DKL Delek Logistics Partners LP

• Net income of $39.0 million
• Reported Adjusted EBITDA of $116.5 million up 15% year over year
• On track to deliver $480 million to $520 million in full year Adjusted EBITDA
• Announced additional intercompany agreements with Delek US increasing the third-party EBITDA contribution to ~80%
• Started commissioning of the new Libby 2 plant, providing a much needed processing capacity expansion in Lea County, NM
• Closed the acquisition of Gravity Water Midstream ("Gravity") on January 2nd which is already performing above expectations
• Acquired $10 million worth of DKL units from DK under the previously announced $150 million buyback authorization
• Continued our consistent distribution growth policy with recent increase to $1.110/unit

Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the first quarter 2025.

“Delek Logistics started 2025 on a strong note enhancing our position as a premier midstream provider in the Permian basin. We provide the best combination of yield and growth in the midstream sector with a long runway of growth driven by its advantageous position in the Midland and Delaware basins. We are proud of the 49th consecutive increase in our distribution and we expect to continue to increase our distribution in the future. The completion of the acquisition of Gravity in January and today's announcement of intercompany transactions push third party cash flow contribution at Delek Logistics to ~80%, further increasing our economic separation from our sponsor Delek US,” said Avigal Soreq, President of Delek Logistics' general partner.

"Going forward, we look forward to adding AGI & sour gas treating capabilities at the Libby Complex and further expanding our overall capacity at the plant. We are also focused on making our combined crude and water offering in the Midland basin more attractive. We will continue to strengthen and grow Delek Logistics through prudent management of liquidity and leverage," Mr. Soreq continued.

Delek Logistics reported first quarter 2025 net income of $39.0 million or $0.73 per diluted common limited partner unit. The first quarter 2025 net income included $3.3 million of transaction costs. This compares to net income of $32.6 million, or $0.73 per diluted common limited partner unit, in the first quarter 2024. Net cash provided by operating activities was $31.6 million in the first quarter 2025 compared to $43.9 million in the first quarter 2024. Distributable cash flow, as adjusted was $75.1 million in the first quarter 2025, compared to $68.0 million in the first quarter 2024.

For the first quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $85.5 million compared to $101.5 million in the first quarter 2024. The first quarter 2025 EBITDA included $3.3 million of transaction costs and $27.7 million of sales-type lease accounting impacts. For the first quarter 2025, Adjusted EBITDA was $116.5 million compared to $101.5 million in the first quarter 2024.

Distribution and Liquidity

On April 28, 2025, Delek Logistics declared a quarterly cash distribution of $1.110 per common limited partner unit for the first quarter 2025. This distribution will be paid on May 15, 2025 to unitholders of record on May 8, 2025. This represents a 0.5% increase from the fourth quarter 2024 distribution of $1.105 per common limited partner unit, and a 3.7% increase over Delek Logistics’ first quarter 2024 distribution of $1.070 per common limited partner unit.

As of March 31, 2025, Delek Logistics had total debt of approximately $2.15 billion and cash of $2.1 million and a leverage ratio of approximately 4.21x. Additional borrowing capacity under the $1.15 billion third party revolving credit facility was $444.9 million.

Consolidated Operating Results

Adjusted EBITDA in the first quarter 2025 was $116.5 million compared to $101.5 million in the first quarter 2024. The $15.0 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, partially offset by a decline in wholesale margins and impacts of termination of certain intercompany agreements.

Gathering and Processing Segment

Adjusted EBITDA in the first quarter 2025 was $81.1 million compared with $57.8 million in the first quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions and higher throughput from Midland Gathering system.

Wholesale Marketing and Terminalling Segment

Adjusted EBITDA in the first quarter 2025 was $17.8 million, compared with first quarter 2024 Adjusted EBITDA of $25.3 million. The decrease was primarily due to a decline in wholesale margins and impacts of intercompany agreements.

Storage and Transportation Segment

Adjusted EBITDA in the first quarter 2025 was $14.5 million, compared with $18.1 million in the first quarter 2024. The decrease was primarily due to decreased rates.

