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Delek US Holdings, Inc. | ||||
Condensed Consolidated Balance Sheets (Unaudited)
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(In millions, except share and per share data)
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December 31, 2021 | December 31, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 856.5 | $ | 787.5 |
Accounts receivable, net | 776.6 | 527.9 | ||
Inventories, net of inventory valuation reserves | 1,176.1 | 727.7 | ||
Other current assets | 126.0 | 256.4 | ||
Total current assets | 2,935.2 | 2,299.5 | ||
Property, plant and equipment: | ||||
Property, plant and equipment | 3,645.4 | 3,519.5 | ||
Less: accumulated depreciation | (1,338.1) | (1,152.3) | ||
Property, plant and equipment, net | 2,307.3 | 2,367.2 | ||
Operating lease right-of-use assets | 208.5 | 182.0 | ||
Goodwill | 729.7 | 729.7 | ||
Other intangibles, net | 102.7 | 107.8 | ||
Equity method investments | 344.1 | 363.6 | ||
Other non-current assets | 100.5 | 84.3 | ||
Total assets | $ | 6,728.0 | $ | 6,134.1 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 1,695.3 | $ | 1,144.0 |
Current portion of long-term debt | 92.2 | 33.4 | ||
Obligation under Supply and Offtake Agreements | 487.5 | 129.2 | ||
Current portion of operating lease liabilities | 53.9 | 50.2 | ||
Accrued expenses and other current liabilities | 797.8 | 546.4 | ||
Total current liabilities | 3,126.7 | 1,903.2 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 2,125.8 | 2,315.0 | ||
Obligation under Supply and Offtake Agreements | - | 224.9 | ||
Environmental liabilities, net of current portion | 109.5 | 107.4 | ||
Asset retirement obligations | 38.3 | 37.5 | ||
Deferred tax liabilities | 196.4 | 255.5 | ||
Operating lease liabilities, net of current portion | 152.0 | 131.8 | ||
Other non-current liabilities | 31.8 | 33.7 | ||
Total non-current liabilities | 2,653.8 | 3,105.8 | ||
Stockholders' equity: | ||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding | - | - | ||
Common stock, $0.01 par value, 110,000,000 shares authorized, 91,772,080 shares and 91,356,868 shares issued at December 31, 2021 and December 31, 2020, respectively | 0.9 | 0.9 | ||
Additional paid-in capital | 1,206.5 | 1,185.1 | ||
Accumulated other comprehensive loss | (3.8) | (7.2) | ||
Treasury stock, 17,575,527 shares, at cost, as of December 31, 2021 and December 31, 2020 | (694.1) | (694.1) | ||
Retained earnings | 318.2 | 522.0 | ||
Non-controlling interests in subsidiaries | 119.8 | 118.4 | ||
Total stockholders' equity | 947.5 | 1,125.1 | ||
Total liabilities and stockholders' equity | $ | 6,728.0 | $ | 6,134.1 |
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Delek US Holdings, Inc. | ||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||
(In millions, except share and per share data) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net revenues | $ | 3,108.0 | $ | 1,882.2 | $ | 10,648.2 | $ | 7,301.8 |
Cost of sales: | ||||||||
Cost of materials and other | 2,868.2 | 1,776.9 | 9,739.6 | 6,841.2 | ||||
Operating expenses (excluding depreciation and amortization presented below) | 138.9 | 113.7 | 497.2 | 462.0 | ||||
Depreciation and amortization | 61.2 | 81.6 | 239.6 | 241.6 | ||||
Total cost of sales | 3,068.3 | 1,972.2 | 10,476.4 | 7,544.8 | ||||
Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below) | 23.5 | 24.1 | 98.4 | 97.8 | ||||
General and administrative expenses | 65.0 | 63.9 | 229.4 | 248.3 | ||||
Depreciation and amortization | 7.8 | 8.6 | 25.0 | 26.0 | ||||
Impairment of goodwill | - | 126.0 | - | 126.0 | ||||
Other operating (income) expense, net | (45.9) | 1.5 | (50.6) | (13.1) | ||||
Total operating costs and expenses | 3,118.7 | 2,196.3 | 10,778.6 | 8,029.8 | ||||
Operating loss | (10.7) | (314.1) | (130.4) | (728.0) | ||||
Interest expense | 36.7 | 31.0 | 137.2 | 129.0 | ||||
Interest income | - | (0.2) | (0.5) | (3.3) | ||||
Income from equity method investments | (3.8) | (1.7) | (18.3) | (30.3) | ||||
Gain on sale of non-operating refinery | - | - | - | (56.8) | ||||
Other expense (income), net | 0.2 | (0.1) | (15.8) | (3.5) | ||||
Total non-operating expense, net | 33.1 | 29.0 | 102.6 | 35.1 | ||||
Loss before income tax benefit | (43.8) | (343.1) | (233.0) | (763.1) | ||||
Income tax benefit | (10.2) | (58.1) | (62.5) | (192.7) | ||||
Net loss | (33.6) | (285.0) | (170.5) | (570.4) | ||||
Net income attributed to non-controlling interests | 8.3 | 8.2 | 33.0 | 37.6 | ||||
Net loss attributable to Delek | $ | (41.9) | $ | (293.2) | $ | (203.5) | $ | (608.0) |
Basic loss per share | $ | (0.57) | $ | (3.98) | $ | (2.75) | $ | (8.26) |
Diluted loss per share | $ | (0.57) | $ | (3.98) | $ | (2.75) | $ | (8.26) |
Weighted average common shares outstanding: | ||||||||
