Delek US Holdings, Inc. (NYSE:DK) Q1 2024 Earnings Call Transcript

Jason Gabelman: Hey, good morning. Thanks for taking my questions. I wanted to go back to the marketing business and just how you’re evaluating unlocking value there. I think when you started this value unlock process a little over a year ago, marketing was considered a core part of the business and wasn’t something you were going to look to really try to monetize. And it sounds like that’s changed. So just wondering over the past year why that’s changed?

Avigal Soreq: Jason, thank you for the question. Obviously, our commitment, as I said many times is to make sure that our investors see the value in the – both the unit price and the share pricing. And so we are taking a good, hard – hard look at everything. And that’s something we decided that we need to look at the opportunities. I think that’s what prudent management needs to do and that’s what we are doing.

Jason Gabelman: Okay. Thanks. Yes. And just I guess, on the supply and trading line, as we think about it moving forward. And I know you want to stay away from really providing concrete guidance. But I’m just wondering if you see any headwinds when your assets aren’t operating at 100% and you try to buy product in the market to fulfill contractual obligations. Was that an impact in 1Q and is that something we could think about, maybe not recurring moving forward?

Avigal Soreq: Yes. So I don’t want to get into too much into the weeds here. Obviously, having a safe and reliable operation has a very broad benefit. So there is a reason, Jason, that I’m very determined about the safe and reliable operation. That’s a key priority. And without getting too much technicalities about how each one of the entities works with the other, I will just tell you that this is a commitment and that’s a priority, and we are driving a lot of energy into that. And I will leave it to that.

Jason Gabelman: All right. Thanks for the answers.

Avigal Soreq: Thank you.

Operator: And there are no further questions at this time. I will now hand the call back to Avigal for any closing remarks.

Avigal Soreq: Yes. Thank you. So, I want to thank our employees for the hard commitment for the success of this company. I want to thank you shareholders for trusting in us and the interest that you are showing around our business. I want to thank to our customers. And I want to thank to our Board of Directors for their support, good advice and commitment. And obviously, I want to thank my colleagues here around the table that working days and nights in order to make this company what it is. Thank you, guys.

Operator: That will conclude today’s conference. Thank you all for joining. You may now disconnect.