Investments in Pipeline Joint Ventures Segment

During the first quarter 2025, income from equity method investments was $10.2 million compared to $8.5 million in the first quarter 2024. The increase was primarily due to the impacts of the W2W dropdown.

Corporate

Adjusted EBITDA in the first quarter 2025 was a loss of $6.9 million compared to a loss of $8.1 million in the first quarter 2024.

First Quarter 2025 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its first quarter 2025 results on Wednesday, May 7, 2024 at 11:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

About Delek Logistics Partners, LP

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.

Safe Harbor Provisions Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions, as well as statements in the future tense. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth.

Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; Delek Logistics' ability to realize cost reductions; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission.

Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved.

Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.

Sales-Type Leases

During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues.

Non-GAAP Disclosures:

Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:

• Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before interest, income taxes, depreciation and amortization, including amortization of customer contract intangible assets, which is included as a component of net revenues.
• Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting.
• Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.
• Distributable cash flow, as adjusted -calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted measures are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA and Adjusted EBITDA, financing methods;
• the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
• Delek Logistics' ability to incur and service debt and fund capital expenditures; and
• the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance.

Delek Logistics Partners, LP

Consolidated Balance Sheets (Unaudited)

(In thousands, except unit data)

 

March 31, 2025

 

December 31, 2024

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

2,107

 

 

$

5,384

 

Accounts receivable

 

68,650

 

 

 

54,725

 

Accounts receivable from related parties

 

54,902

 

 

 

33,313

 

Lease receivable - affiliate

 

21,065

 

 

 

22,783

 

Inventory

 

8,659

 

 

 

5,427

 

Other current assets

 

1,528

 

 

 

24,260

 

Total current assets

 

156,911

 

 

 

145,892

 

Property, plant and equipment:

 

 

 

Property, plant and equipment

 

1,653,350

 

 

 

1,375,391

 

Less: accumulated depreciation

 

(331,367

)

 

 

(311,070

)

Property, plant and equipment, net

 

1,321,983

 

 

 

1,064,321

 

Equity method investments

 

317,466

 

 

 

317,152

 

Customer relationship intangibles, net

 

232,959

 

 

 

186,911

 

Other intangibles, net

 

130,681

 

 

 

94,547

 

Goodwill

 

12,203

 

 

 

12,203

 

Operating lease right-of-use assets

 

17,107

 

 

 

16,654

 

Net lease investment - affiliate

 

189,683

 

 

 

193,126

 

Other non-current assets

 

16,461

 

 

 

10,753

 

Total assets

$

2,395,454

 

 

$

2,041,559

 

 

 

 

 

LIABILITIES AND DEFICIT

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

59,948

 

 

$

41,380

 

Interest payable

 

15,860

 

 

 

30,665

 

Excise and other taxes payable

 

9,282

 

 

 

6,764

 

Current portion of operating lease liabilities

 

5,534

 

 

 

5,340

 

Accrued expenses and other current liabilities

 

6,835

 

 

 

4,629

 

Total current liabilities

 

97,459

 

 

 

88,778

 

Non-current liabilities:

 

 

 

Long-term debt, net of current portion

 

2,145,730

 

 

 

1,875,397

 

Operating lease liabilities, net of current portion

 

6,199

 

 

 

6,004

 

Asset retirement obligations

 

23,250

 

 

 

15,639

 

Other non-current liabilities

 

25,381

 

 

 

20,213

 

Total non-current liabilities

 

2,200,560

 

 

 

1,917,253

 

Total liabilities

 

2,298,019

 

 

 

2,006,031

 

Equity:

 

 

 

Common unitholders - public; 19,564,761 units issued and outstanding at March 31, 2025 (17,374,618 at December 31, 2024)

 

525,141

 

 

 

440,957

 

Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at March 31, 2025 (34,111,278 at December 31, 2024)

 

(427,706

)

 

 

(405,429

)

Total equity

 

97,435

 

 

 

35,528

 

Total liabilities and equity

$

2,395,454

 

 

$

2,041,559

 

 

Delek Logistics Partners, LP

Consolidated Statement of Income and Comprehensive Income (Unaudited)

(In thousands, except unit and per unit data)

 

 

Three Months Ended March 31,

 

 

2025

 

 

 

