Expands Share Repurchase Authorization to $400 million
BRENTWOOD, Tenn., Aug. 1, 2022 /PRNewswire/ -- Delek US Holdings, Inc. (NYSE: DK) (the "Company" or "Delek US") announced that its Board of Directors reinstated the Company's regular quarterly cash dividend on its common stock of $0.20 per share payable to all shareholders of record of the Company's common stock as of the close of business on August 22, 2022. The payment date for the dividend will be September 6, 2022.
The Company also announced that its Board of Directors approved an approximately $170 million increase in its share repurchase authorization, bringing the total amount available for repurchases under current authorizations to $400 million.
Avigal Soreq, President and Chief Executive Officer of Delek US, stated, "Returning cash to shareholders is a key priority for our Company and reinstating a regular dividend lays a foundation that we believe can be supported through various business cycles. Separately, the expanded share repurchase authorization reflects our desire to deliver increased cash returns during periods of strong free cash flow generation. In the current environment we believe our equity is severely undervalued and reinvesting in our current assets vis-à-vis retiring shares should prove to be a solid long-term investment."
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations consist of Delek Logistics. Delek US and its affiliates also own the general partner and an approximate 80 percent limited partner interest in Delek Logistics. Delek Logistics is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets.
The convenience store retail business operates approximately 250 convenience stores in central and west Texas and New Mexico.
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SOURCE Delek US Holdings, Inc.