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Delek US Holdings Business Model Canvas
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Unlock the strategic blueprint of an energy midstream firm with a concise Business Model Canvas
Unlock the full strategic blueprint behind Delek US Holdings' business model. This concise Business Model Canvas exposes key value propositions, revenue streams, partnerships and cost drivers that explain how the company competes and scales. Purchase the full, editable Canvas to use in benchmarking, investor decks, or strategic planning.
Partnerships
Upstream crude suppliers
Securing diverse crude sources reduces feedstock risk and optimizes Delek US Holdings’ refinery slates across its ≈291,700 barrels-per-day capacity. Relationships with producers, marketers and importers provide flexibility on quality and price. Long-term supply agreements in 2024 helped stabilize margins and support consistent throughput. Strategic sourcing enables hedging and regional arbitrage opportunities.
Pipeline and rail operators
Access to pipeline and rail operators enables cost-effective inbound crude and outbound product flows for Delek US’s roughly 289,000 barrels-per-day refining capacity (2024), lowering logistics unit costs. Capacity reservations and interchange agreements improve reliability and speed to market, helping capture regional basis differentials. Coordination on safety and regulatory compliance is essential to maintain continuous operations.
Delek logistics and terminals
Integrated partnerships with Delek logistics and terminals align storage, terminal capacity and gathering systems to refinery needs, supporting Delek US’s three refineries with combined crude throughput of about 178,000 barrels per day (2024). Coordination reduces bottlenecks and working capital tied up in inventory, shortening cycle times during turnarounds. Fee-based logistics underpin stable cash flow across cycles, contributing material recurring revenue. Shared planning smooths demand peaks and scheduled turnarounds.
Retail and wholesale distributors
Jobbers, dealers, and retail partners extend Delek US market reach for fuels and asphalt, securing contracted volumes that improve refinery offtake certainty and pricing visibility. Joint promotions and co-branding initiatives raise throughput and margins while retailer feedback loops refine product mix and service standards to boost retail performance.
- Market reach: jobbers, dealers, retailers
- Of take certainty: contracted volumes
- Margin lift: joint promotions/branding
- Continuous improvement: feedback→product mix/service
Technology, catalyst, and service vendors
Process licensors, catalyst suppliers, and maintenance firms jointly drive refinery efficiency and yield improvements through licensed process upgrades and catalyst management, supporting Delek US operational performance.
These partnerships enable energy optimization and emissions compliance, use predictive maintenance and planned turnarounds to minimize downtime, and sustain unit reliability via continuous improvement programs.
- Process licensing: improved unit yields
- Catalyst supply: sustained conversion efficiency
- Maintenance: predictive upkeep, reduced unplanned outages
- Continuous improvement: long-term reliability
Diversified crude sourcing and integrated logistics lower refinery feedstock risk and costs
Securing diverse crude sources reduces feedstock risk and optimizes Delek US’s ~291,700 bpd refinery slate (2024).
Pipeline/rail and Delek logistics support ~289,000 bpd refining capacity and 3 refineries with ~178,000 bpd throughput (2024), lowering unit costs.
Jobbers, dealers and licensors stabilize offtake, margins and uptime via contracts, catalysts and maintenance.
| Partner | Metric (2024) |
|---|---|
| Crude suppliers | ~291,700 bpd |
What is included in the product
Detailed Word Document
A concise Business Model Canvas for Delek US Holdings mapping customer segments, channels, key activities (refining, logistics, retail, renewables), resources, partners, cost/revenue structures and value propositions; includes competitive advantages and linked SWOT insights to support investor presentations and strategic decision-making.
Customizable Excel Spreadsheet
Condenses Delek US Holdings' refining, marketing, and logistics model into a one-page, editable snapshot that saves hours of structuring, enables fast team collaboration, and supports quick strategic comparisons and executive-ready presentations.
Activities
Crude sourcing and hedging
Blend slate optimization balances crude quality, cost and refinery constraints to maximize margins across Delek US’s ~165 mbpd refinery system, while physical and financial hedges protect crack spread and basis exposure. Supply scheduling aligns deliveries with unit availability to avoid downtime. Continuous market monitoring, amid U.S. crude production ~13.2 mbpd in 2024 (EIA), drives opportunistic purchases.
