CORRECTING and REPLACING Delek US Holdings Reports Second Quarter 2014 Results

The corrected release is as follows:

On a year-over-year basis, second quarter 2014 results increased primarily due to improved refining margins, which benefited from a wider discount between Midland WTI and Cushing WTI. In addition, higher throughput at the El Dorado refinery and improved performance in the logistics segment contributed to the increase in earnings compared to the second quarter 2013. These factors more than offset a decline in the 5-3-2 Gulf Coast crack spread on a year-over-year basis.

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US stated, “Our strong performance in the second quarter was driven by our access to approximately 87,000 barrels per day of Midland sourced crude that averaged $8.37 below Cushing during the period. In addition, our El Dorado refinery ran as expected following the first quarter turnaround that improved its crude flexibility as it processed approximately 79,000 barrel per day of mostly light crude during the second quarter. We had a record performance in our logistics segment and our retail segment also performed well. As we enter the third quarter, we continue to benefit from a wide discount for Midland WTI, which is currently trading at greater than $10.00 per barrel below Cushing.”

Yemin continued, “Our financial position is solid and we remain focused on capital allocation to create long-term value for our shareholders. With our share repurchase program increased to $100 million and an annualized special and regular dividend rate of approximately $60 million over the past six months, we have significantly increased the potential amount of cash that may be returned to shareholders in 2014. We also continue to invest in our business for future growth and are excited to announce the Tyler refinery expansion project that should increase our aggregate crude throughput capacity from the current 140,000 barrels per day to 155,000 barrels per day by the end of the first quarter 2015. Lastly, Delek Logistics’ recent distribution increase will result in incentive distribution rights payments which should increase the cash flow attributed to our ownership of Delek Logistics’ general partner. We remain focused on building shareholder value and positioning the Company for long-term success.”

During the first quarter 2015, the Tyler refinery will conduct its previously scheduled turnaround and replace the fluid catalytic cracking reactor. During this downtime, a project to expand the crude nameplate capacity at the Tyler refinery by 15,000 barrels per day to 75,000 barrels per day is also expected to be completed. This expansion project is expected to have a total cost of approximately $70.0 million, of which an estimated $53.0 million is to be spent during 2014.

* capacities based on LP model and assumed prices. Subject to changes based on market conditions.

Delek US announced today that its Board of Directors declared its regular quarterly cash dividend of $0.15 per share. Shareholders of record on August 26, 2014 will receive this cash dividend payable on September 16, 2014.

In August 2014, Delek US’ Board of Directors approved an expansion of Delek US’ 2014 common stock repurchase program from $50 million to a total authorization of $100 million. During the second quarter, 260,244 shares were repurchased for approximately $7.9 million. These repurchases were done under the initial $50 million common stock repurchase program and were completed between late May and mid-June at an average price of $30.39 per share. Shares under both programs may be repurchased from time to time in the open market or through privately negotiated transactions, subject to market conditions and other factors. These repurchase authorizations will expire on December 31, 2014.

The refining contribution margin increased to $148.3 million, excluding a one-time non-cash expense of approximately $22.6 million related to the supply and offtake agreement financial settlement, compared to $102.4 million in the second quarter 2013. Improved year-over-year performance in the refining segment can be attributed to several factors. First, the WTI Midland crude discount to WTI Cushing was significantly wider on a year-over-year basis, averaging $8.37 per barrel in second quarter 2014 compared to an average of $0.14 per barrel in the prior-year period. Higher throughput at the El Dorado refinery on a year-over-year basis improved performance as well. These factors more than offset a decline in the benchmark Gulf Coast 5-3-2 crack spread which averaged $17.10 per barrel during the second quarter 2014, compared with $19.83 per barrel during second quarter 2013. Also, the crude oil futures market was backwardated during the second quarter 2014, compared to a market that was in contango during the second quarter 2013, further increasing the average crude oil price on a year-over-year basis at the refineries.

Effective April 1, 2014, Delek US revised the structure of the internal financial information, which resulted in a change in the composition of our reportable segments. As a result of these changes, the results of hedging activity previously reported in corporate, other and eliminations is now included in our refining segment and allocated to each refinery based on total throughput. Prior year period results include this change.