2024

 

Net revenues:

 

 

 

Affiliate

$

126,321

 

 

$

139,625

 

Third party

 

123,609

 

 

 

112,450

 

Net revenues

 

249,930

 

 

 

252,075

 

Cost of sales:

 

 

 

Cost of materials and other - affiliate

 

89,966

 

 

 

92,882

 

Cost of materials and other - third party

 

39,086

 

 

 

30,810

 

Operating expenses (excluding depreciation and amortization presented below)

 

40,630

 

 

 

31,695

 

Depreciation and amortization

 

26,498

 

 

 

25,167

 

Total cost of sales

 

196,180

 

 

 

180,554

 

Operating expenses related to wholesale business (excluding depreciation and amortization presented below)

 

355

 

 

 

221

 

General and administrative expenses

 

8,864

 

 

 

4,863

 

Depreciation and amortization

 

1,218

 

 

 

1,328

 

Other operating (income) expense, net

 

(4,286

)

 

 

567

 

Total operating costs and expenses

 

202,331

 

 

 

187,533

 

Operating income

 

47,599

 

 

 

64,542

 

Interest income

 

(22,547

)

 

 

—

 

Interest expense

 

41,101

 

 

 

40,229

 

Income from equity method investments

 

(10,150

)

 

 

(8,490

)

Other income, net

 

(21

)

 

 

(171

)

Total non-operating expenses, net

 

8,383

 

 

 

31,568

 

Income before income tax expense

 

39,216

 

 

 

32,974

 

Income tax expense

 

182

 

 

 

326

 

Net income

 

39,034

 

 

 

32,648

 

Comprehensive income

$

39,034

 

 

$

32,648

 

Net income per unit:

 

 

 

Basic

$

0.73

 

 

$

0.74

 

Diluted

$

0.73

 

 

$

0.73

 

Weighted average common units outstanding:

 

 

 

Basic

 

53,604,659

 

 

 

44,406,356

 

Diluted

 

53,633,836

 

 

 

44,422,817

 

 

Delek Logistics Partners, LP

Condensed Consolidated Statements of Cash Flows (In thousands)

Three Months Ended March 31,

(Unaudited)

 

2025

 

 

 

2024

 

Cash flows from operating activities

 

 

 

Net cash provided by operating activities

$

31,550

 

 

$

43,858

 

Cash flows from investing activities

 

 

 

Net cash used in investing activities

 

(234,767

)

 

 

(9,861

)

Cash flows from financing activities

 

 

 

Net cash provided by (used in) financing activities

 

199,940

 

 

 

(28,080

)

Net (decrease) increase in cash and cash equivalents

 

(3,277

)

 

 

5,917

 

Cash and cash equivalents at the beginning of the period

 

5,384

 

 

 

3,755

 

Cash and cash equivalents at the end of the period

$

2,107

 

 

$

9,672

 

 

Delek Logistics Partners, LP

Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)

(In thousands)

 

Three Months Ended March 31,

 

 

2025

 

 

 

2024

 

Reconciliation of Net Income to EBITDA:

 

 

 

Net income

$

39,034

 

 

$

32,648

 

Add:

 

 

 

Income tax expense

 

182

 

 

 

326

 

Depreciation and amortization

 

27,716

 

 

 

26,495

 

Amortization of marketing contract intangible

 

—

 

 

 

1,803

 

Interest expense, net

 

18,554

 

 

 

40,229

 

EBITDA

 

85,486

 

 

 

101,501

 

Throughput and storage fees for sales-type leases

 

27,706

 

 

 

—

 

Transaction costs

 

3,349

 

 

 

—

 

Adjusted EBITDA

$

116,541

 

 

$

101,501

 

 

 

 

 

Reconciliation of net cash from operating activities to distributable cash flow:

 

 

 

Net cash provided by operating activities

$

31,550

 

 

$

43,858

 

Changes in assets and liabilities

 

32,080

 

 

 

25,787

 

Non-cash lease expense

 

(2,267

)

 

 

(1,939

)

Distributions from equity method investments in investing activities

 

2,127

 

 

 

2,133

 

Regulatory and sustaining capital expenditures not distributable

 

(645

)