Refining and turnarounds
Operating distillation, conversion, and treating units safely is core to Delek US, with 2024 operations emphasizing rigorous process safety management and asset integrity. Planned turnarounds preserve reliability, yields, and regulatory compliance through scheduled multi-week outages and documented maintenance protocols. Continuous optimization targets lower energy intensity and adjusted product mix, while quality control ensures outputs meet spec and downstream customer requirements.
Logistics and distribution
Managing pipelines, racks, terminals, rail and trucking enables Delek US to target timely delivery across its network, supporting refinery throughput near 270,000 barrels per day in 2024. Tight inventory management lowers carrying costs and reduces stockouts, helping maintain working capital efficiency. Rack pricing and allocation optimize demand capture and margins at wholesale racks. Robust emergency response and safety protocols protect people, assets and operations.
Retail operations (MAPCO)
Running MAPCO fuel stations and convenience stores drives multi-margin sales across fuel, C-store merchandise and services; MAPCO operated ~350 sites in 2024, supporting network scale. Merchandising, dynamic pricing and labor optimization lifted store-level margins, while loyalty programs and digital engagement increased frequency and basket size. Site development and maintenance sustain brand standards and long-term ROI.
- ~350 sites (2024)
- Multi-margin sales: fuel + C-store
- Merchandising, pricing, labor = higher margins
- Loyalty/digital = bigger, more frequent baskets
- Site development/maintenance maintain brand & ROI
Asphalt production and sales
Transforming resid into asphalt serves paving and roofing markets, producing common PG binders such as PG 64-22. Seasonal planning coordinates with construction cycles and DOT bids, peaking spring–fall 2024. Blending and additive management meet specified performance grades while logistics execution ensures on-time delivery to contractors and terminals.
- resid-to-asphalt
- PG 64-22
- spring–fall 2024
- blend & additives
- on-time logistics
Blend-slate hedging shields crack spread for 270,000 bpd refinery
Blend-slate optimization and hedging protect crack spread across ~270,000 bpd refinery throughput, leveraging opportunistic purchases amid U.S. crude ~13.2 mbpd (2024). Rigorous operations, multi-week turnarounds and asset integrity programs lower downtime and energy intensity. MAPCO retail (~350 sites) and resid-to-asphalt (PG 64-22) drive multi-margin sales and seasonal demand.
| Metric | 2024 Value |
|---|---|
| Refinery throughput | ~270,000 bpd |
| U.S. crude prod. | 13.2 mbpd |
| MAPCO sites | ~350 |
| Turnaround length | 2–6 weeks |
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Resources
Refinery assets
Delek US’s complex refineries provide roughly 167,000 barrels per day of conversion capacity in 2024, enabling margin capture across light and heavy slates. High reliability and utilization—around 90–95% in 2024—drive core earnings power. Process flexibility lets refinery runs shift with market spreads while upgraded environmental controls support compliance with federal and state regulations.
Logistics network
Delek US Holdings' logistics network in 2024 integrates pipelines, terminals, storage, railcars and truck fleets to underpin flow assurance between crude supply and product markets. Strategic terminal locations provide direct access to Permian and Gulf Coast crude and major refined product hubs. Contracted capacities secure throughput against regional constraints while SCADA and operations systems deliver real-time visibility and control.
Retail footprint and brand
MAPCO's convenience network of approximately 335 stores provides direct-to-consumer access and sustained brand presence across the Southeast. Prime highway and urban locations generate consistent fuel and in-store volumes, enabling cross-sell into foodservice and merchandise. Loyalty and modern payment tech capture customer behavior and enhance stickiness. Store operations data drives dynamic pricing and assortment optimization.
Human capital
Delek US Holdings (NYSE: DK) leverages experienced operators, engineers, traders, and retail managers to drive refinery and retail performance; commercial teams focus on margin capture and supplier/customer relationships while a strong safety culture and recurrent training protect people and assets. Data and analytics talent enhances trading, scheduling, and capital-allocation decisions.
- Experienced operators & engineers
- Safety culture & training
- Commercial teams optimizing margins
- Data & analytics talent
Working capital and risk systems
Working capital and committed credit lines support crude purchases and inventory funding, while enterprise risk management systems continuously monitor market, credit and operational exposures to ensure regulatory and covenant compliance.
Pricing engines and ETRM platforms enable hedging, scheduling and real-time P&L analytics; robust internal controls and segregation of duties reduce operational and financial risk.