Basic | 74,141,908 | 73,736,637 | 73,984,104 | 73,598,389 | ||||
Diluted | 74,141,908 | 73,736,637 | 73,984,104 | 73,598,389 | ||||
Dividends declared per common share outstanding | $ | - | $ | - | $ | - | $ | 0.93 |
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Delek US Holdings, Inc. | ||||||||
Condensed Cash Flow Data (Unaudited) | ||||||||
(In millions) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Cash flows from operating activities: | ||||||||
Net cash provided by (used in) operating activities | $ | 161.2 | $ | 116.9 | $ | 371.4 | $ | (282.9) |
Cash flows from investing activities: | ||||||||
Net cash used in investing activities | (35.2) | (28.3) | (178.4) | (191.3) | ||||
Cash flows from financing activities: | ||||||||
Net cash (used in) provided by financing activities | (100.1) | (109.0) | (124.0) | 306.4 | ||||
Net (decrease) increase in cash and cash equivalents | 25.9 | (20.4) | 69.0 | (167.8) | ||||
Cash and cash equivalents at the beginning of the period | 830.6 | 807.9 | 787.5 | 955.3 | ||||
Cash and cash equivalents at the end of the period | $ | 856.5 | $ | 787.5 | $ | 856.5 | $ | 787.5 |
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Delek US Holdings, Inc. | ||||||||||
Segment Data (Unaudited) | ||||||||||
(In millions) | ||||||||||
Three Months Ended December 31, 2021 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | ||||||
Net revenues (excluding intercompany fees and sales) | $ | 2,753.2 | $ | 79.5 | $ | 207.1 | $ | 68.2 | $ | 3,108.0 |
Inter-segment fees and revenues | 232.4 | 110.4 | - | (342.8) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 2,829.6 | 109.4 | 169.2 | (240.0) | 2,868.2 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 123.9 | 13.9 | 22.6 | 2.0 | 162.4 | |||||
Segment contribution margin | 32.1 | 66.6 | 15.3 | (36.6) | 77.4 | |||||
Income (loss) from equity method investments | 0.2 | 6.6 | - | (3.0) | ||||||
Segment contribution margin and income (loss) from equity method investments | $ | 32.3 | $ | 73.2 | $ | 15.3 | $ | (39.6) | ||
Depreciation and amortization | $ | 49.7 | $ | 11.9 | $ | 3.1 | $ | 4.3 | 69.0 | |
General and administrative expenses | 65.0 | |||||||||
Other operating income, net | (45.9) | |||||||||
Operating loss | $ | (10.7) | ||||||||
Capital spending (excluding business combinations) | $ | 39.6 | $ | 12.7 | $ | 1.9 | $ | 11.3 | $ | 65.5 |
Three Months Ended December 31, 2020 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues) | $ | 1,341.4 | $ | 50.0 | $ | 160.0 | $ | 330.8 | $ | 1,882.2 |
Inter-segment fees and revenues
| 107.9 | 90.1 | - | (198.0) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 1,431.1 | 63.2 | 123.6 | 159.0 | 1,776.9 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 100.2 | 14.7 | 23.7 | (0.8) | 137.8 | |||||
Segment contribution margin | (82.0) | 62.2 | 12.7 | (25.4) | (32.5) | |||||
(Loss) income from equity method investments | (4.5) | 5.7 | - | 0.5 | ||||||
Segment contribution margin and income (loss) from equity method investments | $ | (86.5) | $ | 67.9 | $ | 12.7 | $ | (24.9) | ||
Depreciation and amortization | $ | 66.0 | $ | 11.3 | $ | 4.1 | $ | 8.8 | 90.2 | |
Impairment of goodwill | 126.0 | |||||||||
General and administrative expenses | 63.9 | |||||||||
Other operating loss, net | 1.5 | |||||||||
Operating loss | $ | (314.1) | ||||||||
Capital spending (excluding business combinations) | $ | 20.1 | $ | 8.5 | $ | 0.9 | $ | 2.1 | $ | 31.6 |
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Delek US Holdings, Inc. | ||||||||||
Segment Data (Unaudited) | ||||||||||
(In millions) | ||||||||||
Year Ended December 31, 2021 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues)
| $ | 9,168.3 | $ | 282.1 | $ | 797.4 | $ | 400.4 | $ | 10,648.2 |
Inter-segment fees and revenues | 787.7 | 418.8 | - | (1,206.5) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 9,439.5 | 384.4 | 635.6 | (719.9) | 9,739.6 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 434.1 | 60.8 | 89.8 | 10.9 | 595.6 | |||||
Segment contribution margin | 82.4 | 255.7 | 72.0 | (97.1) | 313.0 | |||||
Income (loss) from equity method investments | 0.7 | 24.6 | - | (7.0) | ||||||
Segment contribution margin and income (loss) from equity method investments | $ | 83.1 | $ | 280.3 | $ | 72.0 | $ | (104.1) | ||
Depreciation and amortization | $ | 198.7 | $ | 42.8 | $ | 12.7 | $ | 10.4 | 264.6 | |
General and administrative expenses
| 229.4 | |||||||||
Other operating income, net | (50.6) | |||||||||
Operating loss | $ | (130.4) | ||||||||
Capital spending (excluding business combinations) | $ | 172.6 | $ | 27.3 | $ | 5.1 | $ | 22.1 | $ | 227.1 |
Year Ended December 31, 2020 | ||||||||||
Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | ||||||
Net revenues (excluding inter-segment fees and revenues)
