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Sydnee Gatewood
Sydnee Gatewood
Articles (3134) 

Keeley Asset Management Comments on Delek US Holdings

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October 19, 2020 | About:

Delek US Holdings (NYSE:DK) (DK - $11.13 – NYSE) owns and operates four refineries in TX, LA and AR and 250 retail gas stations in several Southern states as well as partnership interests in several midstream pipeline projects. The quarter was extremely challenging with a collapse in oil prices having a severe impact on refining profitability at a time when the company was investing in its midstream projects. is had a negative impact on earnings and free cash ow. A recent announcement by the governor of California which set a 2035 deadline for essentially banning internal combustion engine vehicles also did not help sentiment for the group. In response, Delek is aggressively reducing costs and has made moves to simplify its structure.

From Keeley Asset Management Corp (Trades, Portfolio)'s Small Cap Dividend Value Fund third-quarter 2020 commentary.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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