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Delek Logistics Reports Record Third Quarter 2025 Results
•Net income of $45.6 million
•Reported Adjusted EBITDA of $136.0 million up 27% year over year
•Reported record crude gathering volumes in the Delaware crude gathering system
•Increasing full year Adjusted EBITDA guidance to $500 - $520 million on strong execution
•Continued our consistent distribution growth with our 51st consecutive quarterly increase to $1.120/unit
•Continue to progress comprehensive acid gas injection (AGI ) & sour gas treating solution at the Libby Gas Complex

BRENTWOOD, Tenn., November 7, 2025 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2025.
“During the third quarter Delek Logistics continued its strong execution by making progress on the development of sour gas gathering and acid gas injection capabilities. Delek Logistics also had record crude gathering volumes in its Delaware Business. Due to the strong progress we have made so far in the year we are increasing our full year EBITDA guidance higher to $500 - $520 million. We are proud of the 51st consecutive increase in our distribution," said Avigal Soreq, President of Delek Logistics' general partner.
"We are very excited about the comprehensive AGI & sour gas treating solution we are building at the Libby Complex. These capabilities will help our producer customers drill their most productive locations' and we have started to see action taken by our producers to increase drilling to align with our assets being placed into service which will allow us to further expand the overall processing capacity at the complex. Finally, as I have mentioned in the past, we will continue to strengthen and grow Delek Logistics through a prudent management of liquidity and leverage," Mr. Soreq continued.
Delek Logistics reported third quarter 2025 net income of $45.6 million or $0.85 per diluted common limited partner unit. The third quarter 2025 net income included $0.6 million of transaction costs. This compares to net income of $33.7 million, or $0.71 per diluted common limited partner unit, in the third quarter 2024. Net cash provided by operating activities was $54.9 million in the third quarter 2025 compared to $24.9 million in the third quarter 2024. Distributable cash flow, as adjusted was $74.1 million in the third quarter 2025, compared to $62.0 million in the third quarter 2024.
For the third quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $102.0 million compared to $69.2 million in the third quarter 2024. The third quarter 2025 EBITDA included $0.6 million of transaction costs, $0.1 million of DPG inventory and $30.5 million of sales-type lease accounting impacts. For the third quarter 2025, Adjusted EBITDA was $136.0 million compared to $106.8 million in the third quarter 2024.
Distribution and Liquidity
On October 28, 2025, Delek Logistics declared a quarterly cash distribution of $1.120 per common limited partner unit for the third quarter 2025. This distribution will be paid on November 13, 2025 to unitholders of record on November 7, 2025. This represents a 0.4% increase from the second quarter 2025 distribution of $1.115 per common limited partner unit, and a 1.8% increase over Delek Logistics’ third quarter 2024 distribution of $1.100 per common limited partner unit.
As of September 30, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $6.9 million and a leverage ratio of approximately 4.44x. Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $1.0 billion.
Consolidated Operating Results
Adjusted EBITDA in the third quarter 2025 was $136.0 million compared to $106.8 million in the third quarter 2024. The $29.2 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, and an increase in wholesale margins.
Gathering and Processing Segment
Adjusted EBITDA in the third quarter 2025 was $82.8 million compared with $55.0 million in the third quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions.
Wholesale Marketing and Terminalling Segment
Adjusted EBITDA in the third quarter 2025 was $21.4 million, compared with third quarter 2024 Adjusted EBITDA of $24.7 million. The decrease was primarily due to assignment of the Big Spring refinery marketing agreement to Delek Holdings, which was partially offset by an increase in wholesale margins.
Storage and Transportation Segment
Adjusted EBITDA in the third quarter 2025 was $19.3 million, compared with $19.4 million in the third quarter 2024.
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Investments in Pipeline Joint Ventures Segment
During the third quarter 2025, income from equity method investments was $21.9 million compared to $15.6 million in the third quarter 2024. The increase was primarily due to the impacts of the W2W dropdown, partially offset by a decrease in income from our investments in our other joint ventures.
Corporate
Adjusted EBITDA in the third quarter 2025 was a loss of $9.3 million compared to a loss of $7.9 million in the third quarter 2024.
Third Quarter 2025 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its third quarter 2025 results on Friday, November 7, 2025 at 11:00 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.
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DPG Drop
On May 1, 2025, Delek Holdings transferred the Delek Permian Gathering purchasing and blending business to Delek Logistics (the "DPG Dropdown”). In connection with the DPG Dropdown, Delek Logistics assumed all of Delek Holdings’ rights and obligations to purchase crude oil under certain contracts associated with Delek Logistics' existing Midland Gathering System. In addition, line fill inventory amounting to $6.9 million was transferred to Delek Logistics. Total consideration included the cancellation of $58.8 million in existing receivables owed to Delek Logistics by Delek Holdings.
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.