| $ | 5,363.1 | $ | 183.6 | $ | 681.7 | $ | 1,073.4 | $ | 7,301.8 |
Inter-segment fees and revenues
| 454.6 | 379.8 | - | (834.4) | - | |||||
Operating costs and expenses: | ||||||||||
Cost of materials and other | 5,745.5 | 269.1 | 523.6 | 303.0 | 6,841.2 | |||||
Operating expenses (excluding depreciation and amortization presented below) | 402.7 | 56.2 | 90.5 | 10.4 | 559.8 | |||||
Segment contribution margin | (330.5) | 238.1 | 67.6 | (74.4) | (99.2) | |||||
Income (loss) from equity method investments | 52.0 | 22.6 | - | (44.3) | ||||||
Segment contribution margin and income (loss) from equity method investments | $ | (278.5) | $ | 260.7 | $ | 67.6 | $ | (118.7) | ||
Depreciation and amortization | $ | 198.3 | $ | 35.7 | $ | 13.2 | $ | 20.4 | 267.6 | |
Impairment of goodwill | 126.0 | |||||||||
General and administrative expenses
| 248.3 | |||||||||
Other operating income, net | (13.1) | |||||||||
Operating loss | $ | (728.0) | ||||||||
Capital spending (excluding business combinations) | $ | 201.0 | $ | 15.8 | $ | 9.1 | $ | 13.7 | $ | 239.6 |
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Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
$ in millions (unaudited) | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported net income (loss) attributable to Delek | $ | (41.9) | $ | (293.2) | $ | (203.5) | $ | (608.0) |
Adjusting items (1)
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Inventory LCM valuation (benefit) loss | 5.9 | (27.9) | (17.1) | 22.4 | ||||
Business interruption insurance recoveries | (7.7) | - | (7.7) | - | ||||
COVID-related severance costs | - | 3.0 | - | 6.5 | ||||
El Dorado refinery fire losses, net of related recoveries | 3.0 | - | 5.9 | - | ||||
Unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (4.2) | (13.2) | 5.1 | (14.6) | ||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | - | 6.5 | (5.4) | 5.4 | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | - | - | 4.9 | - | ||||
Contract termination recoveries in excess of amounts that have or will impact net income | - | - | (7.7) | - | ||||
Goodwill impairment expense | - | 120.8 | - | 120.8 | ||||
Gain from sale of Bakersfield non-operating refinery | - | - | - | (43.3) | ||||
Tax benefit from loss carryback provided by CARES Act | - | - | - | (16.8) | ||||
Tax adjustment to reduce deferred tax asset valuation allowance resulting from Permian Gathering Assets Acquisition | - | - | - | (22.3) | ||||
Total adjusting items (1)
| (3.0) | 89.2 | (22.0) | 58.1 | ||||
Adjusted net income (loss) | $ | (44.9) | $ | (204.0) | $ | (225.5) | $ | (549.9) |
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Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share: | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
$ in millions (unaudited) | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported diluted income (loss) per share | $ | (0.57) | $ | (3.98) | $ | (2.75) | $ | (8.26) |
Adjusting items, after tax (per share) (1) (2)
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Net inventory LCM valuation loss (benefit) | 0.08 | (0.38) | (0.23) | 0.30 | ||||
Business interruption insurance recoveries (3)
| (0.10) | - | (0.10) | - | ||||
COVID-related severance costs | - | 0.04 | - | 0.09 | ||||
El Dorado refinery fire net losses (recoveries) | 0.04 | - | 0.08 | - | ||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (0.06) | (0.18) | 0.07 | (0.20) | ||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | - | 0.09 | (0.07) | 0.07 | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | - | - | 0.07 | - | ||||
Goodwill impairment expense | - | 1.64 | - | 1.64 | ||||
Gain from sale of Bakersfield non-operating refinery | - | - | - | (0.59) | ||||
Contract termination recoveries in excess of amounts that have or will impact net income
| - | - | (0.10) | - | ||||
Tax benefit from loss carryback provided by CARES Act | - | - | - | (0.23) | ||||
Tax adjustment to reduce deferred tax asset valuation allowance resulting from Permian Gathering Assets Acquisition | - | - | - | (0.30) | ||||
Total adjusting items (1)
| (0.04) | 1.21 | (0.28) | 0.78 | ||||
Adjusted net income (loss) per share | $ | (0.61) | $ | (2.77) | $ | (3.03) | $ | (7.48) |
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Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
$ in millions (unaudited) | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Reported net (loss) income attributable to Delek | $ | (41.9) | $ | (293.2) | $ | (203.5) | $ | (608.0) |
Add: | ||||||||
Interest expense, net | 36.7 | 30.8 | 136.7 | 125.7 | ||||
Income tax expense (benefit) | (10.2) | (58.1) | (62.5) | (192.7) | ||||
Depreciation and amortization | 69.0 | 90.2 | 264.6 | 267.6 | ||||
EBITDA | 53.6 | (230.3) | 135.3 | (407.4) | ||||
Adjusting items | ||||||||
