Our Strategy for Growth and Value Creation
Continuing Focus on Enhanced Efficiency
CVR Proposal: Enhance Corporate Cost Structure & Reduce Expenses
•
In 2020, Delek reduced operating and G&A
expenses by $145 million and expects an
additional $80 million in savings in 2021(1)
• We eliminated costs by reducing reliance
on third-party contractors, reducing
headcount by 8% and closing down or
divesting underperforming stores
•
Delek has consistently been a low-cost
refining operator, as noted in CVR's investor
presentation
2021E G&A and Operating Expense Reduction
$957
($ in millions)
24%
$145
$80
$732
2019(2)
2020A Expense 2021E Expense
Savings
Savings
2021E G&A and
Operating
Consolidated Low-Cost Operator(3)
$ per barrel
Expenses
$8.0
$7.0
$6.0
$5.0
$4.0
S$3.0
$2.0
$1.0
$0.0
DK
VLO
PARR
CVI
PSX
MPC
HFC
PBF
FY2020 ◆ 4020
Source: CVR Investor Presentation (March 2021)
Source: Public filings
Delek
(1)
Assumes reduced operations of Krotz Springs and excludes Q1 2021 weather-related impacts
US
(2)
(3)
Figure based on 2019A G&A and EBITDA only, adjusted for one-time severance costs, property taxes and estimated capital expenditure-related G&A expenses that could be capitalized
Operating expenses based on per barrel of total throughput for the last twelve months ended December 31, 2020
29View entire presentation