Delek US Holdings (DK) will raise its quarterly dividend by another 3.3 percent to $0.31 per share in the first quarter of 2020. This follows a 15.4 percent dividend hike by the company last year.

Shareholders of record on March 10, 2020 will receive this cash dividend payable on March 24, 2020. The new annual dividend rate of $1.24 per share yields 4.9% at a stock price of $23.13.

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US, stated in the company's press release announcing the fourth quarter 2019 results: "Cash generation in the first half of 2020 should benefit from the retroactive approval of the BTC, along with project financing from Wink to Webster. Additionally, our capital spending this year should decline approximately 24% to $325 million. Between the work completed at El Dorado last year and the turnaround at the Big Spring refinery in the first quarter of 2020, our system should be positioned to capture market opportunities throughout the balance of this year. Finally, our strong balance sheet positions us well for macro volatility. As a result, our quarterly dividend is being increased by 3.3% from the third quarter 2019, marking the seventh increase since the dividend paid during the first quarter of 2018."

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations primarily consist of Delek Logistics Partners, LP (NYSE: DKL). Delek US Holdings, Inc. and its affiliates own approximately 63% (including the 2 percent general partner interest) of Delek Logistics Partners, LP. Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. The convenience store retail business is the largest 7-Eleven licensee in the United States and operates approximately 281 convenience stores in central and west Texas and New Mexico.