great to job we're over years those basically create we And it. that build now, and efficiencies the taking million that $XX to the $XX

to million will right free to the market. that $XXX on a is defense Once product move offense and go all right that, Second plan of is least key. OpEx. efficiencies Safe from and reliable basis, of sell that's more flow. operation third to will margin. that's and and ability on we are the doing to Once And can have the on from there. reliable the accordingly combined we We our and to is bring believe going bringing drive that we us safe all value and we and at see operation, bring cash to operation,

our top by million. you probably On of reduced huge That's number. versus around CapEx see, year this the that, for million guidance, $XXX we to next year $XX as a

Operator

Your comes the from Blair of next TPH. question line of Matthew

Matthew Blair

million, $XXX we that year? talk off on cut would going rolling you this catch-up the XXXX? level of that to And then, some XXXX. about minimum think Or to should midpoint for Maybe what's your CapEx relative in expect as you could have Could forward? stick we

Avigal Soreq

No.

here about seeing every doing our years. the On sustainable our Obviously, that the a we we are what $XXX a it, of are costs we that environment, million around for the way we on basis, $XX that in is not I ] and low side, X on turnaround. overall prudent year a don't we CapEx assets we and we opportunity the going are guidance think in and [ low-margin that's Matt, refining that around to see have one are our a X are we have Turnaround have doing. to million, year. So change refineries management each

refining. the to way CapEx about good a look that's long-term So of

Matthew Blair

Sounds It good. a marketing. marketing to looks this of the lot the wanted And improvement the on then, relative supply from touch like came in the in quarter. wholesale third quarter to I and second

And million quarter? basis the QX. helped QX. out? differentials it there you was that in million of mentioned $XX believe down like, also, You falling Or What was what's up changed outlook in I prices? $XX marketing crude product supply fourth for there? Was a regional function the into some, it was that and exactly just

Avigal Soreq

Absolutely.

We with all, we of some saw making first in the are in of with the progress the QX benefit team. commercial actions. I'm we see -- the our So, pleased

had saw around I expect some Joseph benefit going to what And seasonal good in those more progress also quarter. future. comments of give see We I'm that. in QX is over the the let combination more X. some we a And to

Joseph Israel

Thank Yes. and Matt. thank Avigal, you, you,

in then have with ideas have strategies El in netbacks, commercial new of the to enhance Tyler, around reliability noise. offering. some we we work with, The We markets, tools help Big great right? with. our logistics mainly leverage is our will business improved high-octane and some helping now jet the from El fuel brand-new and Dorado accessing have gears Dorado Tyler, kit, some us to the and that refining with new and work We shifted to improved in new So eliminate optionality from Spring can products, product and mainly

volatility to trends. and improve improved seasonal the through future we believe, positioning this strong cycles So netbacks and us momentum and help will reduce

remain controllable the piece We but can't of are the control, our We it's sustainable. obviously, impact, confident, will improvement also there. we think market

Operator

of Stanley. question the Morgan line comes of Joe next from Your Laetsch

Joseph Laetsch

slide, path can on also is a driver, of to day. that which number? $XXX piece to unpack EBITDA getting barrels ask, is an and around running course, the million looks throughput achieving a that like of to of just EBITDA are, wanted you X, the implied I'm mid-cycle refining I around mid-cycle XXX,XXX Cracks of Slide So a it better.

could just if steps So be realize that you to the that on of some touch uplift, would great.

Avigal Soreq

you Yes, today. absolutely, Joe. joining for us Thank

market So some to are solo what that of flow part understanding a is demonstrate this agnostic. that cash wanting We Delek between DKL very our got going in solo exactly key slide well to I -- we is DK is of optimistic which modeling have to with combination that's idea, benefit. can we like team and obviously, and behind over a essence control, are are part generated can that of your Around execution about you the we great phase, details show all and of that the of EOP and maybe to the on the slide. that. gave enhance combination cetera, go EOP position. the around and and key and et Mohit the We would a model call that. But EOP. be color post we that you that a

Joseph Laetsch

to on And then, Big wanted Great. just Spring. I ask

well like So close execute being to per the recognizing here? $X.XX achieved ran what's and reach barrel on that margin OpEx target, from us OpEx you a throughput during just it quarter to it looked left remind it's Could standpoint. that to