Net inventory LCM valuation (benefit) loss | 7.7 | (36.4) | (22.3) | 29.2 | ||||
Business Interruption insurance recoveries (1)
| (9.9) | - | (9.9) | - | ||||
COVID-related severance costs | - | 3.9 | - | 8.5 | ||||
El Dorado refinery fire losses, net of related insurance recoveries | 4.0 | - | 7.8 | - | ||||
Unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (5.5) | (17.3) | 6.7 | (19.1) | ||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | - | 8.3 | (6.9) | 6.9 | ||||
Non-operating litigation accrual related to pre-Delek/Alon Merger shareholder action | - | - | 6.5 | - | ||||
Goodwill impairment expense | - | 126.0 | - | 126.0 | ||||
Gain from sale of Bakersfield non-operating refinery | - | - | - | (56.8) | ||||
Contract termination recoveries in excess of amounts that have or will impact EBITDA
| - | - | (20.9) | - | ||||
Net income attributable to non-controlling interest | 8.3 | 8.2 | 33.0 | 37.6 | ||||
Total Adjusting items | 4.6 | 92.7 | (6.0) | 132.3 | ||||
Adjusted EBITDA | $ | 58.2 | $ | (137.6) | $ | 129.3 | $ | (275.1) |
Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin: | ||||||||||
Three Months Ended December 31, 2021 | ||||||||||
$ in millions (unaudited) | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Reported segment contribution margin | $ | 32.1 | $ | 66.6 | $ | 15.3 | $ | (36.6) | $ | 77.4 |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | 6.3 | 0.2 | - | 1.2 | 7.7 | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (6.0) | - | - | - | (6.0) | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.5 | - | - | - | 0.5 | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (5.5) | - | - | - | (5.5) | |||||
El Dorado refinery fire losses, net of related recoveries | 4.0 | - | - | - | 4.0 | |||||
Total Adjusting items | 4.8 | 0.2 | - | 1.2 | 6.2 | |||||
Adjusted segment contribution margin | $ | 36.9 | $ | 66.8 | $ | 15.3 | $ | (35.4) | $ | 83.6 |
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Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin (continued): | ||||||||||
Three Months Ended December 31, 2020 | ||||||||||
$ in millions (unaudited) | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Reported segment contribution margin | $ | (82.0) | $ | 62.2 | $ | 12.7 | $ | (25.4) | (32.5) | |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | (36.4) | - | - | - | (36.4) | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (19.6) | 0.4 | - | 0.5 | (18.7) | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 1.4 | - | - | - | 1.4 | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (18.2) | 0.4 | - | 0.5 | (17.3) | |||||
COVID-related severance costs | 1.4 | 0.3 | 0.3 | 0.2 | 2.2 | |||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | 8.3 | - | - | - | 8.3 | |||||
Total Adjusting items | (44.9) | 0.7 | 0.3 | 0.7 | (43.2) | |||||
Adjusted segment contribution margin | $ | (126.9) | $ | 62.9 | $ | 13.0 | $ | (24.7) | $ | (75.7) |
Year Ended December 31, 2021 | ||||||||||
$ in millions (unaudited) | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Reported segment contribution margin | $ | 82.4 | $ | 255.7 | $ | 72.0 | $ | (97.1) | $ | 313.0 |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | (23.6) | 0.1 | - | 1.2 | (22.3) | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 6.7 | (0.3) | - | - | 6.4 | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 0.3 | - | - | - | 0.3 | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 7.0 | (0.3) | - | - | 6.7 | |||||
El Dorado refinery fire losses, net of related recoveries | 7.8 | - | - | - | 7.8 | |||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | (6.9) | - | - | - | (6.9) | |||||
Total Adjusting items | (15.7) | (0.2) | - | 1.2 | (14.7) | |||||
Adjusted segment contribution margin | $ | 66.7 | $ | 255.5 | $ | 72.0 | $ | (95.9) | $ | 298.3 |
Year Ended December 31, 2020 | ||||||||||
$ in millions (unaudited) | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Reported segment contribution margin | $ | (330.5) | $ | 238.1 | $ | 67.6 | $ | (74.4) | $ | (99.2) |
Adjusting items | ||||||||||
Net inventory LCM valuation (benefit) loss | 29.4 | (0.1) | - | (0.1) | 29.2 | |||||
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (18.7) | 0.1 | - | (1.9) | (20.5) | |||||
Unrealized RINs and other hedging (gain) loss where the hedged item is not yet recognized in the financial statements | 1.4 | - | - | - | 1.4 | |||||
Total unrealized hedging (gain) loss where the hedged item is not yet recognized in the financial statements | (17.3) | 0.1 | - | (1.9) | (19.1) | |||||
COVID-related severance costs | 3.7 | 0.5 | 0.7 | 0.4 | 5.3 | |||||
Non-cash change in fair value of S&O Obligation associated with hedging activities | 6.9 | - | - | - | 6.9 | |||||
Total Adjusting items | 22.7 | 0.5 | 0.7 | (1.6) | 22.3 | |||||
