$DK

Refining Shares Gain as Diesel Cracks Surge, SRE Waivers Lift Outlook, TPH Says

US refining stocks rose last week as a jump in diesel margins and favorable developments around small refinery exemptions boosted expectations for refiners' earnings, TPH Energy strategists said in a note on Tuesday.Matthew Blair, TPH Energy analyst, said that refining equities gained 4.3% for the week, compared with a 0.1% rise in the S&P 500.The Environmental Protection Agency's 2025 small refinery exemptions included waivers covering 1.76 billion renewable identification numbers, up from 1.15 billion a year earlier, boosting refiners that qualify for the exemptions.TPH said that the EPA also said the RINs exempted in 2025 would be added back to refiners' renewable volume obligations in 2026 and 2027, a move that pushed RIN prices higher and increased the value of the exemptions.The consultancy said that the development is supportive for refiners including Delek US Holdings (DK), CVR Energy (CVI), HF Sinclair (DINO) and Par Pacific Holdings (PARR).Meanwhile, diesel markets provided another tailwind for the sector as renewed fighting between the US and Iran stoked supply disruption concerns, driving refining margins higher.TPH said that the US diesel crack spread, a measure of the profitability of turning crude into diesel, rose $11 per barrel on the week to $87/bbl, while the Northwest European diesel crack gained $9 to $87/bbl. Singapore's diesel crack increased $3/bbl.The US 3-2-1 crack spread, a widely watched measure of refinery profitability, rose $1 to $53/bbl.Gasoline margins moved in the opposite direction, with the US gasoline crack falling $4/bbl to $35.The Brent-WTI crude spread narrowed by $1 to $5/bbl, while the Brent-WCS differential at Hardisty, Alberta, remained unchanged at $25/bbl.TPH said that the combination of higher diesel margins and stronger SRE economics has provided a fresh boost to refiners as markets assess the impact of renewed geopolitical tensions on crude and refined-product supplies.Price: $75.22, Change: $+3.36, Percent Change: +4.67%

Update: Trump Plans White House Meeting With Oil Executives as Gasoline Tops $4

(Updates with White House comments throughout and removes "reportedly" from the headline.)US President Donald Trump will meet with refiners and distributors on Tuesday to discuss expanding US refining capacity, with the ultimate goal of reducing gasoline prices for consumers, a White House official toldon Monday.Trump plans to host oil executives Tuesday as US gasoline prices climb above $4 per gallon, multiple media outlets reported.Trump is "laser-focused" on ensuring that the administration's energy dominance agenda "translates into the most cost savings possible at the pump for consumers," said Taylor Rogers, a White House spokeswoman, told."As part of that commitment, the President will meet with industry leaders to collaborate on the best ways to increase refining capacity,... and bring down prices for the American people," Rogers said.The White House official said Trump is prioritizing near-term measures to increase American refining capacity and, in this way, lower gas prices."This is especially timely as we increase Venezuelan crude flow to US refineries," a White House official said.The meeting will also give Trump and his administration an opportunity to identify ways to ensure savings reach customers and consider additional measures to reduce prices, the official said.The US has become the leading producer and exporter of oil and natural gas under the administration's policy and regulatory approach and plans to build on that industry partnership, the White House official added.Interior Secretary Doug Burgum, Energy Secretary Chris Wright and National Energy Dominance Director Jarrod Agen will join Trump alongside small, medium and large refiners and distributors, the White House said.At least 10 fuel producers and distributors are likely to join Trump at the White House, with the gathering set for the afternoon, according to the reports.Executives reportedly received invitations only last week, with little clarity on the agenda or guest list.The participants reportedly include Marathon Petroleum (MPC), Delek US Holdings (DK), Chevron (CVX), PBF Energy (PBF) and Valero Energy (VLO).ExxonMobil (XOM), one of the largest US refiners by capacity, was not invited to Tuesday's White House meeting, according to Reuters.Gasoline prices average above $4/gal nationwide, while diesel prices are close to $6/gal, according to the American Automobile Association.Price: $370.01, Change: $+1.18, Percent Change: +0.32%

Trump Reportedly Plans White House Meeting With Oil Executives as Gasoline Tops $4

