Document

“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.

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.

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.

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.

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 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.

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.

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.

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:

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)
	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	6,912	$	5,384
Accounts receivable	91,816		54,725
Accounts receivable from related parties	242,366		33,313
Lease receivable - affiliate	21,632		22,783
Inventory	18,635		5,427
Other current assets	1,432		24,260
Total current assets	382,793		145,892
Property, plant and equipment:
Property, plant and equipment	1,794,458		1,375,391
Less: accumulated depreciation	(375,615)		(311,070)
Property, plant and equipment, net	1,418,843		1,064,321
Equity method investments	325,753		317,152
Customer relationship intangibles, net	238,571		186,911

Other intangibles, net	134,237		94,547
Goodwill	12,203		12,203
Operating lease right-of-use assets	12,844		16,654
Net lease investment - affiliate	186,560		193,126
Other non-current assets	35,437		10,753
Total assets	$	2,747,241	$	2,041,559

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	308,405	$	41,380


Interest payable	27,860		30,665
Excise and other taxes payable	17,922		6,764
Current portion of operating lease liabilities	3,490		5,340
Accrued expenses and other current liabilities	12,556		4,629
Total current liabilities	370,233		88,778
Non-current liabilities:
Long-term debt, net of current portion	2,288,318		1,875,397

Operating lease liabilities, net of current portion	4,134		6,004
Asset retirement obligations	23,445		15,639
Other non-current liabilities	43,639		20,213
Total non-current liabilities	2,359,536		1,917,253
Total liabilities	2,729,769		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 equity	17,472		35,528
Total liabilities and equity	$	2,747,241	$	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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenues:
Affiliate	$	131,016	$	114,899	$	371,420	$	411,352
Third party	130,261		99,171		386,137		319,421
Net revenues	261,277		214,070		757,557		730,773
Cost of sales:
Cost of materials and other - affiliate	85,486		84,015		259,863		279,962
Cost of materials and other - third party	44,238		33,495		118,274		99,300
Operating expenses (excluding depreciation and amortization presented below)	43,472		27,746		121,627		88,895
Depreciation and amortization	34,128		19,969		86,505		67,882
Total cost of sales	207,324		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 expenses	4,520		15,745		22,328		26,624
Depreciation and amortization	671		1,235		3,107		4,024

Other operating expense (income), net	3,013		(117)		(835)		(1,294)
Total operating costs and expenses	215,909		182,262		612,154		565,962
Operating income	45,368		31,808		145,403		164,811
Interest income	(26,716)		(23,470)		(72,801)		(23,498)
Interest expense	47,991		37,022		130,803		112,547
Income from equity method investments	(21,878)		(15,602)		(42,564)		(31,974)
Other expense (income), net	67		34		26		(177)
Total non-operating expenses, net	(536)		(2,016)		15,464		56,898
Income before income tax expense	45,904		33,824		129,939		107,913
Income tax expense	344		150		771		533
Net income	45,560		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:
Basic	53,467,306		47,109,008		53,505,419		46,248,003
Diluted	53,519,572		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)	2025		2024		2025		2024
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 activities	14,517		276,369		219,279		161,649
Net increase in cash and cash equivalents	5,476		2,206		1,528		3,562
Cash and cash equivalents at the beginning of the period	1,436		5,111		5,384		3,755
Cash and cash equivalents at the end of the period	$	6,912	$	7,317	$	6,912	$	7,317


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,
	2025		2024		2025		2024
Reconciliation of Net Income to EBITDA:
Net income	$	45,560	$	33,674	$	129,168	$	107,380
Add:
Income tax expense	344		150		771		533
Depreciation and amortization	34,799		21,204		89,612		71,906
Amortization of marketing contract intangible	—		601		—		4,206
Interest expense, net	21,275		13,552		58,002		89,049
EBITDA	101,978		69,181		277,553		273,074
Asset Impairment	2,802		—		2,802		—
Throughput and storage fees for sales-type leases	30,535		28,972		85,647		28,972
DPG Inventory Impact	100				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 liabilities	20,563		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 expenditures	9		—		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 assets	13		97		3,861		6,727
Distributable Cash Flow	73,584		53,283		215,327		189,083
Transaction costs	563		8,676		6,408		8,676
Distributable Cash Flow, as adjusted (1)	$	74,147	$	61,959	$	221,735	$	197,759


Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation (Unaudited)
(In thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
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)	1.23x		0.94x		1.20x		1.19x
Distributable cash flow, as adjusted	74,147		61,959		221,735		197,759
Distributable cash flow coverage ratio, as adjusted (2)	1.24x		1.09x		1.24x		1.25x


	Three Months Ended September 30, 2025
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate	$	51,165	$	56,816	$	23,035	$	—	$	—	$	131,016
Third party	81,044		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 Impact	100		—		—		—		—		100
Throughput and storage fees for sales-type leases	13,136		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 benefit											344
Net income											$	45,560

Capital spending	$	47,594	$	647	$	1,389	$	—	$	—	$	49,630


	Three Months Ended September 30, 2024
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate	$	39,910	$	51,682	$	23,307	$	—	$	—	$	114,899
Third party	41,617		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 revenue	12,644		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 expense											150
Net income											$	33,674

Capital spending	$	62,086	$	1,202	$	1,910	$	—	$	—	$	65,198


	Nine Months Ended September 30, 2025
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate	$	128,830	$	173,891	$	68,699	$	—	$	—	$	371,420
Third party	239,749		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 Impact	1,000		—		—		—		—		1,000
Throughput and storage fees for sales-type leases	39,409		13,250		32,988		—		—		85,647
Segment EBITDA	$	201,437	$	46,379	$	17,691	$	42,564	$	(30,518)	$	277,553
Depreciation and amortization	80,609		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 expense											771
Net income											$	129,168

Capital spending	$	236,123	$	802	$	3,837	$	—	$	—	$	240,762


	Nine Months Ended September 30, 2024
	Gathering and Processing		Wholesale Marketing and Terminalling		Storage and Transportation		Investments in Pipeline Joint Ventures		Corporate and Other		Consolidated
Net revenues:
Affiliate	$	143,992	$	175,463	$	91,897	$	—	$	—	$	411,352
Third party	126,061		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 revenue	12,644		4,450		11,878		—		—		28,972
Segment EBITDA	$	154,819	$	75,724	$	42,405	$	31,974	$	(31,848)	273,074
Depreciation and amortization	56,640		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 expense											533
Net income											$	107,380

Capital spending	$	84,160	$	1,223	$	5,167	$	—	$	—	$	90,550


Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
Gathering and Processing	2025		2024		2025		2024
Regulatory capital spending	$	286	$	—	$	286	$	—
Sustaining capital spending	3,282		284		5,922		1,292
Growth capital spending	44,026		61,802		229,915		82,868
Segment capital spending	47,594		62,086		236,123		84,160
Wholesale Marketing and Terminalling
Regulatory capital spending	174		379		185		406
Sustaining capital spending	473		823		617		817
Growth capital spending	—		—		—		—
Segment capital spending	647		1,202		802		1,223
Storage and Transportation
Regulatory capital spending	325		366		1,345		688
Sustaining capital spending	1,060		1,544		2,488		4,479
Growth capital spending	4		—		4		—
Segment capital spending	1,389		1,910		3,837		5,167
Consolidated
Regulatory capital spending	785		745		1,816		1,094
Sustaining capital spending	4,815		2,651		9,027		6,588
Growth capital spending	44,030		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,
	2025		2024		2025		2024
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 Systems	59,679		55,283		56,442		59,681
El Dorado Gathering System	9,053		13,886		9,781		12,113
East Texas Crude Logistics System	31,317		35,891		30,462		26,319
Midland Gathering System	222,980		185,179		213,750		201,796
Plains Connection System	185,151		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