Adjusted segment contribution margin | $ | (307.8) | $ | 238.6 | $ | 68.3 | $ | (76.0) | $ | (76.9) |
13 |
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Summary of Other Favorable (Unfavorable) Items Impacting Contribution Margin: | ||||||||
$ in millions (unaudited) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Impact on Refining Segment Contribution Margin: Other Inventory/Commodity Hedging Gains (Losses) (1)
| ||||||||
Refining | $ | (24.1) | $ | (24.3) | $ | (49.5) | $ | (86.8) |
Logistics | (0.2) | - | (1.7) | 1.8 | ||||
Corporate, Other and Eliminations | (1.7) | 3.3 | (1.3) | (23.0) | ||||
Impact on Refining Segment Contribution Margin: Other Inventory/Commodity Hedging Gains (Losses) | $ | (26.0) | $ | (21.0) | $ | (52.5) | $ | (108.0) |
Total Impact on Refining Segment Contribution Margin: FIFO Other Inventory Impact and Other Items Impacting Refining Margin (2)
| ||||||||
FIFO Other Inventory Impact | $ | 33.1 | $ | (13.6) | $ | 94.2 | $ | (133.8) |
Other Items | - | (4.1) | (12.3) | 95.5 | ||||
Total Impact on Refining Segment Contribution Margin: FIFO Other Inventory Impact and Other Items Impacting Refining Margin (2)
| $ | 33.1 | $ | (17.7) | $ | 81.9 | $ | (38.3) |
Immaterial Cumulative Catch-Up Adjustment to Capitalize Operating Expenses in Refining Finished Goods Inventory | ||||||||
Tyler Refinery | $ | - | $ | - | $ | 1.9 | $ | - |
El Dorado Refinery | - | - | 5.7 | - | ||||
Big Spring Refinery | - | - | 3.7 | - | ||||
Krotz Springs Refinery | - | $ | - | 2.7 | - | |||
Total Impact on Refining Segment Contribution Margin: Cumulative Inventory Error Correction | $ | - | $ | - | $ | 14.0 | $ | - |
14 |
|
Refining Segment Selected Financial Information | Three Months Ended December 31, | Year Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Tyler, TX Refinery | (Unaudited) | (Unaudited) | ||||||
Days in period | 92 | 92 | 365 | 366 | ||||
Total sales volume - refined product (average barrels per day)(1)
| 58,527 | 74,152 | 71,016 | 74,075 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 30,951 | 42,444 | 35,782 | 40,031 | ||||
Diesel/Jet | 23,606 | 29,935 | 27,553 | 29,220 | ||||
Petrochemicals, LPG, NGLs | 1,823 | 2,114 | 1,957 | 2,794 | ||||
Other | 1,288 | 1,516 | 1,503 | 1,461 | ||||
Total production | 57,668 | 76,009 | 66,795 | 73,506 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 56,301 | 68,388 | 65,205 | 67,868 | ||||
Other feedstocks | 1,822 | 7,876 | 1,971 | 6,112 | ||||
Total throughput | 58,123 | 76,264 | 67,176 | 73,980 | ||||
Total refining revenue ( $ in millions) | $ | 578.5 | $ | 377.3 | $ | 2,337.4 | $ | 1,432.2 |
Cost of materials and other ($ in millions) | 544.4 | 328.9 | 2,169.5 | 1,331.7 | ||||
Total refining margin ($ in millions) (2)
| $ | 34.1 | $ | 48.4 | $ | 167.9 | $ | 100.5 |
Per barrel of refined product sales: | ||||||||
Tyler refining margin (2)
| $ | 6.33 | $ | 7.08 | $ | 6.48 | $ | 3.71 |
Tyler adjusted refining margin (2)
| $ | 6.33 | $ | 1.99 | $ | 5.31 | $ | 4.78 |
Operating expenses (3)
| $ | 5.74 | $ | 3.75 | $ | 3.91 | $ | 3.45 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 95.1 | % | 92.0 | % | 90.8 | % | 92.0 | % |
East Texas crude oil | 4.9 | % | 8.0 | % | 9.0 | % | 8.0 | % |
Other | - | % | - | % | 0.2 | % | - | % |
El Dorado, AR Refinery | ||||||||
Days in period
| 92 | 92 | 365 | 366 | ||||
Total sales volume - refined product (average barrels per day)(1)
| 85,122 | 70,781 | 70,182 | 75,992 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 43,834 | 34,364 | 32,004 | 35,480 | ||||
Diesel | 32,397 | 25,320 | 24,777 | 28,429 | ||||
Petrochemicals, LPG, NGLs | 1,506 | 1,291 | 1,078 | 1,772 | ||||
Asphalt | 8,083 | 6,781 | 6,352 | 6,687 | ||||
Other | 820 | 753 | 646 | 789 | ||||
Total production | 86,640 | 68,509 | 64,857 | 73,157 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 79,994 | 64,301 | 62,067 | 70,385 | ||||
Other feedstocks | 7,022 | 4,078 | 3,580 | 2,979 | ||||
Total throughput | 87,016 | 68,379 | 65,647 | 73,364 | ||||
Total refining revenue ( $ in millions) | $ | 733.1 | $ | 381.1 | $ | 2,387.7 | $ | 1,788.8 |
Cost of materials and other ($ in millions) | 706.3 | 410.2 | $ | 2,345.5 | 1,809.3 | |||
Total refining margin ($ in millions) (2)
| $ | 26.8 | $ | (29.1) | $ | 42.2 | $ | (20.5) |
Per barrel of refined product sales: | ||||||||
El Dorado refining margin (2)
| $ | 3.42 | $ | (4.47) | $ | 1.65 | $ | (0.74) |
El Dorado adjusted refining margin (2)
| $ | 3.50 | $ | (4.63) | $ | 1.68 | $ | (0.74) |
Operating expenses (3)
| $ | 3.67 | $ | 4.09 | $ | 3.81 | $ | 3.81 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 43.3 | % | 63.2 | % | 49.0 | % | 52.3 | % |
Local Arkansas crude oil | 14.7 | % | 19.4 | % | 18.5 | % | 17.8 | % |
Other | 42.0 | % | 17.4 | % | 32.5 | % | 29.9 | % |
