3 U.S. Refiners With Diesel Exposure as Delek Stock Gains Fresh Attention
Fuel prices are stubbornly high, diesel futures are spiking again and the White House just pulled the Defense Production Act lever to coax more output from Delek’s Texas refinery. That mix of policy pressure and tight supply is creating potential winners and risks across U.S. refiners. This article walks through three U.S. Oil & Gas Refiners stocks exposed to that story and explains how the news could affect their earnings paths.
The three stocks below are just a starting sample, since the full U.S. Oil & Gas Refiners screen surfaced 16 more companies with equally compelling narratives that are not covered here.
If you want to identify, compare, and analyze potential high-conviction refiners in one place, go straight to the U.S. Oil & Gas Refiners screener.
Delek US Holdings (DK)
Overview: Delek US Holdings runs a U.S. focused refining and logistics operation that turns crude into gasoline, diesel, jet fuel and other essential petroleum products.
Operations: Delek US Holdings generates about US$11.9b from Refining and about US$1.2b from Logistics, with roughly US$12.1b of revenue coming from the United States.
Market Cap: US$4.9b
Delek US Holdings matters for this refiners screen because it is directly tied into U.S. gasoline and diesel supply at a time when policymakers are leaning on Gulf Coast capacity and investors are watching who can convert tight fuel markets into durable cash flow.
"Delek's sustained operational improvements, driven by its enterprise optimization program (EOP), which targets structural changes in refinery operations, procurement, and product sales, are expected to deliver $130 to $170 million of annualized cash flow enhancements, with much of the benefit expected to flow through to net margins and free cash flow starting in the second half of 2025."
What really matters now is how one unresolved pressure on refining margins ultimately shapes that cash generation story for Delek US Holdings.
That margin puzzle is exactly what the full narrative for Delek US Holdings unpacks, showing where Delek US Holdings could accelerate, stall, or see refinery cash flow masked by short term noise.
International Seaways (INSW)
Overview: International Seaways operates a global fleet of crude and product tankers that move oil, diesel and gasoline for refiners and energy producers.
Operations: International Seaways generates about US$724 million from Crude Tankers and about US$533 million from Product Carriers, tying revenue directly to seaborne oil and fuel transport.
Market Cap: US$6.2b
International Seaways matters in a refiners focused screen because tight diesel and gasoline markets often translate into longer trade routes and stronger tanker demand. This puts this ship owner on the shipping side of the same fuel story that drives refinery earnings.
"The surge in International Seaways’ share price of roughly 73 to 88% year to date and more than 135% over one year, combined with reports that the stock may trade 40 to 80% above some estimates of intrinsic value and over US$39 million of insider selling without corresponding insider buying, suggests that even a modest fall in tanker rates or utilization could create a sharp reset in revenue expectations and compress net margins from today’s levels."
What happens to International Seaways’ margins and dividend firepower now rests heavily on how one unseen pressure in tanker markets resolves.
That hidden pressure is exactly why the full narrative for International Seaways digs into how tanker cycles, capital returns and rate volatility could be accelerating or masking International Seaways’ next chapter.
Calumet (CLMT)
Overview: Calumet, Inc. refines renewable and conventional feedstocks into fuels and specialty products, giving investors direct exposure to North American fuel economics.
Operations: Calumet, Inc. generates about US$3.1b from Specialty Products and Solutions and US$1.2b from Montana/Renewables, with total revenue around US$4.6b in the United States.
Market Cap: US$5.1b
Calumet appears in a U.S. Oil & Gas Refiners screen because its Montana/Renewables and specialty refining units tie earnings directly to fuel processing margins while policy and pricing for diesel and jet fuel remain front of mind.
"Protracted regulatory uncertainty, such as delays or tightening of RVO mandates, could coincide with sustained low industry margins and significantly reduce earnings and EBITDA from this unit."
A shift in a single policy lever in a direction different from current expectations could have a substantial impact on those future margins.
That kind of policy swing is exactly where the full narrative for Calumet shows how Calumet’s margin story could be accelerating, stalling, or quietly masking upside potential.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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