BRENTWOOD, Tenn., Apr 29, 2011 (BUSINESS WIRE) --
Delek US Holdings, Inc. (NYSE: DK), a diversified energy company with
assets in the petroleum refining, marketing and retail industries, today
announced that it has completed its purchase of a 53.7 percent majority
equity interest in Lion Oil Company ("Lion Oil") previously held by
Ergon, Inc. ("Ergon").
Effective today, Delek US' total equity ownership in Lion Oil increased
from 34.6 percent to 88.3 percent. As the new majority shareholder,
Delek US has assumed operational control and management of the Lion Oil
refinery and certain related businesses. The acquisition was completed
pursuant to the stock purchase agreement signed by Delek US, Lion Oil
and Ergon last month.
Additional information regarding this transaction will be provided on
Delek US' first quarter 2011 results conference call and webcast
currently scheduled for 11:00 a.m. CT (12:00 noon ET) on Thursday, May
5, 2011. The live webcast of Delek US' quarterly conference call will be
available online by going to www.DelekUS.com
and clicking on the investor relations section of the website.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy business
focused on petroleum refining, the wholesale distribution of refined
products and convenience store retailing. The refining segment consists
of refineries operated in Tyler, Texas and El Dorado, Arkansas with a
combined nameplate production capacity of 140,000 barrels per day. The
marketing and supply segment markets refined products through a series
of owned and third-party product terminals and pipelines. The retail
segment supplies fuels and merchandise through a network of
approximately 400 company-operated convenience store locations operated
under the MAPCO Express(R), MAPCO Mart(R), East Coast(R),
Fast Food and Fuel(TM), Favorite Markets(R), Delta Express(R)
and Discount Food Mart(TM) brand names.
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: management's ability to execute its
strategy through acquisitions and transactional risks in acquisitions;
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;
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
United States 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.
U.S. Investor / Media Relations Contact:
Noel Ryan III, 615-435-1356 (Direct)
Director - Head of Investor Relations & Corporate Communications