Delek Logistics Partners LP (DKL)

Delek Logistics Partners, LP and Delek Logistics Finance Corp. Announce Results of Tender Offer for Any and All of their Outstanding 7.125% Senior Notes due 2028May 12, 2026 8:40 AM
Business Wire Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) and Delek Logistics Finance Corp., a subsidiary of Delek Logistics (together with Delek Logistics, the “Offerors”), announced today that they have received, as of 5:00 p.m., New York City time, on May 11, 2026 (the “Expiration Time”), tenders from holders of $270,721,000 in aggregate principal amount (excluding tenders through guaranteed delivery procedures), representing approximately 67.7%, of the Offerors’ 7.125% Senior Notes due 2028 (CUSIP Nos. 24665FAC6 (144A) / U24570AB6 (Reg S)) (ISIN US24665FAC68 (144A) / USU24570AB67 (Reg S)) (the “Notes”), in connection with the Offerors’ previously announced tender offer (the “Offer”), which commenced May 4, 2026 and is described in the Offer to Purchase, dated as of May 4, 2026, and the related Letter of Transmittal and Notice of Guaranteed Delivery (collectively, the “Offer Documents”). The Offerors’ obligation to accept for purchase, and to pay for, any Notes pursuant to the Offer is subject to a number of conditions set forth in the Offer Documents, including the Offerors’ consummation, on terms and conditions satisfactory to the Offerors, of the concurrent bond offering announced on May 4, 2026 and the receipt of net proceeds therefrom, together with other sources of liquidity, sufficient to purchase the Notes tendered in the Offer and the fees and expenses related thereto. Subject to the satisfaction or waiver of the conditions set forth in the Offer Documents, the settlement date for the Notes validly tendered (and not validly withdrawn) prior to the Expiration Time and accepted for purchase in the Offer, including Notes submitted using the Notice of Guaranteed Delivery, is expected to occur on Thursday, May 14, 2026 (the “Settlement Date”). Notes validly tendered (and not validly withdrawn) and accepted for purchase will receive total consideration of $1,001.35 for each $1,000 principal amount of the Notes tendered, plus accrued and unpaid interest up to, but excluding, the Settlement Date for such Notes. Available Documents and Other Details In connection with the Offer, the Offerors retained Wells Fargo Securities, LLC as the Dealer Manager. Questions regarding the Offer should be directed to Wells Fargo Securities, LLC at liabilitymanagement@wellsfargo.com, Attn: Liability Management Group or by calling collect at (704) 410-4820 or toll-free at (866) 309-6316. Requests for copies of the Offer Documents should be directed to D.F. King & Co., Inc., the Tender Agent and Information Agent for the Offer, at

Delek Logistics Partners, LP Announces Pricing of Offering of $800 Million of Senior NotesMay 4, 2026 6:21 PM
Business Wire Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) announced today that it, along with Delek Logistics Finance Corp., a subsidiary of Delek Logistics (together with Delek Logistics, the “Issuers”), priced an offering of $800 million in aggregate principal amount of 6.875% senior notes due 2034 (the “Notes”) at par. The offering is expected to close May 14, 2026, subject to satisfaction of customary closing conditions. Delek Logistics intends to use the net proceeds from the offering (i) to repurchase all of the outstanding 7.125% Senior Notes due 2028 (the “2028 Notes”) in the settlement of the concurrently announced Tender Offer for such notes as described herein, or to redeem any 2028 Notes that remain outstanding after completion of the Tender Offer, (ii) to redeem a portion of our outstanding 8.625% Senior Notes due 2029 (the “2029 Notes”), and (iii) to pay premiums, fees and expenses related to the foregoing. We intend to use any remaining net proceeds for general corporate purposes. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act or any applicable state securities laws. In connection with the pricing of the Notes, the Issuers have issued a conditional notice of partial redemption to redeem $400 million aggregate principal amount of the Issuers’ outstanding 2029 Notes on May 14, 2026 at a redemption price of 104.313% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The partial redemption of the 2029 Notes is conditioned upon the consummation of the offering of the Notes. Nothing in this press release should be construed as a notice of redemption with respect to the 2029 Notes; any such redemption will be made only pursuant to a notice of redemption delivered in accordance with the indenture governing the 2029 Notes. This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. 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. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the closing of the offering and the anticipated use of the net proceeds therefrom. These statements may 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, are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Delek Logistics’ control. Delek Logistics’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, market risks and uncertainties, including those which might affect the offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Delek Logistics’ filings and reports with the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2025, the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and other reports and filings with the SEC. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504969781/en/ Investor.relations@delekus.com Original: Delek Logistics Partners, LP Announces Pricing of Offering of $800 Million of Senior Notes

