Delek Logistics Reports Record Fourth Quarter 2025 Results
•Delek Logistics reported Net income of $47.3 million or $0.88 per unit
•Delivered record financial performance, Adjusted EBITDA of $142.3 million for the fourth quarter and $535.6 million for the year
•Progressed comprehensive acid gas injection (AGI) & sour gas treating solution at the Libby Gas Complex
•Initiated 2026 EBITDA Guidance of $520 - 560 million
•2026 guidance reflects Increased economic separation from DK, as third-party EBITDA contribution to exceed 80%
•Continued our consistent distribution growth with our 52nd consecutive quarterly increase to $1.125/unit
BRENTWOOD, Tenn., February 27, 2026 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the fourth quarter 2025.
“Delek Logistics delivered another record year, driven by strong execution across our crude, gas, and water businesses and the continued dedication of our team,” said Avigal Soreq, President of Delek Logistics’ general partner. “2025 was a pivotal year for Delek Logistics, highlighted by the successful startup of the Libby 2 gas plant, acquisition of Gravity Water Midstream and the execution of strategic intercompany agreements, a combination of which has largely completed DKL's economic separation from its sponsor. We also made meaningful progress advancing sour gas gathering and acid gas injection capabilities, while achieving record crude gathering volumes in our Delaware Basin operations.”
“Based on this strong momentum, we are providing 2026 EBITDA guidance of $520 to $560 million, which includes ~$10 million in negative impact from Winter Storm Fern in the first quarter. In addition, we are proud to have delivered our 52nd consecutive quarterly distribution, marking 13 consecutive years of distribution growth,” Soreq continued. “Looking ahead to 2026, we are increasingly optimistic about the opportunities in front of us, driven by the continued advancement of our integrated acid gas injection and sour gas treating solution at the Libby Complex. This industry leading sour gas solution will set DKL for multi year growth in the Delaware Basin and allow it to further expand its "Full-Suite" strategy. We remain committed to strengthening and growing Delek Logistics through a prudent management of liquidity and leverage, and a continued focus on long-term value creation for our unitholders," Mr. Soreq continued.
Delek Logistics reported fourth quarter 2025 net income of $47.3 million or $0.88 per diluted common limited partner unit. This compares to net income of $35.3 million, or $0.68 per diluted common limited partner unit, in the fourth quarter 2024. Net cash provided by operating activities was $43.2 million in the fourth quarter 2025 compared to $49.9 million in the fourth quarter 2024. Distributable cash flow, as adjusted was $73.3 million in the fourth quarter 2025, compared to $69.5 million in the fourth quarter 2024.
For the fourth quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $98.2 million compared to $80.9 million in the fourth quarter 2024. The fourth quarter 2025 EBITDA included $0.3 million of transaction costs, $(0.3) million of DPG inventory and $44.1 million of sales-type lease accounting impacts. For the fourth quarter 2025, Adjusted EBITDA was $142.3 million compared to $114.3 million in the fourth quarter 2024.
Distribution and Liquidity
On January 26, 2026, Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for the fourth quarter 2025. This distribution was paid on February 12, 2026 to unitholders of record on February 5, 2026. This represents a 0.4% increase from the third quarter 2025 distribution of $1.120 per common limited partner unit, and a 1.8% increase over Delek Logistics’ fourth quarter 2024 distribution of $1.105 per common limited partner unit.
As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million and a leverage ratio of approximately 4.07x(1). Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $0.9 billion.
Consolidated Operating Results
Adjusted EBITDA in the fourth quarter 2025 was $142.3 million compared to $114.3 million in the fourth quarter 2024. The $28.0 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 fourth quarter 2025 was $70.9 million compared with $66.0 million in the fourth quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions.
1 |
Wholesale Marketing and Terminalling Segment
Adjusted EBITDA in the fourth quarter 2025 was $20.9 million, compared with fourth quarter 2024 Adjusted EBITDA of $21.2 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 fourth quarter 2025 was $34.7 million, compared with $17.8 million in the fourth quarter 2024.The increase was primarily due to increased interest income from sales-type leases.
