Delek US Holdings is an integrated downstream energy company with two core businesses: petroleum refining and midstream logistics. Delek operates four refineries in the Gulf Coast region with a combined capacity of 302,000 bpd — located in Tyler, TX (75,000 bpd), El Dorado, AR (80,000 bpd), Big Spring, TX (73,000 bpd), and Krotz Springs, LA (74,000 bpd). These refineries process light sweet and medium sour crude oil priced off WTI, producing gasoline, diesel, and jet fuel sold wholesale across the South-Central U.S. and into Mexico. Refining profitability is driven by crack spreads, crude differentials, throughput utilization, and product mix. Delek also faces RFS/RINs obligations under the EPA's Renewable Fuel Standard, historically a significant cost for smaller independent refiners. The midstream business operates through Delek Logistics Partners, a publicly traded MLP in which Delek owns a ~63% limited partner interest. Delek Logistics provides fee-based gathering, transportation, storage, and processing services for crude oil, refined products, natural gas, and water — primarily in Texas, Arkansas, Louisiana, New Mexico, and North Dakota, with growing exposure to the Permian Basin. Because Delek Logistics does not take commodity price exposure, its results are largely insulated from commodity price swings. Delek is pursuing two key strategic initiatives: an Enterprise Optimization Plan targeting at least $180M in annual run-rate free cash flow improvement across the refining business, and a push to fully deconsolidate Delek Logistics by growing its third-party revenue and reducing Delek's ownership stake.