US President Donald Trump plans to host oil executives Tuesday as US gasoline prices climb above $4 per gallon, according to multiple media reports Monday.At least 10 fuel producers and distributors could join Trump at the White House, with the gathering set for the afternoon, according to the reports.Executives received invitations only last week, with little clarity on the agenda or guest list.The participants reportedly include Marathon Petroleum (MPC), Delek US Holdings (DK), Chevron (CVX), PBF Energy (PBF) and Valero Energy (VLO).ExxonMobil (XOM), one of the largest US refiners by capacity, was not invited to Tuesday's White House meeting, according to Reuters.The meeting will focus on expanding US refining capacity to increase fuel supplies and lower gasoline prices for consumers, according to reports.Gasoline prices average above $4 per gallon nationwide, while diesel prices are close to $6/gal, according to the American Automobile Association.The White House did not immediately reply to' request for comment.Price: $370.28, Change: $+1.45, Percent Change: +0.39%

Delek US Holdings Insider Sold Shares Worth $1,291,766, According to a Recent SEC Filing

Mark Wayne Hobbs, Executive Vice President, Delek Logistics, on August 17, 2026, sold 20,000 shares in Delek US Holdings (DK) for $1,291,766. Following the Form 4 filing with the SEC, Hobbs has control over a total of 104,326 common shares of the company, with 104,326 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1694426/000204424826000017/xslF345X05/wk-form4_1787098342.xml

Delek US Holdings Insider Sold Shares Worth $5,320,815, According to a Recent SEC Filing

Avigal Soreq, Director, President & Chief Executive Officer, on August 17, 2026, sold 80,000 shares in Delek US Holdings (DK) for $5,320,815. Following the Form 4 filing with the SEC, Soreq has control over a total of 231,486 common shares of the company, with 231,486 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1694426/000164208026000017/xslF345X05/wk-form4_1787098336.xml

Delek US Holdings Insider Sold Shares Worth $13,503,583, According to a Recent SEC Filing

Ezra Uzi Yemin, Director, on August 13, 2026, sold 200,000 shares in Delek US Holdings (DK) for $13,503,583. Following the Form 4 filing with the SEC, Yemin has control over a total of 461,512 common shares of the company, with 213,717 shares held directly and 247,795 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1694426/000136109126000019/xslF345X05/wk-form4_1787011680.xml

Delek US Refinery Output Edges Higher in Q2 as Logistics Volumes Expand

Tennessee-based Delek US Holdings (DK) saw its refinery output edge higher in Q2, alongside growing crude, natural gas and water-handling volumes.Total refinery output averaged 312,410 barrels per day, up slightly from 311,298 bbl/d a year earlier. Total throughput edged lower to 315,555 bbl/d from 316,325 bbl/d, while refined-product sales slipped to 313,791 bbl/d from 315,259 bbl/d.In the logistics business, Delaware Basin natural gas gathering and processing volumes climbed to 80.7 million cubic feet per day from 60.9 million, while crude gathering increased to 157,156 bbl/d from 137,167 bbl/d during the same period last year.Midland water disposal and recycling volumes rose to 701,435 bbl/d from 600,891 bbl/d, while terminal throughput increased to 159,363 bbl/d from 150,971 bbl/d.The company also highlighted the successful turnaround of its Big Spring refinery, which ran well during the quarter. It also noted that it has no further planned turnarounds for the remainder of 2026.

Delek US Swings to Q2 Adjusted Earnings, Net Revenue Rises

Delek US (DK) reported Q2 adjusted earnings Wednesday of $5.48 per diluted share, compared with an adjusted loss of $0.56 a year earlier.Analysts polled by FactSet expected adjusted earnings of $2.67.Net revenue for the quarter ended June 30 was $4.09 billion, up from $2.76 billion a year ago.Analysts expected $3.44 billion.Shares of Delek US rose more than 2% in recent trading activity Wednesday.Price: $68.01, Change: $+1.81, Percent Change: +2.73%

Earnings Flash (DK) Delek US Posts Q2 Revenue $4.09B, vs. FactSet Est of $3.44B

Earnings Flash (DK) Delek US Posts Q2 Adjusted EPS $5.48, vs. FactSet Est of $2.67

