Delek US : 2Q22 Earnings Presentation

Exhibit 99.2

Delek US Holdings, Inc.

Second Quarter 2022 Earnings Call

August 4, 2022

Disclaimers

Forward Looking Statements:

Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral and written presentations contain forward-looking statements within the meaning of federal securities laws that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws.

These forward-looking statements include, but are not limited to, the statements regarding the following: financial and operating guidance for future and uncompleted financial periods; financial strength and flexibility; potential for and projections of growth; return of cash to shareholders, stock repurchases and the payment of dividends, including the amount and timing thereof; cost reductions; crude oil throughput; crude oil market trends, including production, quality, pricing, demand, imports, exports and transportation costs; scheduled turnaround activity; the performance of our joint venture investments; the potential for, and estimates of cost savings and other benefits from, acquisitions, divestitures, dropdowns and financing activities; long-term value creation from capital allocation; execution of strategic initiatives and the benefits therefrom. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "appears," "projects" and similar expressions, as well as statements in future tense, identify forward-looking statements.

Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: uncertainty related to timing and amount of value returned to shareholders; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, including uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; risks related to realizing the anticipated benefits of the 3 Bear acquisition and how the failure to do so could adversely affect our business, financial results, and operations; uncertainty relating to the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; Delek US' ability to realize cost reductions; risks related to Delek US' exposure to Permian Basin crude oil, such as supply, pricing, production and transportation capacity; gains and losses from derivative instruments; management's ability to execute its strategy of growth through acquisitions and the transactional risks associated with acquisitions and dispositions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability of the Wink to Webster joint venture to construct the long-haul pipeline; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; risks associated with the physical effects of climate change and severe weather; general economic and business conditions affecting the geographic areas in which we operate; and other risks contained in Delek US' and Delek Logistics' filings with the United States Securities and Exchange Commission.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not be accurate indications of the times at, or by which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Neither Delek US nor Delek Logistics undertakes any obligation to update or revise any such forward-looking statements.

Non-GAAP Disclosures:

Delek US and Delek Logistics believe that the presentation of adjusted net income (loss), adjusted net income (loss) per share ("adjusted EPS"), earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA and adjusted segment contribution margin provide useful information to investors in assessing their financial condition, results of operations and cash flow their business is generating. Adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA and adjusted segment contribution margin should not be considered as alternatives to net income (loss), operating income (loss), contribution margin, cash from operations or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools because they exclude some, but not all, items that affect net income. Additionally, because adjusted Non-GAAP measures may be defined differently by other companies in its industry, Delek US' and Delek Logistics' definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Please see reconciliations of adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, and adjusted segment contribution margin to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP in the appendix. Net debt, calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date, also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet. Please see reconciliation of Net Debt to long-term debt on slide 5.

2

Second Quarter 2022

• Reported EPS of $5.05 and adjusted EPS of $4.40 (1)
• • Net income of $361.8 million, Adjusted net income of $314.5 million and adjusted EBITDA of $518.4 million (1)
• Record utilization rates and earnings
• Paid "special" dividend $0.20/share July 20th
• Announced "regular" quarterly dividend of $0.20/share

Record Adjusted EBITDA driven by Improving Refining Landscape (3)

Balance Sheet Flexibility

• Board approved expanding share repurchase authorization to $400 million
• Closed 3Bear Delaware - NM, LLC acquisition June 1st
• Increased balance sheet strength with $1.24 billion of cash as of June 30, 2022

$1,250								$1,245
$1,000
$849				$833	$831	$857	$854
	$808		$794
	$788
$750
2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22

Consolidated Cash

1. See slides 9, 10, 11, and 12 for a reconciliation of adjusted net income to net income, adjusted net income per share to net income per share, adjusted EBITDA to net income, and contribution margin to adjusted

	segment contribution margin.	3
(2)	Excluding intercompany eliminations.
(3)	Based on a comparison to Adjusted EBITDA previously reported on quarterly results earnings releases furnished under Item 2.02 on Forms 8-K.

Second Quarter 2022

Total Consolidated Cash Flows (1)

• Strong financial position with $1.24 billion of cash	$1,500	$552	$7
on the balance sheet
	$1,250				$522	$1,245
• Cash flow from operating activities of approx.
$559 million
◦ Cash flow from operating activities (excluding	$1,000
working capital) of approx. $552 million	$854
◦ Working capital benefited cash flow by approx.	$750
$7 million				$(691)
• Total investing activities of approx. $(691) million:	$500
◦ Reflects DKL acquisition of 3Bear Delaware -
NM, LLC of approximately $624 million	$250
• Financing activities of approx. $522 million	$-
◦ Reflects DKL financing to fund acquisition	3/31/2022	Operating	Working	Investing	Financing	6/30/22
Cash	Cash Flow	Capital	Activities	Activities	Cash
	Balance	(excluding				Balance
		working
		capital)

(1) Numbers may not foot due to rounding

4

Capitalization

• Delek US Consolidated at June 30, 2022
• • Cash of $1.24 billion
  • Net debt of $1.57 billion
• Excluding Delek Logistics at June 30, 2022
• • Cash of $1.23 billion
  • Net debt of $65 million
• Balance sheet provides financial flexibility
• DKL debt balance reflects 3Bear Delaware - NM, LLC which closed June 1st

($ in millions)(1)	6/30/2022	12/31/2021 (2)
Current Portion of Long-Term Debt	$72	$92
Long-Term Debt	$2,746		$2,126
Total Debt	$2,818	$2,218
Cash	$1,245		$857
Net Debt Delek US Consolidated	$1,573	$1,361
Delek Logistics
Total Debt	$1,522	$899
Cash	$14		$4
Net Debt Delek Logistics	$1,508	$895
Delek US, excl. Delek Logistics
Total Debt	$1,296	$1,319
Cash	$1,231		$853
Net Debt Delek US excluding DKL	$65		$466
Net Debt to Cap Delek US Consolidated	38%	42%
Net Debt to Cap (excluding DKL Debt)	6%	32%

(1)	Numbers may not foot due to rounding
(2) Includes restatement for LIFO to FIFO accounting changes	5