15 |
|
Refining Segment Selected Financial Information (continued) | Three Months Ended December 31, | Year Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Big Spring, TX Refinery | (Unaudited) | (Unaudited) | ||||||
Days in period - based on date acquired | 92 | 92 | 365 | 366 | ||||
Total sales volume - refined product (average barrels per day) (1)
| 77,587 | 78,387 | 71,930 | 65,508 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 40,112 | 40,702 | 35,640 | 32,340 | ||||
Diesel/Jet | 27,580 | 26,539 | 25,284 | 23,283 | ||||
Petrochemicals, LPG, NGLs | 3,832 | 3,849 | 3,712 | 3,183 | ||||
Asphalt | 1,509 | 1,594 | 1,475 | 1,685 | ||||
Other | 1,369 | 1,383 | 1,404 | 1,119 | ||||
Total production | 74,402 | 74,067 | 67,515 | 61,610 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 72,030 | 72,454 | 68,038 | 61,428 | ||||
Other feedstocks | 3,547 | 2,067 | 843 | 1,078 | ||||
Total throughput | 75,577 | 74,521 | 68,881 | 62,506 | ||||
Total refining revenue ( $ in millions) | $ | 767.2 | $ | 427.3 | $ | 2,561.3 | $ | 1,531.7 |
Cost of materials and other ($ in millions) | 712.0 | 427.8 | 2,375.3 | 1,497.2 | ||||
Total refining margin ($ in millions) (2)
| $ | 55.2 | $ | (0.5) | $ | 186.0 | $ | 34.5 |
Per barrel of refined product sales: | ||||||||
Big Spring refining margin (2)
| $ | 7.73 | $ | (0.07) | $ | 7.08 | $ | 1.44 |
Big Spring adjusted refining margin (2)
| $ | 7.97 | $ | (0.08) | $ | 7.13 | $ | 1.47 |
Operating expenses (3)
| $ | 3.81 | $ | 3.95 | $ | 4.57 | $ | 4.33 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI crude oil | 77.3 | % | 58.9 | % | 71.0 | % | 67.0 | % |
WTS crude oil | 22.7 | % | 41.1 | % | 29.0 | % | 33.0 | % |
Krotz Springs, LA Refinery | ||||||||
Days in period - based on date acquired
| 92 | 92 | 365 | 366 | ||||
Total sales volume - refined product (average barrels per day) (1)
| 86,422 | 36,219 | 65,992 | 61,302 | ||||
Products manufactured (average barrels per day): | ||||||||
Gasoline | 33,679 | 1,980 | 26,170 | 20,615 | ||||
Diesel/Jet | 28,250 | 5,455 | 21,387 | 20,422 | ||||
Heavy oils | 599 | - | 719 | 418 | ||||
Petrochemicals, LPG, NGLs | 6,595 | 1,647 | 5,170 | 2,223 | ||||
Other | 9,759 | 20,645 | 7,895 | 13,512 | ||||
Total production | 78,882 | 29,727 | 61,341 | 57,190 | ||||
Throughput (average barrels per day): | ||||||||
Crude oil | 70,525 | 23,665 | 55,321 | 53,875 | ||||
Other feedstocks | 7,392 | 9,222 | 5,912 | 4,126 | ||||
Total throughput | 77,917 | 32,887 | 61,233 | 58,001 | ||||
Total refining revenue ( $ in millions) | $ | 922.6 | $ | 267.5 | $ | 2,674.9 | $ | 1,266.6 |
Cost of materials and other ($ in millions) | 870.3 | 279.5 | 2,550.2 | 1,296.3 | ||||
Total refining margin ($ in millions) (2)
| $ | 52.3 | $ | (12.0) | $ | 124.7 | $ | (29.7) |
Per barrel of refined product sales: | ||||||||
Krotz Springs refining margin (2)
| $ | 6.58 | $ | (3.61) | $ | 5.18 | $ | (1.32) |
Krotz Springs adjusted refining margin (2)
| $ | 6.75 | $ | (3.80) | $ | 5.24 | $ | (1.32) |
Operating expenses (3)
| $ | 3.47 | $ | 5.30 | $ | 4.20 | $ | 3.97 |
Crude Slate: (% based on amount received in period) | ||||||||
WTI Crude | 64.7 | % | 77.0 | % | 65.3 | % | 70.1 | % |
Gulf Coast Sweet Crude | 35.3 | % | 23.0 | % | 34.3 | % | 29.1 | % |
Other | - | % | - | % | 0.4 | % | 0.8 | % |
16 |
|
Reconciliation of Refining margin per barrel to Adjusted Refining margin per barrel (1)
| ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Tyler (2)
| ||||||||
Reported refining margin, $ per barrel | $ | 6.33 | $ | 7.08 | $ | 6.48 | $ | 3.71 |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | - | (5.09) | (1.17) | 1.07 | ||||
Adjusted refining margin $/bbl | $ | 6.33 | $ | 1.99 | $ | 5.31 | $ | 4.78 |
El Dorado (3)
| ||||||||
Reported refining margin, $ per barrel | $ | 3.42 | $ | (4.47) | $ | 1.65 | $ | (0.74) |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | 0.08 | (0.16) | 0.03 | - | ||||
Adjusted refining margin $/bbl | $ | 3.50 | $ | (4.63) | $ | 1.68 | $ | (0.74) |
Big Spring (4)
| ||||||||
Reported refining margin, $ per barrel | $ | 7.73 | $ | (0.07) | $ | 7.08 | $ | 1.44 |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | 0.24 | (0.01) | 0.05 | 0.03 | ||||
Adjusted refining margin $/bbl | $ | 7.97 | $ | (0.08) | $ | 7.13 | $ | 1.47 |
Krotz Springs (5)
| ||||||||
Reported refining margin, $ per barrel | $ | 6.58 | $ | (3.61) | $ | 5.18 | $ | (1.32) |
Adjusting items: | ||||||||
Net inventory LCM valuation loss (benefit) | 0.17 | (0.19) | 0.06 | - | ||||
Adjusted refining margin $/bbl | $ | 6.75 | $ | (3.80) | $ | 5.24 | $ | (1.32) |
17 |
|
Summary of Other Favorable (Unfavorable) Items Impacting Refining Margin: | ||||||||
$ in millions | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Tyler | ||||||||
