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Creatingvalue in a Changing World

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Creatingvalue in a Changing World CREATINGVALUE IN A CHANGING WORLD 2012 ANNUAL REPORT 2011 ANNUAL REPORT ABOUT US FINANCIAL HIGHLIGHTS Founded in 2001, Delek US Holdings, Inc. (NYSE: DK) SEGMENT CONTRIBUTION MARGIN is a diversified energy company with assets in the IN MILLIONS petroleum refining, logistics and retail industries. Delek US consists of three business segments: $37.2 $45.2 REFINING, LOGISTICS and RETAIL. LOGISTICS RETAIL Refining Segment $586.1 REFINING $30.4 Delek US’ subsidiaries own and operate refineries in Tyler, Texas, $45.2 and El Dorado, Arkansas, with a combined nameplate production capacity of 140,000 barrels per day. Tyler is a 60,000-barrel-per- day inland refinery that processes primarily local sweet crude $379.6 oils and manufactures mostly light, high-value, refined products, such as gasoline and distillate fuel. Tyler primarily serves a niche $24.8 market in east Texas. El Dorado is an 80,000-barrel-per-day $52.4 inland, mid-continent refinery that has the flexibility to process a combination of local, Mid-Continent, Gulf Coast and rail-supplied crudes. El Dorado manufactures a combination of light products, $62.4 in addition to a slate of industrial products, including asphalt. 2010 2011 2012 Logistics Segment HSD 5-3-2 GULF COAST CRACK SPREAD PER BARREL Delek US beneficially owns 62.4 percent (including the 2 percent general partner interest) of Delek Logistics Partners, LP. (NYSE: DKL). Delek Logistics Partners is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. On November 7, 2012, Delek Logistics completed its initial public offering, which includes certain assets formerly in the Delek US marketing segment, and pipeline and $17.54 $23.14 $30.80 $20.34 $23.87 $25.42 $29.96 $26.71 related tankage assets previously in the Delek US refining segment. As a result, the marketing segment has been renamed logistics 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 and includes 100 percent of the performance of Delek Logistics Partners, LP. Adjustments for minority interest are made on a consolidated basis. TOTAL REFINING SYSTEM THROUGHPUTS BARRELS PER DAY 145,878 146,190 141,346 86,066 82,468 134,017 127,784 130,346 74,765 Retail Segment 78,492 127,097 67,750 70,368 69,757 Delek US’ MAPCO Express, Inc. subsidiary supplies fuels and merchandise through a network of approximately 373 company- operated convenience store locations operated under the MAPCO 58,461 Express®, MAPCO Mart®, East Coast®, Fast Food and Fuel™, Favorite 63,722 66,581 58,461 60,034 59,812 56,729 60,589 Markets®, Delta Express® and Discount Food Mart™ brand names. 55,525 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 TYLER REFINERY EL DORADO REFINERY OPERATIONS Our refining operations are strategically located allowing access to a number of third-party pipelines, creating flexibility in our operations. With access to the Longview, Texas crude hub, we have the ability to receive Mid-Continent crude, including Midland, Texas sourced crude supplies. We can also receive crude oil from the Gulf Coast region as well. This combined with our rail supplied crude initiative, provides multiple crude sources allowing more options for our refineries. We also operate 373 convenience store locations in seven southeastern states. NASHVILLE CUSHING KNOXVILLE OKLAHOMA CITY BRENTWOOD MEMPHIS Seaway LITTLE ROCK Red River EL DORADO Sunoco Mid Valley DALLAS SHREVEPORT ABILENE FORT WORTH MIDLAND Sunoco West Texas Gulf MONROE TYLER Seaway Millenium SAN ANGELO Paline WACO ExxonMobil North Line ST. JAMES NEW ORLEANS BEAUMONT FREEPORT CORPORATE HEADQUARTERS THIRD PARTY CRUDE OIL PIPELINES DELEK US REFINERIES DELEK LOGISTICS CRUDE OIL PIPELINES LONGVIEW, TX STATES WITH RETAIL PRESENCE ABOUT THE COVER Delek’s commitment to CREATING VALUE IN A CHANGING WORLD was evident in a variety of ways in 2012: the integration of our two refineries; the creation and successful IPO of Delek Logistics Partners, LP; expanded use of rail-supplied crude to alleviate the pressures of a major disruption in our supply chain; and returning value to our shareholders by increasing our regular quarterly dividend and declaring four special dividends throughout the year. CREATING VALUE Ezra Uzi Yemin FELLOW Chairman, President & Chief Executive Officer SHAREHOLDERS What a year! During 2012, Delek US continued to excel in an evolving environment by quickly taking advantage of opportunities in the market. e achieved record net income and ended 2012 was our first full year operating two refineries (in the year in our strongest financial position Tyler, Texas, and El Dorado, Arkansas), and we focused on ever. By unlocking the value in our logistics integrating them to operate as a system, rather than two assets through a successful initial public individual operations. These efforts served us well, and, offering of Delek Logistics Partners, LP as a result, we exceeded our original synergy targets and Win November 2012, we created a new