Investments in Pipeline Joint Ventures Segment
During the fourth quarter 2025, income from equity method investments was $19.2 million compared to $11.3 million in the fourth 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 fourth quarter 2025 was a loss of $10.0 million compared to a loss of $9.0 million in the fourth quarter 2024.
Fourth Quarter 2025 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its fourth 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.
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.
2 |
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, and proportional interest, taxes, depreciation and amortization of equity method investments.
•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.
______________________________________
(1) Leverage ratio as of December 31, 2025 includes adjustments relating to timing of debt settlements with our sponsor and our updated definition of EBITDA to include proportional EBITDA of our equity method investments.
3 |
Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
10,892
$
5,384
Accounts receivable
114,544
54,725
Accounts receivable from related parties
216,641
33,313
Lease receivable - affiliate
36,362
22,783
Inventory
17,913
5,427
Other current assets
4,416
24,260
Total current assets
400,768
145,892
Property, plant and equipment:
Property, plant and equipment
1,827,530
1,375,391
Less: accumulated depreciation
(403,523)
(311,070)
Property, plant and equipment, net
1,424,007
1,064,321
Equity method investments
340,070
317,152
Customer relationship intangibles, net
233,022
186,911
Other intangibles, net
137,439
94,547
Goodwill
12,203
12,203
Operating lease right-of-use assets
11,683
16,654
Finance lease right-of-use assets
27,802
883
Net lease investment - affiliate
185,656
193,126
Other non-current assets
6,618
9,870
Total assets
$
2,779,268
$
2,041,559
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
292,908
$
41,380
Interest payable
30,557
30,665
Excise and other taxes payable
16,569
6,764
Current portion of operating lease liabilities
3,027
5,117
Current portion of finance lease liabilities
8,310
223
Accrued expenses and other current liabilities
5,122
4,629
Total current liabilities
356,493
88,778
Non-current liabilities:
Long-term debt, net of current portion
2,344,420
1,875,397
Operating lease liabilities, net of current portion
3,551
6,004
Finance lease liabilities, net of current portion
20,289
613
Asset retirement obligations
24,278
15,639
Other non-current liabilities
24,123
19,600
Total non-current liabilities
2,416,661
1,917,253
Total liabilities
2,773,154
2,006,031
Equity:
Common unitholders - public; 19,643,923 units issued and outstanding at December 31, 2025 (17,374,618 at December 31, 2024)
510,376
440,957
Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at December 31, 2025 (34,111,278 at December 31, 2024)
(504,262)
(405,429)
Total equity
6,114
35,528
Total liabilities and equity
$
2,779,268
$
2,041,559
4 |
Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Net revenues:
Affiliate
$
128,051
$
106,430
$
499,471
$
517,782
Third party
127,715
103,433
513,852
422,854
Net revenues
255,766
209,863
1,013,323
940,636
Cost of sales:
Cost of materials and other - affiliate
82,374
69,359
342,237
349,321
Cost of materials and other - third party
48,788
35,114
167,062
134,414
Operating expenses (excluding depreciation and amortization presented below)
45,125
33,125
166,752
122,020
Depreciation and amortization
35,597
23,253
122,102
91,135
Total cost of sales
211,884
160,851
798,153
696,890
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)
340
145
1,625
714
General and administrative expenses
6,311
9,320
28,639
35,944
Depreciation and amortization
391
1,216
3,498
5,240
Other operating expense (income), net
399
316
(436)
(978)
Total operating costs and expenses