During the second quarter 2014, refining margin improved year-over-year primarily due to a wider discount between Midland and Cushing crude oil. This refinery has access to approximately 52,000 barrels per day of Midland sourced crude. Crude throughput was lower at the Tyler refinery compared to the record performance experienced during the prior year period. Lower throughput was the primary factor in lower sales volume on a year-over-year basis as well. Total operating expense increased primarily due to higher utility, maintenance and outside services expenses versus the prior-year period.

85,812

70,597

$3.89

$3.78

$8.59

$8.82

Crude throughput increased year-over-year as the El Dorado refinery was able to process additional barrels of light crude following work that was completed during the turnaround in the first quarter 2014. This translated into a higher sales volume during the period. Direct operating expense increased year-over-year due to higher operating rates, outside services associated with pipeline maintenance work related to crude releases over the past year, and post turnaround contract work that occurred during the period. Also, the refining margin was reduced by approximately $22.6 million, or $2.89 per barrel, as a result of the financial settlement of the supply and offtake agreement in April 2014. A new three-year agreement took effect to support the refinery’s inventory working capital needs. Excluding the cost associated with the financial settlement, gross margin per barrel increased to $11.48 in the second quarter 2014 compared to $8.82 per barrel in the prior-year period. The combination of higher throughput and wider crude discounts improved results on a year-over-year basis.

Delek US and its affiliates beneficially own approximately 62 percent (including the 2 percent general partner interest) of all outstanding Delek Logistics units. The logistics segment’s results include 100 percent of the performance of Delek Logistics and adjustments for the minority interests are made on a consolidated basis.

The logistics segment’s contribution margin in the second quarter 2014 was $30.2 million compared to $12.3 million in the second quarter 2013. On a year-over-year basis, $6.5 million of this increase was due to a higher gross margin per barrel in the west Texas wholesale operation, which benefited from a favorable supply/demand balance in the area due to downtime at refineries in the region. In addition, results benefited from Delek Logistics’ acquisition of the product terminal and substantially all of the storage tank assets at the Tyler refinery in July 2013 and the El Dorado refinery in February 2014 from subsidiaries of Delek US, as well as third party acquisitions of the Hopewell pipeline in east Texas in July 2013 and the North Little Rock terminal in October 2013. Expenses associated with the Tyler, Texas and El Dorado, Arkansas tank farms and product terminals were reclassified from the refining segment to the logistics segment in the second quarter 2013. Also, volumes on the Lion Pipeline system increased year-over-year as it supported higher throughput at the El Dorado refinery.

Retail segment contribution margin improved year-over-year as it benefited from higher fuel gallons sold and stronger merchandise sales. Fuel gallons sold increased to 109.4 million from 107.8 million in the prior-year period and merchandise sales increased to $103.7 million compared to $100.3 million. These increases combined with merchandise and fuel margins that were in-line with prior year results, offset higher operating expenses on a year-over-year basis resulting in a higher contribution margin.

During the second quarter 2014, three new large-format stores were opened bringing the total to 59 large-format stores in the portfolio. An additional four to six large-format stores are expected to be opened during the remainder of 2014.

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about 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: gains and losses from derivative instruments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; management’s ability to execute its strategy of growth through acquisitions and the transactional risks associated with acquisitions; our competitive position and the effects of competition; the projected growth of the industries in which we operate; changes in the scope, costs, and/or timing of capital and maintenance projects; general economic and business conditions, particularly levels of spending relating to travel and tourism or conditions affecting the southeastern United States; 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.

85,812

70,597

72,418

73,446

8.59

8.82

9.07

11.56

3.89

3.78

4.53

4.04

Sales volume includes 4,002 bpd and 3,949 bpd of produced finished product sold to the retail segment during the three and six months ended June 30, 2014, respectively, and 2,928 bpd and 3,022 bpd during the three and six months ended June 30, 2013, respectively. Sales volume also includes 1,142 and 1,661 bpd of produced finished product sold to the Tyler refinery during the three and six months ended June 30, 2014, respectively, and 1,280 and 899 bpd during the three and six months ended June 30, 2013, respectively. Sales volume excludes 13,805 bpd and 12,669 bpd of wholesale activity during the three and six months ended June 30, 2014, respectively, and 20,014 bpd and 22,441 bpd of wholesale activity during the three and six months ended June 30, 2013, respectively.