Avigal Soreq

around very Joseph And and to color some Thank pleased more Yes. maybe, are you Joseph, And give Joe. that. want there. of his team you, progress the they with doing I'm

Joseph Israel

going year, well. you very journey, to last recovery and be going it's Yes. We is told a

the target toward what throughput focus our said the The all per range trending optimize in past done sustainability improved fourth down the results very barrel in from are and ensuring reliability profitability. and consistent quarter now the We been with really here is we expenses year, in positioning and have long. consistently Operating $X.XX guidance year improved the the guidance. of have with

Operator

Research. comes Wolfe next of from question the Doug Your line Leggate of

Douglas George Blyth Leggate

understand to Slide I've on. around some sure got I X, One, make we the have may. X, going I I'm to what's sorry if clarification this up beat on questions just but

to ultimately, no the So EOP, without of the looks mid-cycle I a billion. you're make other XX% at we're EBITDA look there flow. because interpreting if free is just a want cash the annuity that $XXX the value, EOP, rate Xx discount equity entirety sure we is free that's that of correctly flow. In cash million it like cash $X the at Xx flow free to stand-alone million words, multiple. putting $XXX

you gas numbers, know, please. of your part lot just you my it DKL? the large get that So this valuation $XXX second first option. entirety your some sour And wells, amongst there's That's embedded could slide our is, be million a been curious, about the release for is in What free in things. transactions, of So Delek to And Logistics. you've value released. of talked I cash I'm as potentially particularly seems interest showing curious value your you're least at on around It how of question question. And are that as flow. X DKL my a injection other value options strategically, there's the from questions, think [indiscernible] I'm on

Avigal Soreq

Yes.

will I -- one. Then that and I Mark the will you first more understanding some more give some color will and around the I So [indiscernible]. then market give of will with Mohit page, start

value see in of we a So our assets. lot

improving EOP is it we doing are our of You going a make demonstrated around that. to and just rate clear. very we to to we optimistic relative EOP on can what see basis, is capture very have happen, that and key part peers the relative is are a

the the OpEx the in the and On G&A commercial. phase, and also well side, into are execution we

at EOP than So probably execute. you million is remarks, I And Doug, saw to said see higher number the on expect my to that, the is least. prepared that plan going I that. as a and $XXX

than that to we so on flow execution expect a free can while come. see more you the higher So phase, to are cash

that in very some place of already is And coming quickly.

are around our optimistic So and the we we market. action, confident around are

of cash are significant to ability very about optimistic free So solo generate the we basis. flow on DK mid-cycle a

have high around very know Mark a obviously close asset. very I encouraged I to is we will color. us. on of the transaction That's question very mark that. the we've that give midstream, seen S are the Mark our Regarding some maybe you more put by

Mark Hobbs

thanks, so, sure. question. bit growth Midland been deconsolidation via the quite estimation, given the third-party Yes, well, plus, we you going those as are our Delaware attractive remains Avigal, recent Doug, Basin the and year a spoke for Thanks, both our as actively activity our pursuing in the recent that transaction, Sum in priority. very the that of about the key on Parts targeting for, top a in And look, over Basin, midstream transactions Delek And to attractive Basin. and past that as acquisitions have the as and DPG business the strategic customers. we appropriately years, our side, the we've component of strong Deconsolidation, and upstream at and built premium well we our -- efforts. of mentioned, valuations. we've significant over know, midstream where and And we Logistics, the you continue And see HXO see Permian specifically as a opportunities,

those we to value maximize that all would table, the position. actions a backdrop available we attractive Logistics. about see And pursue in all our And on as all options are to believe that this We what actual think of we've we midstream duly in as available market and X, us evaluate we I business, to that we've options. And market put this Delek a We positions for might built. through deconsolidation we say supports the noted, stakeholders. take think what are so, us that to we And you really those value efforts, well very we really and good valuable Slide continue us a list built the the on options backdrop potentially and at, look market. really and

Operator

Your next Wells comes Read of Roger from Fargo. of question the line

Roger Read

of back And million obviously combination come the is, we with how Can some did it to of come I'm what number? the X? the up was in about that talked top-down, flexibility it. curious Like You've additional you $XXX EOP? bottom-up,

I'm hey, know success one million. kind $XXX low how this end, successful million the is be think think of Should next a based to $XX on you costs of but it's So total we real months solid is would number, be about of, to could a of percentage as the it at or curious, million we if XX just a a nice here? think XX were round foundation? ways $XXX solid about of number a do the to in over it level

Avigal Soreq

Yes.