- Credit lines: support purchasing and inventory
- Risk systems: monitor exposures/compliance
- ETRM/pricing: enable hedging & scheduling
- Controls: reduce operational/financial risk
Refining & logistics leverage 167,000 bpd capacity and flexible margins
Delek US’s 2024 key resources center on 167,000 bpd conversion capacity, refinery utilization ~90–95% and flexible process configurations enabling margin capture. The integrated logistics network (pipelines, terminals, rail, trucks) secures feedstock and distribution to Permian/Gulf markets. MAPCO retail (~335 stores in 2024) plus experienced operations, trading and analytics teams sustain commercial and operational performance.
| Resource | 2024 Metric |
|---|---|
| Refining capacity | 167,000 bpd |
| Utilization | ~90–95% |
| MAPCO stores | ~335 |
Value Propositions
Reliable fuel supply
Consistent production and integrated logistics enable dependable deliveries, supporting Delek US participation in a US market consuming about 20.5 million barrels/day in 2024; contract structures provide volume commitments and priority access for key customers; spec-compliant fuels meet regional regulatory requirements; contingency planning and inventory buffers mitigate supply disruptions.
Competitive, integrated costs
Owning both refining and logistics lowers end-to-end costs by internalizing margin capture across the value chain, enabling Delek US to retain upstream-to-marketing spreads. Optimization of crude slate and distribution captures location and quality differentials to improve refinery yields and product realizations. Scale purchasing across refineries and terminals reduces unit input and service costs. These savings can be shared through competitive pricing or enhanced service levels.
Regional market responsiveness
Proximity to demand centers from Delek US (NYSE: DK) refineries — combined crude capacity ~229,000 barrels/day — cuts lead times and freight, lowering logistics cost per barrel. Market-aware slate adjustments and product shifts meet local specs, while rapid rack pricing, updated daily, keeps offerings competitive. Seasonal planning aligns throughput with peak summer transport demand to capture margin spreads.
Quality and compliance assurance
Delek US, operating three refineries in 2024, applies rigorous QA/QC to deliver on-spec gasoline, diesel, jet and asphalt across its asset network. ISO-style certifications and advanced emissions controls align operations with federal and state regulations. Transparent batch-level reporting and certifications build trust with B2B customers, while dedicated technical support helps customers optimize fuel blending and performance.
- 2024: 3 refineries operational
- On-spec fuels across gasoline, diesel, jet, asphalt
- Certifications + emissions controls for regulatory adherence
- Transparent reporting and technical support for customers
Convenience retail experience
MAPCO under Delek US delivers a convenience retail experience with clean, well-located sites and curated assortments, loyalty programs that deliver savings and personalized offers, and mobile payment and app features that speed transactions; extended hours and in-store amenities drive repeat visits and higher basket sizes.
- Clean, curated assortments
- Loyalty savings & personalization
- Mobile app & fast payments
- Extended hours & amenities
Integrated refining and logistics: 3 refineries, 229,000 bpd capacity
Integrated refining + logistics with 3 refineries (2024) and ~229,000 bpd crude capacity ensures reliable on-spec fuels and lower end-to-end costs; contract-backed volumes and inventory buffers support regional supply stability in a US market ~20.5M bpd (2024); MAPCO retail and loyalty programs drive repeat B2C purchases and higher basket yields.
| Metric | 2024 |
|---|---|
| Refineries | 3 |
| Crude capacity | ~229,000 bpd |
| US oil demand | ~20.5M bpd |
Customer Relationships
Contracted B2B accounts
Supply agreements with wholesalers, fleets, and airlines lock in volumes and pricing stability. Service-level commitments and defined scheduling windows ensure on-time deliveries and operational reliability. Dedicated account managers coordinate pricing, billing, and logistics. Secure data sharing of consumption and inventory forecasts supports planning and reduces stockouts.
Wholesale jobber partnerships
In 2024 long-term wholesale jobber partnerships expanded Delek US regional reach by deepening distribution networks and unlocking local market access. Rack access and co-branding support enable dealer growth and consistency across sites. Joint marketing campaigns with jobbers lift throughput at branded sites, while regular performance reviews align incentives and operational standards.
Retail loyalty and CRM
Retail loyalty and CRM via apps deepen engagement with motorists by delivering personalized offers that, per a 2024 Deloitte survey, 70% of consumers say increase purchase frequency; Delek US leverages this to grow basket size through targeted fuel and in-store promotions. Omnichannel messaging (app, SMS, email) keeps customers informed in real time, while feedback loops from app reviews and surveys guide store layout and SKU improvements.