 

 

(1,279

)

Reimbursement from Delek Holdings for capital expenditures

 

9

 

 

 

286

 

Sales-type lease receipts, net of income recognized

 

5,159

 

 

 

—

 

Accretion

 

(409

)

 

 

(187

)

Deferred income taxes

 

(185

)

 

 

(101

)

Gain (loss) on disposal of assets

 

4,286

 

 

 

(567

)

Distributable Cash Flow

 

71,705

 

 

 

67,991

 

Transaction costs

 

3,349

 

 

 

—

 

Distributable Cash Flow, as adjusted (1)

$

75,054

 

 

$

67,991

 

(1)

Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition.

Delek Logistics Partners, LP

Distributable Coverage Ratio Calculation (Unaudited)

(In thousands)

 

Three Months Ended March 31,

 

 

2025

 

 

 

2024

 

Distributions to partners of Delek Logistics, LP

$

59,319

 

$

50,521

 

 

 

 

Distributable cash flow

$

71,705

 

 

$

67,991

 

Distributable cash flow coverage ratio (1)

1.21x

 

1.35x

Distributable cash flow, as adjusted

 

75,054

 

 

 

67,991

 

Distributable cash flow coverage ratio, as adjusted (2)

1.27x

 

1.35x

(1)

Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.

(2)

Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.

Delek Logistics Partners, LP

Segment Data (Unaudited)

(In thousands)

 

 

Three Months Ended March 31, 2025

 

 

Gathering and Processing

 

Wholesale Marketing and Terminalling

 

Storage and Transportation

 

Investments in Pipeline Joint Ventures

 

Corporate and Other

 

Consolidated

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

$

38,567

 

 

$

64,708

 

 

$

23,046

 

 

$

—

 

$

—

 

 

$

126,321

 

Third party

 

 

80,036

 

 

 

41,991

 

 

 

1,582

 

 

 

—

 

 

 

—

 

 

 

123,609

 

Total revenue

 

$

118,603

 

 

$

106,699

 

 

$

24,628

 

 

$

—

 

 

$

—

 

 

$

249,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

81,075

 

 

$

17,750

 

 

$

14,471

 

 

$

10,150

 

 

$

(6,905

)

 

$

116,541

 

Transaction costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,349

 

 

 

3,349

 

Throughput and storage fees for sales-type leases

 

 

13,136

 

 

 

4,513

 

 

 

10,057

 

 

 

—

 

 

 

—

 

 

 

27,706

 

Segment EBITDA

 

$

67,939

 

 

$

13,237

 

 

$

4,414

 

 

$

10,150

 

 

$

(10,254

)

 

 

85,486

 

Depreciation and amortization

 

$

24,723

 

 

$

952

 

 

$

1,281

 

 

$

—

 

 

$

760

 

 

 

27,716

 

Interest income

 

$

(11,365

)

 

$

(4,161

)

 

$

(7,021

)

 

$

—

 

 

$

—

 

 

 

(22,547

)

Interest expense

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

41,101

 

 

 

41,101

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

182

 

Net income

 

 

 

 

 

 

 

 

 

 

 

$

39,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital spending

 

$

71,311

 

 

$

90

 

 

$

542

 

 

$

—

 

 

$

—

 

 

$

71,943

 

 

 

Three Months Ended March 31, 2024

 

 

Gathering and Processing

 

Wholesale Marketing and Terminalling

 

Storage and Transportation

 

Investments in Pipeline Joint Ventures

 

Corporate and Other

 

Consolidated

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

$

52,553

 

$

52,882

 

 

$

34,190

 

$

—

 

$

—

 

 

$

139,625

Third party

 

 

43,330

 

 

 

66,388

 

 

 

2,732

 

 

 

—

 

 

 

—

 

 

 

112,450

 

Total revenue

 

$

95,883

 

 

$

119,270

 

 

$

36,922

 

 

$

—

 

 

$

—

 

 

$

252,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

57,772

 

 

$

25,274

 

 

$

18,127

 

 

$

8,477

 

 

$

(8,149

)

 

$

101,501

 

Segment EBITDA

 

$

57,772

 

 

$

25,274

 

 