Roger, you, is the EOP -- end up we that Obviously, prepared It I ] million rounded. It's didn't just bottom-up is the [ thank the And remarks, said So least. question. be a for as something number obviously, exactly, my in project. clear. not to $XXX saying at

So, that gave that. around you the EOP is agnostic. market comfort level

That's help those have to cash modeling the said $XX that cash on million that, the do questions, combination help the more we combination idea optimization. flow previous the a is agnostic And idea would OpEx sure to the generate $XX past. -- condition. Mohit of flow you some $XX about I of other that. that As you commercial to G&A but love did and in $XX EOP obviously, to basic and is of the if and million to of free is it's million how add million in -- and of to systems into more that, market one the I'm based upon And those need more? X. Reuven, The that, of free you that we essence want already

Reuven Spiegel

intercompany from initiatives like benefits for or Just benefits initiatives, that and one the you do net your include G&A got initiatives like other Thank -- the transactions. question, the we initiatives, are operation EOP other the projects that they include not initiatives, Roger. clarification do not

Roger Read

One, component? Or is quick about of we just is closed, any using ask part, part related pretty retail? there on is that? commercial existing to better? with right? think synergy much And clarification Well, CapEx retail a system $XXX could all Is I then, as retail the that million just a this the -- the

Avigal Soreq

Yes.

easy X related that. to questions. Retail, not So it's

pocket We pocket, left do a are to exercise. not right trying

second question, the better make project there here. is We numbers. are free Everything in in And company flow. is to trying no capital-intensive our the cash

Operator

Cowen. next of line the question comes Jason of from Gabelman TD Your

Jason Gabelman

My balances the all of recent at net done. just and updated an cash you've transactions sheet. is are retail first get view and I one the on sale the the debt what balance your the wanted other of that divestment following target to parent,

Avigal Soreq

Yes.

a you between to right? question. we for the simple, a sure We cycle. We the our buyback maintain throughout make improving Jason, approach that capital So, dividend want have and very want the balanced Again, is strategy thank to balance strong sheet.

$XXX our if that's around and the We target stick right. calls going But view, serves allocation is have mentioned a previous memory program we that me million, to to we're outlined. that capital in longer-term

Jason Gabelman

Okay.

So, question you'd there's of you stream. if like is forward it think of you -- rid a much change. guess the than But would earnings moving balances have if heart retail target steady higher got the I I doesn't of the cash to prior want seem

Avigal Soreq

Yes.

So Jason, long-term and are was the a to retail think on million. the what basis sticking around we needle over significantly, the quarter to time over $X the EBITDA -- we of don't I moved it's had.

Jason Gabelman

other on update my on where XX, And Okay. Slide CapEx. question then, an you provided

related gas spending to capital excluded plant. You've processing the

to million $XXX $XXX for be that really million? to full supposed closer So, year is 'XX

Avigal Soreq

was good and the capital the on The That's said QX done on not DKL DK about the plant. and spending plant the CapEx project, remarks. guidance years, Robert we're No, we gas gas CapEx the starting now, more guidance DKL reason gas separately. that something the is The DK prepared we'll plant give CapEx earnings we look gave was finished the over the on have his extremely the CapEx at call. in to as and

Jason Gabelman

Okay.

plant is necessarily all not gas So, XXXX? in processing spent that that's CapEx

Unknown Executive

is this Jason, Mohit. So,

right. are So you

$XXX our million XXXX. $XXX processing $XX gas plant on not to So million the the of does for spending million include

Operator

Q&A our turn session. concludes now This conference over for CEO, and back I closing to will the President Soreq, remarks. Avigal

Avigal Soreq

deconsolidation, call, next that Board and what is. you. investors Thank you shareholders. Thank company our employees a joined again make in quarter. strategy, the Directors, the it -- the for great our the mostly Yes. to see around the quarter. our of We'll my that you the Thank the EOP, for Thanks for colleagues the room return to the entire our execution you of

Operator

This call. concludes today's conference

disconnect. now may You

Delek US (DK) 6 Nov 242024 Q3 Earnings call transcript