Significant impact of fixed price crude transactions (1)
| $ | - | $ | (4.1) | $ | - | $ | 95.5 |
$ | - | $ | (4.1) | $ | - | $ | 95.5 | |
El Dorado | ||||||||
Other inventory impact | $ | 15.7 | $ | (13.5) | $ | 64.4 | $ | (65.4) |
Impact of RINs inventory true-up (2)
| - | - | (12.3) | - | ||||
$ | 15.7 | $ | (13.5) | $ | 52.1 | $ | (65.4) | |
Big Spring | ||||||||
Other inventory impact | $ | 16.4 | $ | 3.1 | $ | 42.0 | $ | (40.7) |
$ | 16.4 | $ | 3.1 | $ | 42.0 | $ | (40.7) | |
Krotz Springs | ||||||||
Other inventory impact | $ | 1.0 | $ | (3.2) | $ | (12.2) | $ | (27.7) |
$ | 1.0 | $ | (3.2) | $ | (12.2) | $ | (27.7) |
18 |
|
Logistics Segment Selected Information | Three Months Ended December 31, | Year Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Pipelines & Transportation: (average bpd) | ||||||||
Lion Pipeline System: | ||||||||
Crude pipelines (non-gathered) | 80,145 | 66,521 | 65,335 | 74,179 | ||||
Refined products pipelines | 66,632 | 48,900 | 48,757 | 53,702 | ||||
SALA Gathering System
| 15,660 | 13,308 | 14,460 | 13,466 | ||||
East Texas Crude Logistics System
| 18,499 | 16,719 | 22,647 | 15,960 | ||||
Permian Gathering Assets (3)
| 83,353 | 76,795 | 80,285 | 82,817 | ||||
Plains Connection System | 133,281 | 120,304 | 124,025 | 104,770 | ||||
Wholesale Marketing & Terminalling: | ||||||||
East Texas - Tyler Refinery sales volumes (average bpd) (1)
| 55,755 | 73,584 | 68,497 | 71,182 | ||||
West Texas wholesale marketing throughputs (average bpd)
| 10,007 | 9,915 | 10,026 | 11,264 | ||||
West Texas wholesale marketing margin per barrel
| $ | 3.97 | $ | 2.36 | $ | 3.72 | $ | 2.37 |
Big Spring wholesale marketing throughputs (average bpd)
| 83,385 | 84,219 | 78,370 | 76,345 | ||||
Terminalling throughputs (average bpd) (2)
| 124,476 | 153,243 | 138,301 | 147,251 |
Retail Segment Selected Information
| Three Months Ended December 31, | Year Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
(Unaudited) | (Unaudited) | |||||||
Number of stores (end of period) | 248 | 253 | 248 | 253 | ||||
Average number of stores | 248 | 253 | 248 | 253 | ||||
Average number of fuel stores | 243 | 248 | 243 | 248 | ||||
Retail fuel sales (thousands of gallons) | 42,303 | 41,453 | 166,959 | 176,924 | ||||
Average retail gallons sold per average number of fuel stores (in thousands)
| 174 | 167 | 688 | 715 | ||||
Average retail sales price per gallon sold | $ | 3.11 | $ | 2.03 | $ | 2.88 | $ | 2.02 |
Retail fuel margin ($ per gallon) (1)
| $ | 0.30 | $ | 0.33 | $ | 0.34 | $ | 0.35 |
Merchandise sales (in millions) | $ | 75.5 | $ | 75.9 | $ | 316.4 | $ | 323.8 |
Merchandise sales per average number of stores (in millions) | $ | 0.3 | $ | 0.3 | $ | 1.3 | $ | 1.3 |
Merchandise margin % | 33.6 | % | 30.1 | % | 33.2 | % | 31.0 | % |
Three Months Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Same-Store Comparison (2)
| (Unaudited) | (Unaudited) | ||||||
Change in same-store fuel gallons sold | 3.0 | % | (22.7) | % | (5.3) | % | (17.3) | % |
Change in same-store merchandise sales | 0.7 | % | 2.2 | % | (1.8) | % | 6.2 | % |
19 |
|
Supplemental Information | ||||||||||
Schedule of Inventory/Commodity Hedging Gains (Losses) | ||||||||||
$ in millions (unaudited) | ||||||||||
Three Months Ended December 31, 2021 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 17.9 | $ | - | $ | - | $ | - | $ | 17.9 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
| 6.0 | - | - | - | 6.0 | |||||
Total inventory/commodity unrealized hedging gain (loss) | 23.9 | - | - | - | 23.9 | |||||
Total inventory/commodity realized hedging gain (loss) | (42.0) | (0.2) | - | (1.7) | (43.9) | |||||
Total inventory/commodity hedging gain (loss) | $ | (18.1) | $ | (0.2) | $ | - | $ | (1.7) | $ | (20.0) |
Three Months Ended December 31, 2020 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | (4.8) | $ | - | $ | - | $ | - | $ | (4.8) |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
| 19.6 | (0.4) | - | (0.5) | 18.7 | |||||
Total inventory/commodity unrealized hedging gain (loss) | 14.8 | (0.4) | - | (0.5) | 13.9 | |||||
Total inventory/commodity realized hedging gain (loss) | (19.5) | - | - | 3.3 | (16.2) | |||||
Total inventory/commodity hedging gain (loss) | $ | (4.7) | $ | (0.4) | $ | - | $ | 2.8 | $ | (2.3) |
Year Ended December 31, 2021 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Inventory/Commodity unrealized hedging gain (loss) | ||||||||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 14.2 | $ | - | $ | - | $ | - | $ | 14.2 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
| (6.7) | 0.3 | - | - | (6.4) | |||||
Total inventory/commodity unrealized hedging gain (loss) | 7.5 | 0.3 | - | - | 7.8 | |||||
Total inventory/commodity realized hedging gain (loss) | (63.7) | (1.7) | - | (1.3) | (66.7) | |||||