platform for developed multi-asset expertise that we will be able to future growth. We also continued our long-standing leverage in the future. We continued to identify quick-hit commitment to return value to our shareholders by capital projects, which have increased synergies between increasing our regular quarterly dividend and declaring our refineries and improved efficiencies in our operations. four special dividends throughout the year. During 2012, we completed the vacuum tower bottoms project at our Tyler refinery, allowing the transfer of Delek US reported full-year net income from continuing asphalt from El Dorado to be converted into higher-value operations of $272.8 million, or $4.57 per diluted share, light products at Tyler. Also, our LSR/Sat Gas project at in 2012. This was a 64 percent increase from $2.78 per El Dorado was completed, improving liquid recovery of diluted share earned in 2011. Our record full-year results butane and propane, which can be sold rather than burned were attributable to great performance in the refining in the fuel system, thereby enhancing margins at this segment, which benefited from a combination of refinery. One of our most important strategic goals for 2012 elevated Gulf Coast refined product margins, increased was to develop even greater crude supply flexibility within access to cost-advantaged feedstocks, and a full year our refinery system to allow increased access to cost- of operation from our El Dorado refinery, which we advantaged crudes. We made substantial progress toward purchased in April 2011. improved pipeline access at both of our refineries that will allow cost-advantaged crude oil to be delivered from 2 IN A CHANGING WORLD Improving Financial Flexibility CASH POSITION With consistent performance and strong market conditions, DOLLARS IN MILLIONS our refinery cash flow generation remained robust $601.7 throughout 2012. In addition, we received approximately Midland, Texas during 2013. In $176 million of proceeds from the successful IPO by Delek addition, we have grown our Logistics. This further strengthened our financial position ability to supply crude oil by and gave us the flexibility to complete acquisitions and rail to El Dorado and expect reduce outstanding debt, while returning cash to our to expand this capability even shareholders. We ended 2012 with $602 million of cash further in the coming months. $225.9 and a net cash position of $240 million after debt; both represent record year-end balances for the Company. While 2012 was a great Acquisitions of the Nettleton pipeline and Big Sandy year, it was not without its $49.1 terminal, which improved our logistics asset base, were challenges. In late April, completed for $23 million in total. We reduced total suspension of crude oil 2010 2011 2012 debt outstanding from $433 million at the end of 2011 to deliveries from a pipeline $362 million at the end of 2012. This reduction included the that has historically early repayment of approximately $39 million of debt to transported substantial volumes to El Dorado our main shareholder, which also reduced our interest cost significantly impacted our supply of crude to that by approximately $1 million per quarter. refinery. Normally, a supply disruption of this magnitude would result in extended downtime, but our team was By looking for opportunities, while focusing on able to rise to this challenge by focusing even further operational execution and financial discipline, we created on our strategy of supply flexibility. We accelerated our value for our employees, our communities and our crude oil by rail initiatives in El Dorado and capitalized on shareholders during 2012. We have continued to expand our integrated refinery system by shipping intermediate our organization, and we increased total employment by products from Tyler to be processed at El Dorado. While 230 to more than 4,000 in 2012 to support this growth. we have operated at reduced throughput rates since Through the Delek Fund for Hope, we donated $900,000 May 1, 2012, the quick response from our team allowed for community charities and groups that we support. us to maintain operations in El Dorado during a strong By many measures – net income generated, robust market environment. dividend payouts and the successful IPO of Delek Our retail business also had a solid year. We continued Logistics – 2012 was an excellent year for our Company. implementing a series of strategic initiatives during Furthermore, we are most excited about the future 2012 designed to increase store traffic and create and the ways in which we can leverage a great 2012 to value for our customers. This resulted in same-store deliver value going forward. merchandising sales growth of 3.4 percent in 2012. We expanded our loyalty card program through our network and additional private-label products were added as WE CONTINUED OUR LONG-STANDING well. We continued our efforts to reimage our stores and added new larger-format COMMITMENT TO RETURN VALUE TO OUR stores during the year.
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