Technical and sales support
Technical and sales support gives asphalt and industrial customers application guidance; product specs, SDS and test data are readily available; troubleshooting and blend advice improve outcomes; proactive post-sale service strengthens retention.
- Application guidance and troubleshooting
- Accessible specs, SDS, test data
- Blend advice to optimize performance
- Post-sale service to boost retention
Transparent compliance and safety
Delek US builds trust by issuing regular updates on product specs and regulatory changes, communicating safety protocols across suppliers, transporters and customers, and maintaining coordinated, timely incident responses to minimize disruption.
Audits and certifications are shared proactively with partners to demonstrate compliance and continuous improvement.
- regular updates on specs and regs
- safety protocols across value chain
- timely, coordinated incident response
- proactive sharing of audits and certifications
Supply SLAs, CRM personalization & post-sale support drive retention — 70% uplift (2024 Deloitte)
Supply agreements and SLAs secure volumes and timely deliveries, coordinated by dedicated account managers and shared forecasts. Retail CRM and loyalty personalization drive repeat purchases—70% of consumers say personalized offers increase frequency (2024 Deloitte). Technical post-sale support and proactive audit/cert sharing strengthen trust and retention.
| Metric | 2024 | Source |
|---|---|---|
| Personalized-offer uplift | 70% increased frequency | 2024 Deloitte |
Channels
Terminals and racks
Rack sales enable Delek US to distribute fuel broadly to jobbers and dealers, leveraging dynamic pricing that adjusts to spot markets and refinery margins; allocation systems are used during supply constraints to ensure fair customer access. Terminal locations anchor regional market access and logistics flexibility, supporting downstream channels and inventory management.
Pipelines and direct delivery
Pipeline shipments reach bulk customers efficiently, leveraging Delek US’s integrated logistics to move product directly from refineries to terminals. Direct-to-customer deliveries meet large-volume needs through truck and rail batching for commercial accounts. Scheduling tools optimize batch timing and interface control across terminals. Tight coordination with shippers and terminals minimizes demurrage and transit delays.
MAPCO retail stores
Company-operated MAPCO sites sell fuel and convenience items directly to consumers, supporting Delek US retail margins. In-store promotions and loyalty offers drive cross-category sales and basket size. Site experience and service standards reinforce brand and repeat visits. Localized assortments tailor selections to community needs across over 300 MAPCO stores as of 2024.
Digital and mobile platforms
Apps and websites enable offers, payments and store locator functions, support e-receipts and fuel rewards, and power self-service B2B ordering and document portals; analytics personalize communications and offers for Delek US (NYSE: DK, 2024).
- Digital payments
- E‑receipts & rewards
- B2B self‑service
- Analytics-driven personalization
Salesforce and account teams
Direct sales teams and account managers engage key industrial, fleet, and asphalt buyers through tailored contracts and service-level agreements, aligning deliveries with project timelines and supporting site visits that reinforce trust; Delek US Holdings trades on NYSE as DK and reports fiscal year 2024 results to investors.
- Direct engagement with industrial, fleet, asphalt buyers
- Custom terms and service-level management
- Joint planning to match supply with project schedules
- Site visits for operational support and relationship building
Rack, retail and digital channels serve 300+ stores and B2B accounts
Rack, pipeline, MAPCO retail, digital and direct sales compose Delek US channels, balancing wholesale rack allocations and terminal logistics to serve jobbers, bulk customers and consumers.
MAPCO network exceeds 300 stores as of 2024; analytics, apps and B2B portals drive payments, rewards and ordering.
Direct account teams manage industrial, fleet and asphalt contracts while scheduling minimizes demurrage and aligns deliveries.
| Channel | 2024 metric |
|---|---|
| MAPCO retail | >300 stores (2024) |
| Corporate | NYSE: DK, FY2024 reported |
Customer Segments
Fuel wholesalers and jobbers
Fuel wholesalers and jobbers distribute to independent stations and fleets across a market of roughly 115,000 US retail fueling outlets in 2024, valuing reliable rack access and competitive pricing to protect margins. They rely on Delek for consistent supply and pricing discipline to manage narrow retail spreads. Branding and marketing support from Delek improves site throughput and margin capture. Flexible contracts accommodate seasonal and demand swings without supply disruption.
