Delek US reported a third quarter 2020 net loss of $(88.1) million, or. January 2013: Announced Agreement to Purchase a Biodiesel Facility in Cleburne,Texas from EQM Technologies & Energy, Inc. February 2014: Announced Agreement to Purchase a Biodiesel Facility in Crossett, Arkansas, November 2016: Completed Sale of MAPCO Retail Related Assets for $535 million, November 2018: Announced Big Spring Crude Oil Gathering System in the Permian Basin, May 2019: Acquired 33% Interest in Red River pipeline joint venture, August 2019: Acquired 15% Interest in Wink to Webster Pipeline LLC, November 2019: Announced Agreement to Purchase a Biodiesel Facility in New Albany, Mississippi, May 2020: Sold Bakersfield Refinery to Global Clean Energy Holdings, May 2015: Acquired 33.7 million shares of common stock of Alon USA Energy, Inc. See more. Delek US Holdings, Inc. (NYSE: DK) ("Delek US") today announced that the Company intends to issue a press release summarizing third quarter 2020 results after the U.S. stock market closes on... Delek US Holdings, Inc. (NYSE: DK) ("Delek US") and Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced the execution and closing of a definitive agreement to eliminate... Delek US Holdings, Inc. (NYSE: DK) ("Delek US") today announced financial results for its second quarter ended June 30, 2020. © 2020 CNBC LLC. Delek's plants are capable of producing approximately 40 million gallons of biodiesel a year. This represented approximately 48% of Alon USA shares outstanding in May 2015, July 2017: Acquired the remaining shares of common stock of Alon USA Energy, Inc. Operations included refining, retail, asphalt, and renewable fuel. He is openly trying to buy the company, so his interests are somewhat counter to other shareholders not aligned with them. Use the information below as a guide to help you manage the layoff situation. Shares of Delek US (Ticker: DK) were up nicely Friday on the news: At 1:20 p.m., they were changing hands at $16.18, nearly 5 percent above their Thursday close. The Company's growth has hinged greatly on the ability of management to consistently enhance the efficiency and profitability of purchased assets. Per agreements signed Thursday, a general partnership 95 percent-owned by Brentwood-based Delek US is exchanging its 2 percent general partner interest in Delek Logistics as well as its incentive distribution rights — which entitled the GP to a larger share of Delek Logistics’ cash flow — for $45 million in cash and 14 million Delek Logistics units worth about $480 million. The refineries are located in Tyler, Texas; Big Spring, Texas; Krotz Springs, Louisiana; and El Dorado, Arkansas. 7102 Commerce Way, Brentwood, TN 37027 615-771-6701, ©Copyright 2020 Delek US Holdings, Inc. All Rights Reserved. Reviews from Delek US Holdings employees about Delek US Holdings culture, salaries, benefits, work-life balance, management, job security, and more. There is nothing wrong with that, but this situation should not be confused with the many campaigns he launches on behalf of shareholders. Since 2001, the Company has completed multiple acquisitions in the refining, marketing/logistics, and convenience store industries. Icahn is also one of the best cyclical investors in history and may also be viewing this as an opportunity to buy good assets at a great part of the cycle. Business data for Delek US Holdings, Inc.: This page was last edited on 24 October 2020, at 09:17. Delek's success, however, has not been solely the result of an opportunistic acquisition strategy. For details, please see Types of Layoff. The company … He has had recent activist campaigns at Sandridge, Energen and Occidental Petroleum and had previously ousted Michael Talbert, the chairman of Transocean Ltd., the world's largest drilling contractor, when one of Icahn's employees was given a board seat by shareholders.
