Delek US Holdings manages to reduce its debt after reporting high income levels for its second quarter 2012.
Delek US Holdings manages to reduce its debt after reporting high income levels for its second quarter 2012.Delek US Holdings Inc., a diversified energy company with assets in the petroleum refining, marketing and retail industries, reported its second quarter results for 2012.
For the three months ended June 30, Delek US recorded a net income of $67.8 million, or $1.15 per diluted share compared to net income of $62.1 million, or $1.08 per diluted share in the second quarter of 2011. Excluding special items, the company reported adjusted net income of $69.0 million, or $1.17 per share in second quarter 2012.
Delek US had a record cash balance of $321.1 million and total debt of $422.8 million as of June 30. The company was able to reduce its debt to $101.7 million as of that date.
“Our company continues to perform extremely well, as all three of our segments delivered year-over-year improvements in contribution margin,” said Uzi Yemin, CEO of Delek Holdings. “In our refining segment, we were able to overcome challenges and still post strong operating results. Our refineries’ proximity to increasing supplies of crude oil continues to provide us access to higher volumes of cost advantaged WTI-linked crude oil.”