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Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
September 30, 2025December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents$6,912 $5,384 
   Accounts receivable91,816 54,725 
Accounts receivable from related parties242,366 33,313 
Lease receivable - affiliate21,632 22,783 
Inventory18,635 5,427 
Other current assets1,432 24,260 
Total current assets382,793 145,892 
Property, plant and equipment:  
Property, plant and equipment1,794,458 1,375,391 
Less: accumulated depreciation(375,615)(311,070)
Property, plant and equipment, net1,418,843 1,064,321 
Equity method investments 325,753 317,152 
Customer relationship intangibles, net238,571 186,911 
Other intangibles, net134,237 94,547 
Goodwill12,203 12,203 
Operating lease right-of-use assets12,844 16,654 
Net lease investment - affiliate186,560 193,126 
Other non-current assets35,437 10,753 
Total assets$2,747,241 $2,041,559 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$308,405 $41,380 
Interest payable27,860 30,665 
Excise and other taxes payable17,922 6,764 
Current portion of operating lease liabilities3,490 5,340 
Accrued expenses and other current liabilities12,556 4,629 
Total current liabilities370,233 88,778 
Non-current liabilities:
Long-term debt, net of current portion2,288,318 1,875,397 
Operating lease liabilities, net of current portion4,134 6,004 
Asset retirement obligations23,445 15,639 
Other non-current liabilities43,639 20,213 
Total non-current liabilities2,359,536 1,917,253 
Total liabilities2,729,769 2,006,031 
Equity:
Common unitholders - public; 19,611,965 units issued and outstanding at September 30, 2025 (17,374,618 at December 31, 2024)514,884 440,957 
Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at September 30, 2025 (34,111,278 at December 31, 2024)(497,412)(405,429)
Total equity17,472 35,528 
Total liabilities and equity$2,747,241 $2,041,559 
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Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Net revenues:
Affiliate$131,016 $114,899 $371,420 $411,352 
Third party130,261 99,171 386,137 319,421 
Net revenues261,277 214,070 757,557 730,773 
Cost of sales:
Cost of materials and other - affiliate85,486 84,015 259,863 279,962 
Cost of materials and other - third party44,238 33,495 118,274 99,300 
Operating expenses (excluding depreciation and amortization presented below)43,472 27,746 121,627 88,895 
Depreciation and amortization34,128 19,969 86,505 67,882 
Total cost of sales207,324 165,225 586,269 536,039 
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)381 174 1,285 569 
General and administrative expenses4,520 15,745 22,328 26,624 
Depreciation and amortization671 1,235 3,107 4,024 
Other operating expense (income), net3,013 (117)(835)(1,294)
Total operating costs and expenses215,909 182,262 612,154 565,962 
Operating income45,368 31,808 145,403 164,811 
Interest income(26,716)(23,470)(72,801)(23,498)
Interest expense47,991 37,022 130,803 112,547 
Income from equity method investments (21,878)(15,602)(42,564)(31,974)
Other expense (income), net67 34 26 (177)
Total non-operating expenses, net(536)(2,016)15,464 56,898 
Income before income tax expense45,904 33,824 129,939 107,913 
Income tax expense344 150 771 533 
Net income45,560 33,674 129,168 107,380 
Comprehensive income 45,560 33,674 $129,168 $107,380 
Net income per unit:
Basic$0.85 $0.71 $2.41 $2.32 
Diluted$0.85 $0.71 $2.41 $2.32 
Weighted average common units outstanding:
Basic53,467,306 47,109,008 53,505,419 46,248,003 
Diluted53,519,572 47,135,101 53,540,795 46,269,423 
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)Three Months Ended September 30,Nine Months Ended September 30,
(Unaudited) 2025202420252024
Cash flows from operating activities
Net cash provided by operating activities$54,937 $24,944 $193,910 $156,441 
Cash flows from investing activities
Net cash used in investing activities(63,978)(299,107)(411,661)(314,528)
Cash flows from financing activities
Net cash provided by financing activities14,517 276,369 219,279 161,649 
Net increase in cash and cash equivalents5,476 2,206 1,528 3,562 
Cash and cash equivalents at the beginning of the period1,436 5,111 5,384 3,755 
Cash and cash equivalents at the end of the period$6,912 $7,317 $6,912 $7,317 
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Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Reconciliation of Net Income to EBITDA:
Net income$45,560 $33,674 $129,168 $107,380 
Add:
Income tax expense344 150 771 533 
Depreciation and amortization34,799 21,204 89,612 71,906 
Amortization of marketing contract intangible— 601 — 4,206 
Interest expense, net21,275 13,552 58,002 89,049 
EBITDA101,978 69,181 277,553 273,074 
Asset Impairment2,802 — 2,802 — 
Throughput and storage fees for sales-type leases30,535 28,972 85,647 28,972 
DPG Inventory Impact100 1,000 
Transaction costs 563 8,676 6,408 8,676 
Adjusted EBITDA$135,978 $106,829 $373,410 $310,722 
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities$54,937 $24,944 $193,910 $156,441 
Changes in assets and liabilities20,563 29,049 15,041 31,168 
Non-cash lease expense(1,426)(3,788)(5,045)(5,689)
Distributions from equity method investments in investing activities 6,598 704 12,168 3,377 
Regulatory and sustaining capital expenditures not distributable(5,600)(3,396)(10,843)(7,682)
Reimbursement from Delek Holdings for capital expenditures9 — 28 282 
Sales-type lease receipts, net of income recognized(590)5,474 8,437 5,474 
Accretion(737)446 (1,784)(564)
Deferred income taxes(183)(247)(446)(451)
Gain on disposal of assets13 97 3,861 6,727 
Distributable Cash Flow 73,584 53,283 215,327 189,083 
Transaction costs563 8,676 6,408 8,676 
Distributable Cash Flow, as adjusted (1)
$74,147 $61,959 $221,735 $197,759 