Also in 2012, he spent $2.6 billion to acquire 80% of oil and gas refiner CVR Energy. These operations serve as the logistics arm of Delek's company, primarily providing support for Delek's refining operations, while also serving third parties. 131 reviews from Delek US Holdings employees about Delek US Holdings culture, salaries, benefits, work-life balance, management, job security, and more. Prior to that, another Icahn employee received a board seat at oil and gas company Chesapeake Energy Corp. leading to the ouster of its chairman/CEO Aubrey McClendon. A Division of NBCUniversal. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio Manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing headquartered in Brentwood, Tennessee. A marketing operation that supplies more than 350 wholesale locations, has unbranded wholesale sales of approximately 145,000 barrels per day of light products in 13 states, and has utilization of 450,000 barrels per month of space on the Colonial Pipeline System. Delek's refining segment owns and operates four inland refineries with a combined crude throughput capacity of 302,000 barrels per day. Before that, in a … Data is a real-time snapshot *Data is delayed at least 15 minutes. Founded in 2001, Delek US Holdings, Inc. (NYSE: DK) is a downstream energy company with assets in petroleum refining, logistics, convenience stores, asphalt, and renewables. Register for Delek US IR alerts to get the latest Yahoo fait partie de Verizon Media. Layoffs can be caused by lack of funding, lack of work, or department reorganization. Delek US Holdings Reports Third Quarter 2020 Results, Delek US Holdings to Host Third Quarter 2020 Conference Call on November 5, Delek US and Delek Logistics Announce Elimination of Incentive Distribution Rights, Delek US Holdings 2020 3rd Quarter Conference Call, Q2 2020 Delek US Holdings Inc Earnings Conference Call. Delek Renewables utilizes a wide variety of waste stream feedstocks in used cooking oil, poultry fat, beef tallow, and choice white grease (hog fat) as well as vegetable oils such as soybean and canola oil. The result is a company that has become one of the more active acquirers of downstream energy assets. Icahn has a history of being transparent in these situations and going the extra mile to be fair to shareholders. Alon will lay off 92 employees in July, according to a WARN notice filed with the state last week. At the Ira Sohn conference that year, John Paulson commented on the structure, saying "CVR Energy is a gift from Carl Icahn. Delek's fuel brands are synonymous with success in raising visibility in the marketplace and driving more sales, from the forecourt to the shelves. While he is interested in buying the company at the best price, that does not mean that any deal would not be fair to shareholders. Icahn believes that the Company could be a synergistic acquisition opportunity for CVR Energy's petroleum segment that he owns and intends to seek to have discussions with the company regarding potential transactions involving the company and CVR Energy.
Pros and cons of … Delek US Holdings (DK) delivered earnings and revenue surprises of 14.71% and -9.47%, respectively, for the quarter ended September 2019. Business: The company engages in the integrated downstream energy business in the United States. As of June 30, Delek Logistics had total assets of $974 million, of which $681 million were property, plant and equipment. Icahn acquired National Energy Group, TransTexas Gas and Panaco in 2005 for $625 million, cleaned them up and sold them seventeen months later for $1.6 billion. The term "layoff" includes "reduction in time." Logistics operations including Delek Logistics, which can benefit from future drop downs and organic projects to support a larger refining system. Moreover, just because he files a 13D, it does not make it an activist situation. “This lowers the cost of capital for Delek Logistics, paving the way for better execution of our midstream growth strategy. Delek refinery operations are known for its strong safety records, dedication to excellence, and professional and reliable service.
Delek US Holdings, Inc. (DK) stock news, analysis, and real-time stock price quote. Layoff definition, the act of dismissing employees, especially temporarily. These four top refiner stocks are rated Buy, one with a huge discount to the sum-of-the-parts value. Delek's system processes primarily light crude oil sourced from the Permian Basin, East Texas, Gulf Coast and local production near Delek's refinery locations. All Rights Reserved. In this section, you will find a breadth of information on our company, in addition to a number of useful tools designed to help inform institutional and private investors, industry analysts and the media on Delek US … Veteran exec last year was named tire giant’s first chief sustainability officer, California company plans to make $25M investment in Wilson County city, Logo Brands has similar deals with schools in 17 other states, Exec succeeds P&G veteran who joined tire giant in ’17, Exec taking over North America group from Johnson, Franklin-based Logo Brands enters drinkware market with Boelter acquisition, Former consumer replacement unit chief takes over newly formed corporate development team, Announcement of looming deal does not note whether Midtown real estate will be included, Also: Delek Logistics brings on board member, Expansion project to move positions from other plants, FDA recently added local producer to list of 80+ with alleged methanol contamination, Large investment firm’s backing brings construction, hiring plans, Also: Local energy company files patent claim, Deal yields fuel and retail company with 140+ locations, 1,500 employees, Premier president and his team make factory floors more intelligent, Third shift a casualty of slow sales rebound, 74-year-old brand had been under company’s umbrella since 2011, More details to come regarding auto maker's turnaround plan, Region finalist for electric vehicle factory, Karbowiak to retire from Bridgestone roles, N95 mask maker to create 200 jobs in Lebanon, Franklin company to produce University of Florida gear, Mars Petcare names L’Oréal veteran new president, Sports products company buys Milwaukee entity, Auto supplier to add 300+ jobs in Murfreesboro, Leiper’s Fork Distillery owner refutes recall claim, Spring Hill company expansion to yield 76 jobs, Pharma manufacturing firm lands VC, new leaders, Tri Star Energy acquires local competitor, Roadside help company adds to Clarksville plans. Although layoffs are considered a permanent termination, some seasonal businesses lay off employees "temporarily," with the intent to rehire the following season. Delek US Holdings has simplified the relationship between it and Delek Logistics Partners, the separately listed entity that owns large sections of its pipeline and storage infrastructure and in which it already had a 70.5 percent stake. He has made billions of dollars for shareholders from his activist campaigns. Company: Delek US Holdings (DK) Business: The company engages in the integrated downstream energy business in the United States. Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing headquartered in Brentwood, Tennessee.. Activist Commentary: Carl Icahn has extensive experience in successful investing in the energy sector.