Delek US

DK

Market cap $2.4B

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek US Holdings, Inc. (NYSE: DK) (“Delek US”) today announced that the Company intends to issue a press release summarizing first quarter 2026 results before the U.S. stock market opens on Wednesday, April 29, 2026. A conference call to discuss these results is scheduled to begin at 9:00 a.m. CT (10:00 a.m. ET) on Wednesday, April 29, 2026. The live broadcast of this conference call will be available online by going to www.DelekUS.com and clicking on the inv.

Director William Finnerty sold 5,000 shares for a transaction value of ~$238,000 on March 27, 2026. The sale represented 12.09% of his direct holdings at the time, reducing his direct position from 41,369 to 36,369 shares.

Delek US Holdings has surged nearly 200% over the past year, driven by regulatory relief and surging crack spreads from geopolitical disruptions. DK benefits from EPA small refinery exemptions and a favorable balance sheet, with $615 million in cash, $889 million in debt, and a valuable DKL stake. I estimate DK's fair value at $53, reflecting both a one-time windfall from the Iran War and normalized free cash flow, implying ~20% upside.

Shares of Delek US Holdings, Inc.  DK gained momentum over the last year, following a staggering rise of 203.6%. During the same time period, the company's shares outperformed the sub-industry and the broader oil and energy sector's rally of 55% and 38.4%, respectively.

Refiners are  most profitable when oil prices are elevated, gasoline demand remains robust, and refiner margins are high. Refiner margins are dependent on crack spread - the difference between the value of the gasoline and diesel produced and the input cost of crude oil. The 3-2-1 crack spread has already nearly doubled this year from $0.65 to $1.65 per gallon of fuel.

Ezra Uzi Yemin sold a combined 140,006 shares across two separate transactions -- on March 4 and March 18, 2026 -- for a total of roughly $6.1 million. Together, the two transactions reduced Yemin's aggregate holdings by approximately 14.9%, from 938,076 shares pre-transaction to 798,070 shares as of March 18.

A Delek director reported the sale of 7,343 shares for about $338,000 on March 19, 2026. The transaction involved only direct, open-market sales; no indirect or derivative interests were reported in this filing.

The refining crack spread continues to soar. Delek US sources crude oil from the domestic market and refines it in the U.S. as well.

DK strengthens its financial position with strategic cash flow improvements and shareholder returns, but faces risks from regulatory challenges and refining market volatility.

DK expects total crude throughput in the range of 212,000-247,000 bpd and total throughput in the band of 240,000-259,000 bpd for the first quarter of 2026.