Delek's Crack-Spread Gain More Than Doubles
Adjusted EBITDA reached $638.7 million as second-quarter crack spreads rose 136.0% from a year earlier, after a 63.8% year-over-year increase in the first quarter.
Delek US Holdings (DK), a diversified downstream energy company, swung to a $169.5 million profit, or $2.71 a share, in the second quarter ended June 30, 2026, from a $201.3 million loss, or $(3.34) a share, in the first quarter.
Adjusted EBITDA was $638.7 million. Benchmark crack spreads were up an average of 136.0% from prior-year levels in the second quarter, versus a 63.8% year-over-year increase in the first quarter. Refining segment adjusted EBITDA was $566.2 million. The refining result reflected an increase in refining margin driven by increased crack spreads.
Other inventory impact was a $(157.3) million drag in the second quarter, versus a $(17.6) million drag in the first quarter. Excluding the impacts of the RVO adjustment, adjusted EPS was $3.64 a share and adjusted EBITDA was $490.1 million.
Net revenues were $4,087.0 million. Operating income was $302.4 million. Cash provided by continuing operations was $262.9 million.
Logistics segment adjusted EBITDA was $143.5 million, which Delek described as Delek Logistics’ best quarter. The increase over last year’s second quarter reflected higher margins in the wholesale business and increased interest income related to sales-type leases.
President and Chief Executive Officer Avigal Soreq said the Big Spring refinery turnaround, completed in the first quarter, allowed Big Spring to run well during the second quarter and that the company has no more planned turnarounds for the remainder of the year. He said the company is well positioned to capture a more constructive margin environment, supported by peer-leading distillate yield, enhanced reliability, and Enterprise Optimization Plan improvements.
Delek Logistics is positioned to meet annual adjusted EBITDA guidance of $520 million to $560 million, the same range initiated after the fourth quarter of 2025.
On May 15, 2026, Delek refinanced its term loan, reducing outstanding principal to $850.0 million, extending maturity to May 15, 2032, and cutting the rate to term SOFR plus 300 basis points or base rate plus 200 basis points, with up to $750.0 million of incremental loans. On April 9, 2026, it increased revolving loan commitments from $1,100.0 million to $1,250.0 million, extended the revolving facility maturity to April 9, 2031, and reduced interest-rate margins by 0.25%. On May 14, 2026, Delek Logistics sold $800.0 million of 6.875% senior notes due 2034 and used net proceeds to redeem the 2028 notes and a portion of the 2029 notes.
As of June 30, 2026, cash and cash equivalents were $628.6 million. Total consolidated long-term debt was $3,189.7 million and net debt was $2,561.1 million. Excluding Delek Logistics, Delek US had $614.9 million in cash and $817.0 million of long-term debt, or a $202.1 million net debt position.
The company purchased $20.0 million in DK common stock during the quarter. It paid $15.6 million of dividends, and the Board approved a regular quarterly dividend of $0.255 a share, unchanged from the dividend announced after the first and fourth quarters.
Restructuring costs were $10.9 million, or $8.4 million after tax. Unrealized changes in fair value of the net RINs obligation were a $210.5 million pretax adjusting item. Renewable volume obligation short related to small refinery exemptions was a $148.6 million pretax adjusting item. Loss on extinguishment of debt and other noncash interest was $31.0 million, or $24.0 million after tax.
The Tyler refinery tank purchase closed April 1, 2026, for $19.0 million via Delek Logistics common units; the El Dorado tank and terminal purchase for $66.0 million is expected to close October 1, 2027.
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