Delek US Holdings, Inc. (NYSE:DK) Q1 2023 Earnings Conference Call May 8, 2023 11:00 AM ET
Company Participants
Rosy Zuklic - Vice President of Investor Relations
Avigal Soreq - President and Chief Executive Officer
Joseph Israel - Executive Vice President, Operations
Mark Hobbs - Executive Vice President, Corporate Development
Reuven Spiegel - Executive Vice President and Chief Financial Officer
Conference Call Participants
Neil Mehta - Goldman Sachs
Manav Gupta - UBS
John Royall - J.P. Morgan
Doug Leggate - Bank of America
Matthew Blair - Tudor, Pickering, Holt
Paul Cheng - Scotiabank
Jason Gabelman - Cowen
Operator
Good morning, and welcome to the Delek US Holdings 2023 First Quarter Conference Call. All participants will be in a listen-only mode for the duration of the call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note that this event is being recorded today.
I would now like to turn the conference over to Rosy Zuklic, Vice President of Investor Relations. Please go ahead.
Rosy Zuklic
Good morning, and welcome to the Delek US first quarter earnings conference call.
Participants on today's call will include Avigal Soreq, President and CEO; Joseph Israel, EVP, Operations; Reuven Spiegel, EVP and Chief Financial Officer; Mark Hobbs, EVP, Corporate Development.
Today's presentation material can be found on the Investor Relations section of the Delek US website.
Slide 2 contains our Safe Harbor statement. We'll be making forward-looking statements during today's call and actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings.
With that, I'll turn the call over to Avigal.
Avigal Soreq
Good morning, and thank you for joining us today.
We reported a strong first quarter. Adjusted EBITDA was $285 million, a first quarter record for Delek US. We generated $395 million cash from operations. In addition, we reduced consolidated debt by $281 million. Our team executed well in the quarter.
We generated significant earnings in the Refining segment. This was achieved despite the Tyler refinery major plant turnaround during the quarter. With this turnaround behind us, we are well positioned to capture market opportunities as they present themselves. We do not have a major turnaround in our system scheduled until late Q4 of 2024.
Our Logistics segment delivered strong in adjusted EBITDA. This is the results of the investments we have made in our Midland businesses. As an example, compared with last year, we have more than doubled the volume in the Midland Gathering system.