Summary Observations Regarding CVR's Campaign
Proven Track Record of Active Portfolio Management
CVR Proposal: Divest Non-Core Assets and Cease Non-Core Activities
Delek Has a Successful Track Record Divesting Assets to Create Value
$40 million
Sale of Bakersfield
Refinery (2020)
$111(¹) million
Sale of West Coast
Asphalt Terminals (2017)
$535 million
Sale of
MAPCO Retail (2016)
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Delek's Perspective Regarding CVR's Proposal to Exit Supply and Trading
Our low-cost Supply and Trading activities are a small but highly integrated part of Delek
that generates value for our other businesses and has historically dampened gross margin
volatility
CVR is a direct competitor in crude purchasing / gathering in Oklahoma and West Texas
and light-products marketing in Oklahoma and Arkansas → ceasing Supply and Trading in
these areas would benefit CVR
Delek
(1)
Includes $36 million of working capital
US
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