219,325
171,848
831,479
737,810
Operating income
36,441
38,015
181,844
202,826
Interest income
(39,716)
(24,294)
(112,517)
(47,792)
Interest expense
48,493
38,413
179,296
150,960
Income from equity method investments
(19,229)
(11,327)
(61,793)
(43,301)
Other income, net
(86)
(28)
(60)
(205)
Total non-operating expenses, net
(10,538)
2,764
4,926
59,662
Income before income taxes
46,979
35,251
176,918
143,164
Income tax (benefit) expense
(313)
(54)
458
479
Net income
47,292
35,305
176,460
142,685
Comprehensive income
47,292
35,305
$
176,460
$
142,685
Less: Preferred unitholder's interest in net income
—
768
—
768
Net income attributable to limited partners
$
47,292
$
34,537
$
176,460
$
141,917
Net income per unit:
Basic
$
0.88
$
0.68
$
3.30
$
2.99
Diluted
$
0.88
$
0.68
$
3.30
$
2.99
Weighted average common units outstanding:
Basic
53,487,965
51,038,367
53,501,020
47,452,138
Diluted
53,550,872
51,068,930
53,552,206
47,479,248
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)
Three Months Ended December 31,
Year Ended December 31,
(Unaudited)
2025
2024
2025
2024
Cash flows from operating activities
Net cash provided by operating activities
$
43,205
$
49,898
$
237,115
$
206,339
Cash flows from investing activities
Net cash used in investing activities
(32,539)
(70,051)
(444,200)
(384,579)
Cash flows from financing activities
Net cash (used in) provided by financing activities
(6,686)
18,220
212,593
179,869
Net increase (decrease) in cash and cash equivalents
3,980
(1,933)
5,508
1,629
Cash and cash equivalents at the beginning of the period
6,912
7,317
5,384
3,755
Cash and cash equivalents at the end of the period
$
10,892
$
5,384
$
10,892
$
5,384
5 |
Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Reconciliation of Net Income to EBITDA:
Net income
$
47,292
$
35,305
$
176,460
$
142,685
Add:
Income tax (benefit) expense
(313)
(54)
458
479
Depreciation and amortization
35,988
24,469
125,600
96,375
Amortization of marketing contract intangible
—
—
—
4,206
Proportional interest, taxes, depreciation and amortization from equity-method investments
6,474
7,045
26,357
15,797
Interest expense, net
8,777
14,119
66,779
103,168
EBITDA
98,218
80,884
395,654
362,710
Asset Impairment
—
—
2,802
—
Throughput and storage fees for sales-type leases
44,059
30,663
129,706
59,635
DPG Inventory Impact
(339)
—
661
—
Transaction costs
336
2,740
6,744
11,416
Adjusted EBITDA
$
142,274
$
114,287
$
535,567
$
433,761
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities
$
43,205
$
49,898
$
237,115
$
206,339
Changes in assets and liabilities
26,688
17,601
41,729
48,769
Non-cash lease expense
(1,200)
(2,423)
(6,245)
(8,112)
Net distributions from equity method investments in investing activities
1,391
900
13,559
4,277
Regulatory and sustaining capital expenditures not distributable
(4,965)
(4,976)
(15,808)
(12,658)
Reimbursement from Delek Holdings for capital expenditures
20
53
48
335
Sales-type lease receipts, net of income recognized
8,752
6,369
17,189
11,843
Accretion
(833)
(356)
(2,617)
(920)
Deferred income taxes
191
(28)
(255)
(479)
Gain on disposal of assets
(259)
(317)
3,602
6,410
Distributable Cash Flow
72,990
66,721
288,317
255,804
Transaction costs
336
2,740
6,744
11,416
Distributable Cash Flow, as adjusted (1)
$
73,326
$
69,461
$
295,061
$
267,220
(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 December 31,
Year Ended December 31,
2025
2024
2025
2024
Distributions to partners of Delek Logistics, LP
$
60,201
$
59,302
$
239,031
$
217,699
Distributable cash flow
$
72,990
$
66,721
$
288,317
$
255,804
Distributable cash flow coverage ratio (1)
1.21x
1.13x
1.21x
1.18x
Distributable cash flow, as adjusted
73,326
69,461
295,061
267,220
Distributable cash flow coverage ratio, as adjusted (2)
1.22x
1.17x
1.23x
1.23x
(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.
