Delek US Holdings Inc DK
Q4 2010 Earnings Call Transcript

Transcript Call Date 03/10/2011

Operator: Good morning. My name is Yolanda and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek Fourth Quarter and Full Year 2010 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Thank you.

Mr. Ryan, you may begin your conference.

Noel Ryan III - Director, Head of IR and Corporate Communications: Thank you, Yolanda. Good morning and thank you everyone for joining us on this morning’s conference call and webcast to discuss Delek U.S. Holdings' fourth quarter and full year 2010 earnings results. Leading today’s call are Uzi Yemin, our President and CEO, and Mark Cox, our EVP and CFO. Other members of the management team will be available during the question-and-answer portion of the call.

As a reminder, this conference call may contain certain forward-looking statements as the term is defined under federal securities laws. For this purpose, any statements made during the call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects and similar expressions are intended to identify forward-looking statements.

You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

Today's call is being recorded and will be available for replay beginning today and ending March 24, 2011 by dialing 800-642-1687, with the ID number 40314668. An online replay may also be accessed for the next 90 days at the Company's website at

Earlier today, we distributed a press release that provides a summary of our fourth quarter and full year 2010 earnings results. This press release is available on our corporate website at and through various news outlets.

During today's call, I will begin with an overview of our financial performance in the fourth quarter and full year 2010. Mark will follow with a review of our capital spending, liquidity and results from operations within each of our three business segments for the period ended December 31, 2010. Uzi will conclude with a high-level outlook as we look ahead to the remainder of 2011. At the conclusion of these prepared remarks, we'll open the call for questions.

For the three months ended December 31, 2010, Delek U.S. reported a net loss from continuing operations of $70.9 million or a loss of $1.30 per basic share versus a net loss from continuing operations of $21.1 million or a loss of $0.39 per basic share in the fourth quarter of 2009. Since 2007, Delek U.S. has owned a 34.6% minority equity interest in Arkansas-based Lion Oil Company.

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