BRENTWOOD, Tenn., Nov 21, 2008 (BUSINESS WIRE) -- Delek US Holdings, Inc. (NYSE: DK), a diversified energy company with
assets in the petroleum refining, marketing and retail industries, today
provided an operational update on the Company's 60,000-barrel-per-day
Tyler, Texas refinery which experienced a halt in production on Nov. 20
following a facility fire.
A preliminary facility assessment indicates that a fire occurred in the
general vicinity of the Saturates Gas Plant and the Naptha Hydrotreater.
Though the extent of the damage to these units has not yet been
established, early indications are that the vast majority of Tyler's
critical refining units were not impacted by the fire.
Delek US will gradually shut down parts of the Tyler refinery in stages
during the next several days to begin a damage assessment and continue
the incident investigatory process. The refinery will remain offline
pending a detailed review of the exact cause and origin of the accident.
Operations at the Tyler terminal rack remain online for the time being,
as the Company seeks to dispose of existing finished product inventories.
In accordance under the Company's existing risk management program,
Delek US currently carries $1 billion in combined limits to cover
property damage and business interruption. Delek has a $5 million
deductible for property damage insurance. In addition, Delek's business
interruption insurance carries a 45-day waiting period.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified energy business focused on
petroleum refining, marketing and supply of refined products, and retail
marketing of fuel and general merchandise. The refining segment operates
a high conversion, independent refinery, with a design crude
distillation capacity of 60,000 barrels per day, in Tyler, Texas. The
marketing and supply segment markets refined products through its
terminals in Abilene, Texas and San Angelo, Texas as well as other third
party terminals. The retail segment markets gasoline, diesel and other
refined petroleum products and convenience merchandise through a network
of company-operated retail fuel and convenience stores, operated under
the MAPCO Express(R), MAPCO Mart(R), East Coast(R),
Discount Food Mart(TM), Fast Food and Fuel(TM) and Favorite Markets(R)
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based
upon current expectations and involve a number of risks and
uncertainties. Statements concerning our current estimates, expectations
and projections about our future results, performance, prospects and
opportunities and other statements, concerns, or matters that are not
historical facts are "forward-looking statements," as that term is
defined under the federal securities laws.
Investors are cautioned that the following important factors, among
others, may affect these forward-looking statements. These factors
include but are not limited to: an incident at the refinery could expose
us to potentially significant costs and liabilities, including costs and
liabilities that may not be covered at all or in limited amounts by our
insurance policies; our competitive position and the effects of
competition; the projected growth of the industry in which we operate;
changes in the scope, costs, and/or timing of capital projects; losses
from derivative instruments; management's ability to execute its
strategy of growth through acquisitions and transactional risks in
acquisitions; general economic and business conditions, particularly
levels of spending relating to travel and tourism or conditions
affecting the southeastern United States; risks and uncertainties with
the respect to the quantities and costs of crude oil, the costs to
acquire feedstocks and the price of the refined petroleum products we
ultimately sell; potential conflicts of interest between our majority
stockholder and other stockholders; and other risks contained in our
filings with the Securities and Exchange Commission.
Forward-looking statements should not be read as a guarantee of future
performance or results and will not be accurate indications of the times
at, or by which such performance or results will be achieved.
Forward-looking information is based on information available at the
time and/or management's good faith belief with respect to future
events, and is subject to risks and uncertainties that could cause
actual performance or results to differ materially from those expressed
in the statements. Delek US undertakes no obligation to update or revise
any such forward-looking statements.
SOURCE: Delek US Holdings, Inc.
Delek US Holdings, Inc.
Investor Relations Contact:
Noel Ryan, 615-435-1356
Director of Investor Relations
Lovell Communications Inc.
U.S. Media Contact:
Susan Morgenstern, 615-297-7766
Israel Media Contact:
Lior Chorev, 011-972-3-644-0404