6 |
Delek Logistics Partners, LP
Segment Data (Unaudited)
(In thousands)
Three Months Ended December 31, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Net revenues:
Affiliate
$
41,500
$
63,116
$
23,435
$
—
$
—
$
128,051
Third party
88,018
38,464
1,233
—
—
127,715
Total revenue
$
129,518
$
101,580
$
24,668
$
—
$
—
$
255,766
Adjusted EBITDA
$
70,888
$
20,923
$
34,716
$
25,704
$
(9,956)
$
142,275
Asset Impairment
—
—
—
—
—
—
Transaction costs
—
—
—
—
336
336
DPG Inventory Impact
(339)
—
—
—
—
(339)
Throughput and storage fees for sales-type leases
13,137
4,368
26,554
—
—
44,059
Segment EBITDA
$
58,090
$
16,555
$
8,162
$
25,704
$
(10,292)
$
98,219
Depreciation and amortization
$
32,842
$
750
$
1,640
$
—
$
756
35,988
Proportional interest, taxes, depreciation and amortization from equity-method investments
$
—
$
—
$
—
$
6,475
$
—
6,475
Interest income
$
(10,468)
$
(3,914)
$
(25,334)
$
—
$
—
(39,716)
Interest expense
$
—
$
—
$
—
$
—
$
48,493
48,493
Income tax benefit
(313)
Net income
$
47,292
Three Months Ended December 31, 2024
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Net revenues:
Affiliate
$
36,771
$
46,040
$
23,619
$
—
$
—
$
106,430
Third party
57,895
43,674
1,864
—
—
103,433
Total revenue
$
94,666
$
89,714
$
25,483
$
—
$
—
$
209,863
Adjusted EBITDA
$
65,960
$
21,161
$
17,798
$
18,372
$
(9,004)
$
114,287
Transaction costs
—
—
—
—
2,740
2,740
Throughput and storage fees not included in revenue
13,629
5,156
11,878
—
—
30,663
Segment EBITDA
$
52,331
$
16,005
$
5,920
$
18,372
$
—
$
(11,744)
$
80,884
Depreciation and amortization
$
23,504
$
(887)
$
1,094
$
—
$
758
24,469
Proportional interest, taxes, depreciation and amortization from equity-method investments
$
—
$
—
$
—
$
7,045
$
—
7,045
Amortization of marketing contract intangible
$
—
$
—
$
—
$
—
$
—
—
Interest income
(11,779)
(4,839)
(7,676)
—
—
(24,294)
Interest expense
$
—
$
—
$
—
$
—
$
38,413
38,413
Income tax expense
(54)
Net income
$
35,305
7 |
Year Ended December 31, 2025
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Net revenues:
Affiliate
$
170,330
$
237,007
$
92,134
$
—
$
—
$
499,471
Third party
327,767
180,628
5,457
—
—
513,852
Total revenue
$
498,097
$
417,635
$
97,591
$
—
$
—
$
1,013,323
Adjusted EBITDA
$
312,734
$
83,354
$
85,395
$
88,150
$
(34,066)
$
535,567
—
2,802
—
—
—
2,802
Transaction costs
—
—
—
—
6,744
6,744
DPG Inventory Impact
661
—
—
—
—
661
Throughput and storage fees for sales-type leases
52,546
17,618
59,542
—
—
129,706
Segment EBITDA
$
259,527
$
62,934
$
25,853
$
88,150
$
(40,810)
$
395,654
Depreciation and amortization
113,451
3,465
5,633
—
3,051
125,600
Proportional interest, taxes, depreciation and amortization from equity-method investments
—
—
—
26,357
—
26,357
Interest income
(43,764)
(16,154)
(52,599)
—
—
(112,517)
Interest expense
—
—
—
—
179,296
179,296
Income tax expense
458
Net income
$
176,460
Year Ended December 31, 2024
Gathering and Processing
Wholesale Marketing and Terminalling
Storage and Transportation
Investments in Pipeline Joint Ventures
Corporate and Other
Consolidated
Net revenues:
Affiliate
$
180,763
$
221,503
$
115,516
$
—
$
—
$
517,782
Third party
183,956
230,019
8,879
—
—
422,854
Total revenue
$
364,719
$
451,522
$
124,395
$
—
$
—
$
940,636
Adjusted EBITDA
$
233,423
$
101,335
$
