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425
DELEK US HOLDINGS, INC. filed this Form 425 on 12/04/2017
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WTI versus Mars and Maya differentials favor light crude oil refineries Light-Heavy Crude Oil Price Differential Trends Improving 6 1) Differential source: Argus – November 30, 2017 -$6.00 -$4.00 -$2.00 $0.00 $2.00 $4.00 $6.00 Jan -1 5 M ar-1 5 M ay-1 5 Ju l-1 5 Se p -1 5 N o v-1 5 Jan -1 6 M ar-1 6 M ay-1 6 Ju l-1 6 Se p -1 6 N o v-1 6 Jan -1 7 M ar-1 7 M ay-1 7 Ju l-1 7 Se p -1 7 N o v-1 7 S p er b b l. WTI vs Mars, $/bbl (1) -$2.00 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 Jan -1 5 M ar-1 5 M ay-1 5 Ju l-1 5 Se p -1 5 N o v-1 5 Jan -1 6 M ar-1 6 M ay-1 6 Ju l-1 6 Se p -1 6 N o v-1 6 Jan -1 7 M ar-1 7 M ay-1 7 Ju l-1 7 Se p -1 7 N o v-1 7 S p er b b l. WTI vs Maya, $/bbl (1)  Light – Heavy crude oil differential has narrowed during 2017  OPEC cuts have primarily been medium sour barrels  Heavy sour production declines in Mexico and Venezuela  Majority of barrels from the U.S. shale production are light sweet  This change in differentials affects the Gulf Coast refining complex economics  Most US Gulf Coast refineries are configured to run medium/heavy  Significant impact on effective refinery capacity as light crude oil is increased  Capital investment can be significant to overcome bottlenecks


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