Market Chatter: EPA Grants Delek's Refinery RFS Exemption, Rejects HF Sinclair Petitions

The US Environmental Protection Agency on Monday announced its decisions on six small refineries that had petitioned for exemption from the agency's Renewable Fuel Standard obligations for the compliance years 2023 and 2024, according to a Reuters report, citing the agency's documents.Delek US Holdings Inc's (DK) refinery received full exemptions, while the two refineries owned by HF Sinclair (DINO) were declared ineligible.This decision comes following an emergency motion filed by the two companies in the US Court of Appeals for the District of Columbia Circuit to push the EPA to rule on their respective economic hardship petitions.The EPA rejected HF Sinclair's petition, noting that its Artesia, New Mexico refinery exceeded the 75,000 barrel-per-day crude throughput limit, which was required to classify as a small refinery.Neither Delek nor HF Sinclair immediately responded to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

RIN Market Slides on Weaker BOHO Spread, Higher June Supply

The Renewable Identification Numbers market fell sharply on Wednesday as a weakening BOHO spread, the price differential between soybean oil and heating oil, or diesel, and higher RIN generation in June weighed on RIN values.On Wednesday, the August BOHO spread narrowed to $0.88 per gallon compared with $2.24/gal a month ago, prompting another heavy sell-off in RINs, according to Zander Capozzola, principal consultant at Argus Media.The BOHO spread, which has fallen to its lowest level since early April, has been driven by soybean oil prices declining faster than diesel prices that have strengthened.Higher RIN generation has also added pressure to the market. "RIN supply for 2026 has loosened a little following the surprise June RIN generation numbers," Capozzola told."This will leave the RIN bank with a slightly higher positive year-end balance, yet the market still widely acknowledges that the bank goes negative in 2027," he added.Total gross RIN generation increased to the equivalent of 2.27 billion credits in June, up from 2.14 billion in May and 2.01 billion a year earlier.Another factor pressuring RIN prices is the Environmental Protection Agency's indication that it intends to decide next week on outstanding 2024 small refinery exemption requests from HF Sinclair (DINO) and Delek (DK) after the companies filed an emergency motion, Capozzola said.SRE news is always bearish for the RIN complex, the analyst added.Alon Refining and HF Sinclair filed an emergency motion with the US Court of Appeals for the DC Circuit on July 24, asking the court to order the US EPA to issue decisions on their outstanding compliance year 2024 SRE petitions by Aug. 11, according to the Governor's Biofuels Coalition."The market fear is out there that the EPA could potentially release wider SRE decisions for 2025 during August ahead of the Sept. 1, 2025 compliance deadline," Capozzola said.Price: $90.16, Change: $+0.86, Percent Change: +0.96%

Delek US Keeps Quarterly Dividend at $0.255 a Share, Payable Aug. 10 to Holders of Record Aug. 3

BofA Securities Adjusts Price Target on Delek US Holdings to $50 From $34

Delek US Holdings (DK) has an average rating of overweight and mean price target of $60.58, according to analysts polled by FactSet.

Refining Boom Returns as Geopolitical Tensions Push Fuel Profits to Multi-Year Highs, TPH Says

