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425
DELEK US HOLDINGS, INC. filed this Form 425 on 12/04/2017
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Crack Spread Cycle Turning Up Crack spread at highest since 2015 and expected to continue upward trend 8 -$30 -$20 -$10 $0 $10 $20 $30 $40 $50 1 0 -J a n -1 0 1 0 -Ma r- 1 0 1 0 -Ma y -1 0 1 0 -J u l- 1 0 1 0 -S e p -1 0 1 0 -N o v -1 0 1 0 -J a n -1 1 1 0 -Ma r- 1 1 1 0 -Ma y -1 1 1 0 -J u l- 1 1 1 0 -S e p -1 1 1 0 -N o v -1 1 1 0 -J a n -1 2 1 0 -Ma r- 1 2 1 -Ma y -1 2 1 -J u l- 1 2 1 -S e p -1 2 1 -N o v -1 2 2 -J a n -1 3 2 -Ma r- 1 3 2 -Ma y -1 3 2 -J u l- 1 3 2 -S e p -1 3 2 -N o v -1 3 2 -J a n -1 4 2 -Ma r- 1 4 2 -Ma y -1 4 2 -J u l- 1 4 2 -S e p -1 4 2 -N o v -1 4 2 -J a n -1 5 2 -Ma r- 1 5 2 -Ma y -1 5 2 -J u l- 1 5 2 -S e p -1 5 2 -N o v -1 5 2 -J a n -1 6 2 -Ma r- 1 6 2 -Ma y -1 6 2 -J u l- 1 6 2 -S e p -1 6 2 -N o v -1 6 2 -J a n -1 7 2 -Ma r- 1 7 2 -Ma y -1 7 2 -J u l- 1 7 2 -S e p -1 7 2 -N o v -1 7 2 -J a n -1 8 2 -Ma r- 1 8 2 -Ma y -1 8 Q 3 2 0 1 8 2 0 1 9 Brent-WTI Cushing Spread Per Barrel WTI 5-3-2 Gulf Coast Crack Spread Per Barrel (1) Source: Platts as of November 30, 2017; 5-3-2 crack spread based on HSD. Mitsui Forward Curve as of November 30, 2017 (2) Crack Spreads: (+/-) Contango/Backwardation 2010 Avg: $9.08 2011 Avg: $23.78 2012 Avg: $26.91 2013 Avg: $18.08 2014 Avg: $12.60 2015 Avg: $15.67 2016 Avg: $10.36 2017 Avg: $13.78 2018F Avg: $16.77 2010 Brent- WTI Diff: $(0.67) 2011 Brent- WTI Diff: $(15.81) 2012 Brent- WTI Diff: $(17.57) 2013 Brent- WTI Diff: $(10.77) 2014 Brent- WTI Diff: $(6.48) 2015 Brent- WTI Diff: $(4.86) 2016 Brent- WTI Diff: $(1.71) 2017 Brent- WTI Diff: $(3.88) 2018F Brent- WTI Diff: $(4.85)


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