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- **Record Q3 Performance**: Adjusted EBITDA of $760 million, driven by $60 million EOP contribution and $400 million SRE monetization.
- **EOP Expansion**: Annual run rate guidance raised to $180 million, with 73 initiatives improving margins and cost efficiency.
- **DKL Growth**: EBITDA guidance raised to $500-520 million, fueled by sour gas processing and Delaware Basin expansion.
- **Shareholder Value**: $30 million returned via dividends and buybacks, highest total return yield among peers.

**【CEO Summary Section】**
- **Q3 2025 Results**: Excluding SREs, reported adjusted EPS of $1.52 and adjusted EBITDA of $319 million. Enterprise Optimization Plan (EOP) contributed $60 million, driving EOP guidance increase to $180 million annual run rate.
- **SRE Progress**: EPA granted 2019-2024 SRE petitions, with $400 million expected from 2023-2024 RIN monetization. 2019-2022 RINs remain unresolved, but legal strategy aims to maximize value.
- **DKL Growth**: Full-year EBITDA guidance raised to $500-520 million, driven by sour gas solution and Delaware Basin expansion.
- **Shareholder Returns**: $15 million in dividends and buybacks, highest total return yield among peers.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net income $178 million, adjusted EBITDA $760 million. Refining segment EBITDA up $583 million, Logistics segment EBITDA $132 million (new quarterly record).
- **Cash Flow**: Operating cash flow $44 million, with $150 million adjusted for working capital. Capital expenditures $91 million, $44 million for DKL growth projects.
- **Q4 Outlook**: Operating expenses $205-220 million, G&A $52-57 million, D&A $100-110 million, net interest $85-95 million.

**【Q&A Key Highlights】**
- **SRE Monetization**: $400 million expected over 6-9 months; cash allocation aligns with disciplined capital strategy.
- **EOP Drivers**: 73 initiatives across cost and margin, with 100% of refining capacity qualifying for 2025 SREs.
- **Permian Sour Gas**: DKL's Libby 2 plant on track to process sour gas, supporting Delaware Basin growth.
- **Sustainability of SREs**: Legal precedence and court rulings support long-term eligibility, transcending administrations.

Delek US Holdings, Inc. (DK) Q3 2025 Earnings Call Transcript

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DK

DK fundamentals

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