US refiners are on track to report one of their strongest quarters in years as geopolitical disruptions drove fuel margins sharply higher, TPH Energy Research analyst Matthew Blair said in a note on Wednesday.Average Q2 2026 earnings per share are projected at $6.53, above the consensus estimate of $6.20 and up from $0.59 in Q1.Blair said the quarter is shaping up to be the industry's most profitable since market disruptions following Russia's invasion of Ukraine in 2022.Global refining runs fell to an estimated 78 million barrels per day in Q2 from 83 million b/d in Q1, reflecting the closure of the Strait of Hormuz and increased Ukrainian drone attacks on Russian refineries.Tighter supply pushed US gasoline crack spreads to an average of $25/bbl in the quarter, up from $9/bbl in Q1 and $16/bbl a year earlier.Diesel crack spreads climbed to $45/bbl from $30/bbl in the previous quarter and $17/bbl a year earlier. Margins improved across most US refining regions, with the Southwest and Gulf Coast posting the largest gains over the year. Jet fuel and naphtha margins also strengthened.In Asia, Singapore gasoline and diesel crack spreads rose to $33/bbl and $69/bbl, respectively, from $16/bbl and $41/bbl in Q1. Singapore diesel margins reached five-year highs during much of the quarter.Higher fuel margins were partly offset by tighter crude price differentials, steeper backwardation and higher tanker rates. Backwardation indicates strong near-term demand or tight spot supply, with futures prices trading below spot prices.Marathon Petroleum (MPC), PBF Energy (PBF) and Phillips 66 (PSX) are expected to post the largest earnings beats versus consensus, while CVR Energy (CVI) and Delek US Holdings (DK) may underperform expectations.The third quarter has also started strongly, with gasoline and diesel margins rising further amid renewed US-Iran tensions and continued constraints on shipping through the Strait of Hormuz.Blair forecasts average third-quarter earnings per share of $5.91, roughly in line with the consensus estimate of $5.94.Price: $296.79, Change: $-6.61, Percent Change: -2.18%

Refiners Start Q3 Strong with Better Fuel Margins, Tight Inventories, TPH Says

US refiners have begun the third quarter on a strong footing, with refining margins improving across most companies as low fuel inventories and renewed tensions between the US and Iran support market conditions, TPH Energy Research analyst Matthew Blair said in a Tuesday note.Blair said company-specific refining indicators are off to a "fantastic start" about halfway through the first month of the quarter, with most refiners benefiting from stronger product cracks and favorable crude market dynamics.Among the large-cap refiners, Valero Energy (VLO) is showing the biggest improvement over the quarter, with TPH estimating refining margins have increased by about $9.15 per barrel.Blair attributed the gains to the company's significant exposure to the North Atlantic and US Gulf Coast, where refining economics have strengthened the most since the Q2.Valero is also benefiting from wider Gulf Coast crude differentials, including ASCI and Maya grades.Phillips 66 (PSX) is estimated to be up about $6.70/bbl over the quarter, supported by similar regional exposure. However, Blair said the company's performance has been somewhat constrained by higher crude prices and weaker Gulf Coast product trends.Marathon Petroleum (MPC) is estimated to have improved by roughly $5.95/bbl from the prior quarter. While product margins in the Chicago region have not strengthened as much as elsewhere, Blair said that has been partially offset by a more favorable structure in the WTI crude market.Among small- and mid-cap refiners, Delek US Holdings (DK) stands out as the strongest performer, with TPH estimating a quarter-over-quarter improvement of about $13.60/bbl.Blair cited the company's Gulf Coast product exposure, wider Midland crude differentials and improved WTI market structure as key drivers.CVR Energy (CVI) is also seeing a substantial improvement, with estimated margins up about $9.85/bbl before accounting for renewable volume obligation costs, or about $7.34/bbl after those costs.HF Sinclair (DINO) is estimated to be up about $2.80/bbl, benefiting from stronger Group 3 gasoline cracks, although Blair noted that the company's exposure to the Rockies and Southwest has moderated from exceptionally strong Q2 levels.Par Pacific Holdings (PARR) is the only refiner in TPH's coverage expected to post a quarter-over-quarter decline, with estimated margins down about $2/bbl.Blair attributed the weakness primarily to Singapore refining margins retreating from record Q2 levels, along with TPH's expectation of more challenging Hawaiian crude differentials during Q3.Price: $297.50, Change: $+1.71, Percent Change: +0.58%

Investors Favor Mid-Cap Refiners as Sector Fundamentals Strengthen, TPH Energy Says