72,081
$
59,098
$
(32,176)
$
433,761
Transaction costs
—
—
—
—
11,416
11,416
Throughput and storage fees not included in revenue
26,273
9,606
23,756
—
—
59,635
Segment EBITDA
$
207,150
$
91,729
$
48,325
$
59,098
$
(43,592)
$
362,710
Depreciation and amortization
80,144
5,256
7,609
—
3,366
96,375
Proportional interest, taxes, depreciation and amortization from equity-method investments
—
—
—
15,797
—
15,797
Amortization of marketing contract intangible
—
4,206
—
—
—
4,206
Interest income
(23,338)
(8,546)
(15,908)
—
—
(47,792)
Interest expense
—
—
—
—
150,960
150,960
Income tax expense
479
Net income
$
142,685
8 |
Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
Three Months Ended December 31,
Year Ended December 31,
Gathering and Processing
2025 (1)
2024
2025 (1)
2024
Regulatory capital spending
$
321
$
—
$
596
$
—
Sustaining capital spending
2,952
307
8,249
1,599
Growth capital spending
24,662
44,460
235,909
127,328
Segment capital spending
27,935
44,767
244,754
128,927
Wholesale Marketing and Terminalling
Regulatory capital spending
329
385
474
791
Sustaining capital spending
291
1,119
874
1,936
Growth capital spending
—
—
—
—
Segment capital spending
620
1,504
1,348
2,727
Storage and Transportation
Regulatory capital spending
370
467
1,657
1,155
Sustaining capital spending
603
2,698
2,858
7,177
Growth capital spending
1,520
—
1,520
—
Segment capital spending
2,493
3,165
6,035
8,332
Consolidated
Regulatory capital spending
1,020
852
2,727
1,946
Sustaining capital spending
3,846
4,124
11,981
10,712
Growth capital spending
26,182
44,460
237,429
127,328
Total capital spending
$
31,048
$
49,436
$
252,137
$
139,986
(1) Amounts exclude capitalized interest and internal labor costs of $2.6 million for the three months ended December 31, 2025 and $22.2 million for the year ended December 31, 2025.
Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)
59,551
64,920
66,125
69,903
Refined products pipelines to Enterprise Systems
49,198
57,513
54,616
59,136
El Dorado Gathering System
8,483
13,883
9,454
11,568
East Texas Crude Logistics System
33,771
35,046
31,296
34,711
Midland Gathering System
237,681
200,705
219,782
217,847
Plains Connection System
206,493
360,725
182,523
333,405
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd(1))
64,940
71,078
62,111
74,831
Crude Oil Gathering (average bpd)
140,790
123,346
138,575
123,978
Water Disposal and Recycling (average bpd)
98,040
144,414
107,415
128,539
Midland Water Gathering System:
Water Disposal and Recycling (average bpd) (2)
613,869
274,361
587,419
280,955
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (3)
69,369
63,022
68,052
67,682
Big Spring marketing throughputs (average bpd) (4)
—
—
—
44,999
West Texas marketing throughputs (average bpd)
10,753
7,472
8,737
5,828
West Texas gross margin per barrel
$
3.48
$
4.35
$
3.42
$
3.18
Terminalling throughputs (average bpd) (5)
147,041
151,309
145,237
154,217
(1) Mcfd - average thousand cubic feet per day.
(2) Consists of volumes of H2O Midstream and Gravity. 2024 H2O Midstream volumes are from September 11, 2024 through December 31, 2024. Gravity volumes are from January 2, 2025, to December 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.
9 |
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).
