Delek Holdings J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Delek Holdings J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Delek Holdings Neutral

DK, DK US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$43.41

Oil & Gas Exploration & Production

We met with DK’s President and CEO Avigal Soreq and EVP Strategy, Business Arun Jayaram AC

Development, and IR Mohit Bharadwaj on the sidelines of our J.P. Morgan Natural (1-212) 622-8541

Resources Conference yesterday. Below are our takeaways. arun.jayaram@jpmchase.com

Kartikey H Pandey

• Upbeat on the macro environment, with the product shortage expected to (1-212) 622-5006

outlast the conflict. Management struck an upbeat tone on the macro, with kartikey.pandey@jpmorgan.com

CEO Soreq emphasizing that the current refined product shortage will likely J.P. Morgan Securities LLC

outlast the conflict and that the Brent premium relative to WTI is expected to

persist, driving a higher call on U.S. shale. Management characterized the

supply backdrop as structurally tight, pointing to substantial refining capacity

remaining offline and likening the setup to the elevated and durable crack

spread environment of 2022-23. DK believes it is well-positioned given its

direct access to multiple grades of domestic crude via DKL's midstream

network, one of the highest distillate/jet yields among peers, and access to both

Gulf Coast and Mid-Continent product markets, with U.S. refiners more

broadly benefiting from domestic crude production, the most flexible refining

system globally, and low natural gas prices. Management sees no evidence of

demand destruction across its end-markets, characterizing demand as stable

and resilient with very low inventory levels heading into the summer driving

season.