(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 September 30,Nine Months Ended September 30,
2025202420252024
Distributions to partners of Delek Logistics, LP$59,898 $56,613 $178,830 $158,397 
Distributable cash flow$73,584 $53,283 $215,327 $189,083 
Distributable cash flow coverage ratio (1)
1.23x0.94x1.20x1.19x
Distributable cash flow, as adjusted74,147 61,959 221,735 197,759 
Distributable cash flow coverage ratio, as adjusted (2)
1.24x1.09x1.24x1.25x

(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.


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Delek Logistics Partners, LP
Segment Data (Unaudited)
(In thousands)

Three Months Ended September 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$51,165 $56,816 $23,035 $— $— $131,016 
Third party81,044 47,925 1,292 — — 130,261 
Total revenue$132,209 $104,741 $24,327 $— $— $261,277 
Adjusted EBITDA$82,787 $21,374 $19,280 $21,878 $(9,341)$135,978 
Asset Impairment— 2,802 — — — 2,802 
Transaction costs— — — — 563 563 
DPG Inventory Impact100 — — ——100 
Throughput and storage fees for sales-type leases13,136 4,369 13,030 — — 30,535 
Segment EBITDA$69,551 $14,203 $6,250 $21,878 $(9,904)$101,978 
Depreciation and amortization$31,801 $811 $1,411 $— $776 34,799 
Interest income$(10,818)$(3,970)$(11,928)$— $— (26,716)
Interest expense$— $— $— $— $47,991 47,991 
Income tax benefit344 
Net income$45,560 
Capital spending$47,594 $647 $1,389 $— $— $49,630 

