Delek US Holdings, Inc. reported a significant decline in financial performance for the second quarter of 2025, with net revenues of $2.76 billion, down 16.4% from $3.31 billion in the same period last year. The company experienced a net loss of $90.1 million, compared to a loss of $26.1 million in Q2 2024. For the first half of 2025, Delek's net revenues totaled $5.41 billion, a decrease of 16% from $6.44 billion in the prior year. The losses were attributed to lower average prices for gasoline and diesel, alongside decreased sales volumes, particularly in the refining segment.
The company's operational costs also reflected a downward trend, with total costs of sales decreasing to $2.71 billion in Q2 2025 from $3.29 billion in Q2 2024. This reduction was primarily driven by a decrease in the cost of crude oil feedstocks, which fell significantly due to lower market prices. However, the company noted an increase in general and administrative expenses, which rose by 27.2% to $76.6 million, largely due to restructuring costs and incentive compensation.
Strategically, Delek has made notable acquisitions, including the Gravity Acquisition on January 2, 2025, for $300.8 million, which added water disposal and recycling operations in the Permian Basin and Bakken regions. This acquisition is expected to enhance Delek Logistics' service offerings and diversify its customer base. Additionally, the company completed the H2O Midstream Acquisition, further solidifying its position in the midstream market. These acquisitions contributed incremental revenues of $24 million and $15.3 million, respectively, during the second quarter.
Operationally, Delek's refining segment reported a refining margin of $238.3 million for Q2 2025, a significant increase from $156.8 million in Q2 2024, driven by improved crack spreads. The logistics segment, however, saw a revenue decline of 6.9% to $246.4 million, primarily due to decreased sales in West Texas marketing operations. The company continues to focus on operational excellence and cost optimization, with plans to enhance its financial health and shareholder returns through disciplined capital allocation and strategic initiatives.
Looking ahead, Delek remains cautious about the economic environment, citing uncertainties related to geopolitical tensions and commodity market volatility. The company is committed to executing its strategic initiatives, including optimizing its cost structure and enhancing operational efficiencies, while maintaining a strong balance sheet to navigate potential market challenges.
About Delek US Holdings, Inc.
Delek US Holdings is an integrated energy company focused on petroleum refining and logistics. It operates four refineries producing transportation fuels, petrochemicals, and industrial products, primarily serving U.S. inland markets. Its logistics segment manages crude oil and product transportation, storage, and water recycling. The company emphasizes operational efficiency, sustainability, and strategic growth through acquisitions and asset divestitures.
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