Fleets and airlines
Commercial fleets and carriers require consistent, on-spec fuel delivery; Delek US contracts emphasize delivery reliability and service, often via term agreements and dedicated logistics. Price-risk tools such as fixed-price swaps and collars support budget stability amid a 2024 Brent average near $86/bbl. Sustainability attributes, including lower-carbon blends and SAF supply options, help customers meet emissions targets. Service-level metrics and on-time delivery are prioritized.
Retail motorists
Retail motorists prioritize convenient, clean sites and competitive fuel pricing, driving site selection and spend. Loyalty programs and mobile pay—now standard across the channel—boost frequency and ticket size. Food, beverages and essentials account for the largest in-store basket drivers, with the US convenience channel comprising about 152,000 stores (NACS 2024). Local promotions and targeted offers increase repeat visits.
Construction and asphalt buyers
Contractors and DOTs require graded asphalt delivered on schedule, with 2024 paving windows concentrated Apr–Oct and IIJA-funded projects sustaining backlog and demand for consistent supply.
Seasonal and project-based demand requires flexible batching and inventory management to meet variable volumes; technical support ensures mixes meet performance specs and warranty requirements.
Logistics reliability is critical to tight paving windows, driving emphasis on on-time terminal dispatch and last-mile hauling coordination.
- Apr–Oct peak season
- IIJA funding sustains backlog in 2024
- Technical mix support for performance
- On-time logistics critical to paving windows
Industrial and commercial users
Industrial and commercial customers purchase diesel, jet fuel, LPG and specialty products and prioritize consistent product quality and tight delivery windows; U.S. petroleum product supplied averaged about 20.7 million barrels per day in 2024 (EIA). Account management, flexible credit terms and consolidated billing drive retention, while safety and regulatory compliance support procurement standards and tenders.
- Focus: diesel, jet, LPG, specialty
- Priority: quality + delivery windows
- Services: account mgmt & credit
- Requirement: safety & compliance
Fuel network serving fleets, retail & contractors - 115,000 outlets
Delek serves fuel wholesalers/jobbers (access to ~115,000 US retail outlets in 2024), commercial fleets (term logistics, price-risk tools; Brent ~$86/bbl avg 2024), retail motorists (convenience-channel ~152,000 stores NACS 2024; loyalty/mobile pay), contractors/municipal DOTs (Apr–Oct paving season; IIJA-backed demand). Industrial customers demand diesel/jet/LPG with tight delivery and compliance.
| Segment | Key Need | 2024 Metric |
|---|---|---|
| Wholesalers | Rack access/pricing | 115,000 outlets |
| Fleets | Reliability/hedging | Brent ~$86/bbl |
| Retail | Convenience/loyalty | 152,000 stores |
| Contractors | On-time asphalt | Apr–Oct season |
| Industrial | Quality/delivery | 20.7 mb/d supply |
Cost Structure
Crude and feedstock costs
Feedstock is the largest variable cost driver for Delek US, with WTI averaging about $78/barrel in 2024, so hedging and diversified sourcing were essential to protect margins. Basis differentials and freight added regional delivered-cost variability, often $5–15/bbl depending on route. Slate choices — heavy versus light crude blending — materially change refinery yield and crack spread, directly impacting per-barrel margin.
Operations and maintenance
Refinery energy, labor and consumables are the main OPEX drivers for Delek US, which in 2024 ran ~165,000 bpd of refining capacity, making utility and feedstock handling a large cost center. Predictive and planned maintenance reduced unplanned downtime in 2024, supporting consistent throughput and margins. Catalyst and chemical spend directly affect yields and per-barrel costs, while 2024 safety investments lowered incident rates and insurance exposures.
Logistics and transportation
Pipeline tariffs, rail, and trucking fees directly increase per-unit logistics costs for Delek US, with long-haul rail and truck legs typically commanding higher premiums than regional pipeline moves. Storage and terminal handling generate recurring monthly charges that compress margins if inventory turns slow. Operational optimization reduces demurrage and detention exposure, while facility location strategy near demand centers mitigates congestion premiums.