Three Months Ended September 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$39,910 $51,682 $23,307 $— $— $114,899 
Third party41,617 55,256 2,298 — — 99,171 
Total revenue$81,527 $106,938 $25,605 $— $— $214,070 
Adjusted EBITDA$55,024 $24,695 $19,404 $15,602 $(7,896)$106,829 
Transaction costs— — — — 8,676 8,676 
Throughput and storage fees not included in revenue12,644 4,450 11,878 — — 28,972 
Segment EBITDA$42,380 $20,245 $7,526 $15,602 $(16,572)69,181 
Depreciation and amortization$16,424 $2,796 $1,218 $— $766 21,204 
Amortization of marketing contract intangible$— $601 $— $— $— 601 
Interest income(11,531)(3,707)(8,232)— — (23,470)
Interest expense$— $— $— $— $37,022 37,022 
Income tax expense150 
Net income$33,674 
Capital spending$62,086 $1,202 $1,910 $— $— $65,198 
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Nine Months Ended September 30, 2025
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$128,830 $173,891 $68,699 $— $— $371,420 
Third party239,749 142,164 4,224 — — 386,137 
Total revenue$368,579 $316,055 $72,923 $— $— $757,557 
Adjusted EBITDA$241,846 $62,431 $50,679 $42,564 $(24,110)$373,410 
— 2,802 — — — 2,802 
Transaction costs— — — — 6,408 6,408 
DPG Inventory Impact1,000 — — — — 1,000 
Throughput and storage fees for sales-type leases39,409 13,250 32,988 — — 85,647 
Segment EBITDA$201,437 $46,379 $17,691 $42,564 $(30,518)$277,553 
Depreciation and amortization80,609 2,715 3,993 — 2,295 89,612 
Interest income(33,296)(12,240)(27,265)— — (72,801)
Interest expense— — — — 130,803 130,803 
Income tax expense771 
Net income$129,168 
Capital spending$236,123 $802 $3,837 $— $— $240,762 

Nine Months Ended September 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$143,992 $175,463 $91,897 $— $— $411,352 
Third party126,061 186,345 7,015 — — 319,421 
Total revenue$270,053 $361,808 $98,912 $— $— $730,773 
Adjusted EBITDA$167,463 $80,174 $54,283 $31,974 $(23,172)$310,722 
Impairment of goodwill— — — — — — 
Transaction costs— — — — 8,676 8,676 
Throughput and storage fees not included in revenue12,644 4,450 11,878 — — 28,972 
Segment EBITDA$154,819 $75,724 $42,405 $31,974 $(31,848)273,074 
Depreciation and amortization56,640 6,143 6,515 — 2,608 71,906 
Amortization of marketing contract intangible— 4,206 — — — 4,206 
Interest income(11,559)(3,707)(8,232)— — (23,498)
Interest expense— — — — 112,547 112,547 
Income tax expense533 
Net income$107,380 
Capital spending$84,160 $1,223 $5,167 $— $— $90,550 







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Delek Logistics Partners, LP
Segment Capital Spending
 (In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Gathering and Processing2025202420252024
Regulatory capital spending$286 $— $286 $— 
Sustaining capital spending3,282 284 5,922 1,292 
Growth capital spending44,026 61,802 229,915 82,868 
Segment capital spending47,594 62,086 236,123 84,160 
Wholesale Marketing and Terminalling
Regulatory capital spending174 379 185 406 
Sustaining capital spending473 823 617 817 
Growth capital spending— — — — 
Segment capital spending647 1,202 802 1,223 
Storage and Transportation
Regulatory capital spending325 366 1,345 688 
Sustaining capital spending1,060 1,544 2,488 4,479 
Growth capital spending4 — 4 — 
Segment capital spending1,389 1,910 3,837 5,167 
Consolidated
Regulatory capital spending785 745 1,816 1,094 
Sustaining capital spending4,815 2,651 9,027 6,588 
Growth capital spending44,030 61,802 229,919 82,868 
Total capital spending$49,630 $65,198 $240,762 $90,550 
Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
    Crude pipelines (non-gathered)71,802 68,430 68,340 71,576 
    Refined products pipelines to Enterprise Systems59,679 55,283 56,442 59,681 
El Dorado Gathering System 9,053 13,886 9,781 12,113 
East Texas Crude Logistics System31,317 35,891 30,462 26,319 
Midland Gathering System222,980 185,179 213,750 201,796 
Plains Connection System185,151 188,421 174,446 218,323 
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd(1))
62,692 75,719 61,157 76,092 
Crude Oil Gathering (average bpd)153,745 125,123 137,828 124,190 
Water Disposal and Recycling (average bpd)87,176 123,856 110,575 123,360 
Midland Water Gathering System:
Water Disposal and Recycling (average bpd) (2)
616,484 311,290 674,532 311,290 
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (3)
67,439 70,172 67,609 69,246 
Big Spring marketing throughputs (average bpd) (4)
— 22,700 — 60,109 
West Texas marketing throughputs (average bpd) 2,680 6,552 8,058 5,276 
West Texas gross margin per barrel$4.50 $3.38 $3.41 $2.85 
Terminalling throughputs (average bpd) (5)
145,808 160,849 144,629 152,272 
(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 September 30, 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.
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Investor Relations and Media/Public Affairs Contact:
investor.relations@delekus.com
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).
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