$

18,127

 

 

$

8,477

 

 

$

(8,149

)

 

 

101,501

 

Depreciation and amortization

 

$

21,154

 

 

$

1,712

 

 

$

2,775

 

 

$

—

 

 

$

854

 

 

 

26,495

 

Amortization of customer contract intangible

 

$

—

 

 

$

1,803

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

1,803

 

Interest expense

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

40,229

 

 

 

40,229

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

326

 

Net income

 

 

 

 

 

 

 

 

 

 

 

$

32,648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital spending

 

$

14,723

 

 

$

(84

)

 

$

526

 

 

$

—

 

 

$

—

 

 

$

15,165

 

Delek Logistics Partners, LP

Segment Capital Spending

(In thousands)

 

Three Months Ended March 31,

Gathering and Processing

 

2025

 

 

 

2024

 

Regulatory capital spending

$

—

 

$

—

 

Sustaining capital spending

 

13

 

 

 

837

 

Growth capital spending

 

71,298

 

 

 

13,886

 

Segment capital spending

 

71,311

 

 

 

14,723

 

Wholesale Marketing and Terminalling

 

 

 

Regulatory capital spending

 

11

 

 

 

(72

)

Sustaining capital spending

 

79

 

 

 

(12

)

Growth capital spending

 

—

 

 

 

—

 

Segment capital spending

 

90

 

 

 

(84

)

Storage and Transportation

 

 

 

Regulatory capital spending

 

221

 

 

 

—

 

Sustaining capital spending

 

321

 

 

 

526

 

Growth capital spending

 

—

 

 

 

—

 

Segment capital spending

 

542

 

 

 

526

 

Consolidated

 

 

 

Regulatory capital spending

 

232

 

 

 

(72

)

Sustaining capital spending

 

413

 

 

 

1,351

 

Growth capital spending

 

71,298

 

 

 

13,886

 

Total capital spending

$

71,943

 

 

$

15,165

 

 

Delek Logistics Partners, LP

 

 

 

Segment Operating Data (Unaudited)

 

 

 

 

Three Months Ended March 31,

 

 

2025

 

 

 

2024

 

Gathering and Processing Segment:

 

 

 

Throughputs (average bpd)

 

 

 

El Dorado Assets:

 

 

 

Crude pipelines (non-gathered)

 

61,888

 

 

73,011

Refined products pipelines to Enterprise Systems

 

56,010

 

 

 

63,234

 

El Dorado Gathering System

 

10,321

 

 

 

12,987

 

East Texas Crude Logistics System

 

26,918

 

 

 

19,702

 

Midland Gathering System

 

246,090

 

 

 

213,458

 

Plains Connection System

 

179,240

 

 

 

256,844

 

Delaware Gathering Assets:

 

 

 

Natural Gas Gathering and Processing (Mcfd(1))

 

59,809

 

 

 

76,322

 

Crude Oil Gathering (average bpd)

 

122,226

 

 

 

123,509

 

Water Disposal and Recycling (average bpd)

 

128,499

 

 

 

129,264

 

Midland Water Gathering System:

 

 

 

Water Disposal and Recycling (average bpd) (2)

 

632,972

 

 

 

—

 

 

 

 

 

Wholesale Marketing and Terminalling Segment:

 

 

 

East Texas - Tyler Refinery sales volumes (average bpd) (3)

 

67,876

 

 

 

66,475

 

Big Spring marketing throughputs (average bpd) (4)

 

—

 

 

 

76,615

 

West Texas marketing throughputs (average bpd)

 

10,826

 

 

 

9,976

 

West Texas gross margin per barrel

$

1.64

 

 

$

2.15

 

Terminalling throughputs (average bpd) (5)

 

135,404

 

 

 

136,614

 

(1)

Mcfd - average thousand cubic feet per day.

(2)

Consists of volumes of H2O Midstream and Gravity. Gravity 2025 volumes are from January 2, 2025 to March 31, 2025.

(3)

Excludes jet fuel and petroleum coke.

(4)

Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings.

(5)

Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its X account (@DelekLogistics).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507043714/en/

Investor Relations and Media/Public Affairs Contact: investor.relations@delekus.com