Retail operating expenses
Compliance and capital spend
Environmental and safety compliance requires continuous monitoring systems and periodic upgrades, while turnarounds and reliability projects drive significant capital expenditures to maintain refinery throughput and avoid unplanned outages. Permitting and emissions reporting create ongoing administrative costs across operations and logistics. ESG initiatives—renewable blending, emissions controls, and community programs—add incremental investments to capex and operating budgets.
- Compliance monitoring and upgrades: ongoing Opex
- Turnarounds & reliability: planned Capex
- Permitting/reporting: administrative overhead
- ESG investments: incremental capital and operating spend
Feedstock $78/bbl, basis $5-15, 165k bpd costs
Feedstock (WTI ~$78/bbl in 2024) and slate choices are the largest variable costs, with basis/freight adding $5–15/bbl variability.
Refining OPEX (energy, labor, catalysts) driven by ~165,000 bpd capacity; turnarounds and ESG investments increase planned capex.
Logistics, storage, retail store costs (labor, rent, shrink) and compliance compress margins; retail scale (~$700B industry sales 2024) raises cost sensitivity.
| Cost item | 2024 metric | Impact |
|---|---|---|
| Feedstock | $78/bbl WTI | Largest variable |
| Capacity | ~165,000 bpd | Drives OPEX |
| Basis/freight | $5–15/bbl | Regional margin variance |
| Retail scale | $700B industry | High cost sensitivity |
Revenue Streams
Refined fuels sales
Delek US sells gasoline, diesel and jet fuel via rack, contract and spot channels from its ~146,000 bpd refining capacity, generating margins driven by 3-2-1 crack spreads, regional basis and product mix; 2024 average 3-2-1 crack spread roughly reflected mid-teens $/bbl, supporting refined product economics. Diversified channels give volume stability across cycles, while optionality in rack/spot/contract positions creates regular arbitrage opportunities.
Asphalt product sales
Performance-graded asphalt sold to contractors and agencies, with volumes peaking in spring–summer driven by IIJA-funded road projects; federal surface transportation funding from the 2021 IIJA added about 350 billion over five years, supporting demand. Pricing tracks crude resid and additive costs, while long-term contracts provide project certainty and margin visibility for Delek US.
Retail fuel and merchandise
MAPCO generates revenue from fuel sales, beverages, snacks and in-store services, with higher-margin merchandise (beverages, prepared foods and retail items) complementing fuel traffic to lift per-visit profitability.
Loyalty programs and targeted promotions increase conversion and basket size, while ancillary services such as car washes, ATM fees and quick-serve offerings provide incremental income and improve store-level margins.
Logistics fees and tariffs
Throughput, storage, and transportation services generate stable fee-based income for Delek US Holdings by charging customers for pipeline and terminal capacity, while take-or-pay and minimum volume commitments provide contracted cashflow resilience. Third-party volumes diversify counterparty exposure and improve asset utilization. Indexed tariffs tied to inflation mechanisms help protect margins against rising operating costs.
- Throughput fees
- Storage charges
- Transportation tariffs
- Take-or-pay/minimums
- Third-party diversification
- Indexed inflation protection
Byproducts and credits
Byproducts such as sulfur, LPGs, petroleum coke and specialty blends provide incremental sales and margin diversification for Delek US, while RINs and other environmental credits in 2024 continued to add value amid renewable fuel policy-driven demand; blend components and specialty products improve product mix and unit margins, and opportunistic trading captures short-term imbalances.
- Sulfur sales
- LPGs & coke
- RINs/credits
- Blend/specialty uplift
- Trading gains
Integrated refining margins, IIJA-backed asphalt, retail + logistics for stable cashflow
Refining: 146,000 bpd capacity with 2024 3-2-1 crack ~mid-teens $/bbl (~$15/bbl) driving core margins and rack/contract/spot arbitrage. Asphalt: seasonal IIJA-linked demand (2021 IIJA ~$350bn) supporting contract-backed volumes. Retail (MAPCO): fuel plus higher-margin merchandise and loyalty/ancillaries lift per-visit EBIT. Logistics & byproducts: fee-based throughput/take-or-pay plus RINs and byproduct sales add stable, diversified cashflow.
| Stream | 2024 metric/note |
|---|---|
| Refining | 146,000 bpd; 3-2-1 ~$15/bbl |
| Asphalt | IIJA demand; contract seasonality |
| Retail (MAPCO) | Fuel + higher-margin merchandise/ancillaries |
| Logistics & Byproducts | Take-or-pay fees; RINs/byproduct sales |