DK

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek US Holdings, Inc. (NYSE: DK) (the “Company”), today announced that it has priced its previously announced private offering (the “Offering”) of $400.0 million aggregate principal amount of 0.00% convertible senior notes due 2031 (the “Notes”). The Notes will be fully and unconditionally guaranteed, on a senior unsecured basis, by each subsidiary of the Company that guarantees its senior secured term loan facility (the “Term Loan Credit Facility”) or asset.

DK's strong stock gains, lower valuation and steep EPS estimate revisions highlight key differences with DINO, as both benefit from strong refining markets.

Centene, BrightSpring and Delek combine 52-week gains with short-term pullbacks, putting them in focus as momentum plays for volatile markets.

DK is boosting refining profit capture as higher margins, throughput and reliability drive stronger economics.

Delek US Holdings (DK) is capitalizing on favorable refining conditions, strong execution, and strategic transformation into a cleaner refining and logistics business. DK's operational improvements—especially at Big Spring—are driving higher yields, reliability, and crude flexibility, providing structural advantages beyond current crack spreads. Enterprise Optimization Plan targets at least $220 million in annualized cash flow gains, while supply and marketing and DKL's midstream evolution add growth levers.

Delek US Holdings has doubled over the past year, driven by regulatory relief and global refined product shortages. DK benefits from EPA small refinery exemptions, reducing RINs liabilities by several hundred million dollars and providing further upside through 2027. Record-high crack spreads and persistent supply disruptions are generating unprecedented windfall profits, with normalization unlikely before late 2027.

Delek's cash flow is improving as refining margins and optimization efforts gain traction, while low valuation, leverage and regulatory uncertainty shape the case.

Delek US Holdings (NYSE:DK) closed at $71.47 on August 21, 2026, up 141.0% year to date and 215.7% over one year, brushing its 52-week high of $72.00.

DK benefits from stronger refining margins, advantaged crude access, improved refinery performance, logistics growth and greater financial flexibility.

DK posts a major Q2 earnings gain as stronger refining margins and record logistics results drive EBITDA higher.