Refining investors remain optimistic as stronger fuel margins, supportive market fundamentals and geopolitical developments continue to strengthen the sector, TPH Energy said in a Friday note.TPH Energy said investors showed the most interest in mid-cap refiners Delek US Holdings (DK), HF Sinclair (DINO) and Par Pacific Holdings (PARR), while Phillips 66 (PSX) and Valero Energy (VLO) attracted the most attention among large-cap companies.Investors focused on the breakdown of the US-Iran memorandum of understanding, which boosted gasoline and diesel refining margins, while also watching Ukrainian drone strikes on Russian refineries, a recovery in Chinese refining activity and low fuel inventories, TPH Energy said.Market participants also examined regional refining trends, including weaker Midwest gasoline margins compared with the Gulf Coast during the summer, along with Western Canadian Select takeaway constraints, the note added.Investors also highlighted potential benefits from Small Refinery Exemptions for Delek US Holdings, Par Pacific Holdings and HF Sinclair, the note said.TPH Energy also expects Marathon Petroleum (MPC), Valero Energy, HF Sinclair, Delek US Holdings and Par Pacific Holdings to generate enough cash in the first half to support significant shareholder returns in the second half of 2026.Price: $55.66, Change: $-0.43, Percent Change: -0.77%

UBS Adjusts Delek US Price Target to $52 From $48, Maintains Neutral Rating

Delek US (DK) has an average rating of overweight and mean price target of $53.25, according to analysts polled by FactSet.Price: $55.80, Change: $-0.25, Percent Change: -0.45%

US Refiners Poised to Beat Q3 Estimates on Strong Product Margins, TPH Energy Says

TPH Energy Research expects US independent refiners to deliver stronger-than-expected Q3 earnings as gasoline and diesel margins remain robust, it said in a Tuesday note.TPH raised its average Q3 earnings per share estimate for the sector to $5.83 from $4.97, above the consensus forecast of $5.22 per share.TPH still expects earnings to remain below its Q2 estimate of $6.18 and the Street's $5.74.TPH said refining margins have started the third quarter strongly, supported by an unusual seasonal increase in US gasoline margins.TPH said its US gasoline margin indicator increased to $35 per barrel in Q3 from $28 per barrel in Q2, after adjusting for Renewable Volume Obligation costs and measuring against Brent crude.US gasoline inventories have fallen to five-year lows and stand 6% below the five-year average, while gasoline yields have remained about 3 percentage points below normal over the past two weeks as refiners favored diesel production, the brokerage said.Diesel margins also improved, with TPH's US futures indicator increasing to $49/bbl in Q3 from $48/bbl in Q2 despite the US-Iran peace agreement.Low inventories, Russian refinery outages and a steeper global cost curve continued supporting diesel markets.TPH said crude differentials have narrowed against Brent for several grades, including WTI-Cushing, Syncrude, Western Canadian Select at Hardisty, Western Canadian Select at Houston and Alaska North Slope, creating a modest headwind for refiners.Company-specific indicators also strengthened early in the quarter, with Valero Energy (VLO) up $7.86/bbl from the prior quarter, Phillips 66 (PSX) up $5.71/bbl and Marathon Petroleum (MPC) up $4.08/bbl, according to TPH.The firm said lower crude backwardation, wider octane spreads and cheaper tanker rates should improve capture rates. Backwardation indicates strong near-term demand or constrained spot supply, with futures prices trading below spot prices.However, weaker jet fuel margins relative to diesel, flat crude prices and a roughly $2/bbl increase in Renewable Volume Obligation costs will offset some of those gains.TPH expects Midwest ethanol margins to improve by about 3 cents per gallon from the Q2 on stronger co-product returns, while retail operations recover. Renewable diesel and polyethylene margins are expected to weaken.Analysts forecast the largest earnings upside versus consensus for Valero Energy, HF Sinclair (DINO) and Par Pacific Holdings (PARR), while maintaining estimates below consensus for PBF Energy (PBF) and CVR Energy (CVI).TPH expects refiners to increase shareholder distributions in Q3 after limiting returns in Q2 because of market volatility.The firm forecasts an average total capital return yield of 9% in Q3, up from 5% in Q2, led by Marathon Petroleum, Valero Energy, Par Pacific Holdings, HF Sinclair and Delek US Holdings (DK).

Delek Us Holdings Insider Sold Shares Worth $257,500, According to a Recent SEC Filing

William J Finnerty, Director, on June 29, 2026, sold 5,000 shares in Delek Us Holdings (DK) for $257,500. Following the Form 4 filing with the SEC, Finnerty has control over a total of 34,805 common shares of the company, with 34,805 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1694426/000128366126000012/xslF345X05/wk-form4_1782953232.xml