Total inventory/commodity hedging gain (loss) | $ | (56.2) | $ | (1.4) | $ | - | $ | (1.3) | $ | (58.9) |
Year Ended December 31, 2020 | ||||||||||
Inventory/Commodity Hedging Gains (Losses) Included in Segment Contribution Margin | Refining | Logistics | Retail |
Corporate, Other and Eliminations | Consolidated | |||||
Unrealized inventory/commodity hedging gain (loss) where the hedged item is currently recognized in the financial statements | $ | 2.2 | $ | - | $ | - | $ | - | $ | 2.2 |
Unrealized inventory/commodity hedging gain (loss) where the hedged item is not yet recognized in the financial statements (1)
| 18.7 | (0.1) | - | 1.9 | 20.5 | |||||
Total inventory/commodity unrealized hedging gain (loss) | 20.9 | (0.1) | - | 1.9 | 22.7 | |||||
Total inventory/commodity realized hedging gain (loss) | (89.0) | 1.8 | - | (23.0) | (110.2) | |||||
Total inventory/commodity hedging gain (loss) | $ | (68.1) | $ | 1.7 | $ | - | $ | (21.1) | $ | (87.5) |
20 |
|
Supplemental Information (continued) | ||||
Schedule of Inter-refinery Sales, Refinery Sales to Other Segments, and Pricing Statistics Impacting our Refining Segment Selected Financial Information | ||||
$ in millions (unaudited) | ||||
Inter-refinery Sales | ||||
Unaudited | Three Months Ended December 31, | Year Ended December 31, | ||
(in barrels per day) | 2021 | 2020 | 2021 | 2020 |
Tyler refined product sales to other Delek refineries | 954 | 2,598 | 1,636 | 2,010 |
El Dorado refined product sales to other Delek refineries | 1,316 | 477 | 866 | 924 |
Big Spring refined product sales to other Delek refineries | 3,801 | 830 | 1,502 | 1,356 |
Krotz Springs refined product sales to other Delek refineries | 11 | 259 | 150 | 190 |
Refinery Sales to Other Segments | ||||
Unaudited | Three Months Ended December 31, | Year Ended December 31, | ||
(in barrels per day) | 2021 | 2020 | 2021 | 2020 |
Tyler refined product sales to other Delek segments | - | 639 | 463 | 1,623 |
El Dorado refined product sales to other Delek segments | 9 | 10 | 9 | 94 |
Big Spring refined product sales to other Delek segments | 22,107 | 21,891 | 22,174 | 22,601 |
Krotz Springs refined product sales to other Delek segments | 4,423 | 439 | 2,927 | 362 |
Pricing Statistics | ||||||||
Unaudited | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
(average for the period presented) | 2021 | 2020 | 2021 | 2020 | ||||
WTI - Cushing crude oil (per barrel) | $ | 77.33 | $ | 42.63 | $ | 68.11 | $ | 39.89 |
WTI - Midland crude oil (per barrel) | $ | 77.82 | $ | 43.07 | $ | 68.55 | $ | 40.02 |
WTS -- Midland crude oil (per barrel) | $ | 76.86 | $ | 43.16 | $ | 68.29 | $ | 39.96 |
LLS (per barrel) | $ | 78.38 | $ | 44.14 | $ | 69.60 | $ | 41.56 |
Brent crude oil (per barrel) | $ | 79.65 | $ | 45.26 | $ | 70.96 | $ | 43.24 |
U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1)
| $ | 17.51 | $ | 7.83 | $ | 16.62 | $ | 8.18 |
U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1)
| $ | 18.59 | $ | 8.08 | $ | 17.79 | $ | 8.70 |
U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1)
| $ | 12.14 | $ | 4.46 | $ | 10.41 | $ | 4.65 |
U.S. Gulf Coast Unleaded Gasoline (per gallon) | $ | 2.22 | $ | 1.17 | $ | 2.02 | $ | 1.09 |
Gulf Coast Ultra low sulfur diesel (per gallon) | $ | 2.32 | $ | 1.24 | $ | 2.02 | $ | 1.19 |
U.S. Gulf Coast high sulfur diesel (per gallon) | $ | 2.05 | $ | 1.13 | $ | 1.75 | $ | 1.06 |
Natural gas (per MMBTU) | $ | 4.84 | $ | 2.76 | $ | 3.73 | $ | 2.13 |
21 |
|
Other Reconciliation of Amounts Reported Under U.S. GAAP | ||||||||
$ in millions | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
Reconciliation of Refining Segment Gross Margin (Loss) to Refining Margin | 2021 | 2020 | 2021 | 2020 | ||||
(Unaudited) | (Unaudited) | |||||||
Net revenues
| $ | 2,985.6 | $ | 1,449.3 | $ | 9,956.0 | $ | 5,817.7 |
Cost of sales
| 3,003.2 | 1,597.3 | 10,072.3 | 6,346.5 | ||||
Gross margin | (17.6) | (148.0) | (116.3) | (528.8) | ||||
Add back (items included in cost of sales):
| ||||||||
Operating expenses (excluding depreciation and amortization)
| 123.9 | 100.2 | 434.1 | 402.7 | ||||
Depreciation and amortization
| 49.7 | 66.0 | 198.7 | 198.3 | ||||
Refining margin
| $ | 156.0 | $ | 18.2 | $ | 516.5 | $ | 72.2 |
Calculation of Net Debt | December 31, 2021 | December 31, 2020 | ||
(Unaudited) | ||||
Long-term debt - current portion | $ | 92.2 | $ | 33.4 |
Long-term debt - non-current portion | 2,125.8 | 2,315.0 | ||
Total long-term debt | 2,218.0 | 2,348.4 | ||
Less: Cash and cash equivalents | 856.5 | 787.5 | ||
Net debt - consolidated | 1,361.5 | 1,560.9 | ||
Less: DKL net debt | 894.7 | 988.0 | ||
Net debt, excluding DKL | $ | 466.8 | $ | 572.9 |
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Delek US Holdings Inc. published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 22:34:34 UTC.