Delek Logistics Partners, LP Announces Proposed Offering of $800 Million of Senior NotesMay 4, 2026 8:56 AM
Business Wire
Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) announced today that it, along with Delek Logistics Finance Corp., a subsidiary of Delek Logistics, intends to offer $800 million in aggregate principal amount of senior notes due 2034 (the “Notes”) in a private placement to eligible purchasers, subject to market conditions.


Delek Logistics intends to use the net proceeds from the offering (i) to repurchase all of the outstanding 7.125% Senior Notes due 2028 (the “2028 Notes”) in the settlement of the concurrently announced Tender Offer for such notes as described herein, or to redeem any 2028 Notes that remain outstanding after completion of the Tender Offer, (ii) to redeem a portion of our outstanding 8.625% Senior Notes due 2029 (the “2029 Notes”), and (iii) to pay premiums, fees and expenses related to the foregoing. We intend to use any remaining net proceeds for general corporate purposes.


The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act or any applicable state securities laws.


This press release is being issued pursuant to Rule 135(c) under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a notice of redemption with respect to the 2029 Notes.


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.


Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the offering and the anticipated use of the net proceeds therefrom. These statements may 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, are made as of the date they were first issued and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Delek Logistics’ control. Delek Logistics’ actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, market risks and uncertainties, including those which might affect the offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Delek Logistics’ filings and reports with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2025, the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and other reports and filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260503802143/en/
investor.relations@delekus.com


Original: Delek Logistics Partners, LP Announces Proposed Offering of $800 Million of Senior Notes

Delek Logistics Partners, LP and Delek Logistics Finance Corp. Announce Tender Offer for Any and All of Their Outstanding 7.125% Senior Notes Due 2028May 4, 2026 8:58 AM
Business Wire
Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) and Delek Logistics Finance Corp., a subsidiary of Delek Logistics (together with Delek Logistics, the “Offerors”), announced today that they have commenced a cash tender offer (the “Offer”) for any and all of their outstanding 7.125% Senior Notes due 2028 (the “Notes”), upon the terms and conditions set forth in the Offer to Purchase, dated as of May 4, 2026, and the related Letter of Transmittal and Notice of Guaranteed Delivery (the “Offer Documents”). The Offer will expire at 5:00 p.m., New York City time, on May 11, 2026, unless extended or earlier terminated (as such time may be extended, the “Expiration Time”).


Holders who validly tender (and do not validly withdraw) their Notes prior to the Expiration Time, and whose Notes are accepted for purchase, will be entitled to receive the tender consideration equal to $1,001.35 per $1,000.00 principal amount of Notes accepted for purchase.


Payments for Notes purchased will include accrued and unpaid interest from and including the last interest payment date up to, but excluding, the applicable settlement date accepted for purchase. Provided the conditions to the Offer, including the Financing Condition (as defined below), have been satisfied or waived, settlement for Notes tendered prior to the Expiration Time and accepted for purchase is expected to occur on May 14, 2026.


The Offer is contingent upon, among other things, the Offerors’ consummation, on terms and conditions satisfactory to the Offerors, of the concurrent bond offering announced today (the “Concurrent Offering”) and the receipt of net proceeds therefrom, together with other sources of liquidity, sufficient to purchase the Notes tendered in the Offer and the fees and expenses related thereto (the “Financing Condition”). The Offer is not conditioned on any minimum amount of Notes being tendered. The Offer may be amended, extended or terminated, and any condition with respect thereto may be waived by the Offerors in their sole discretion. There is no assurance that the Offer will be subscribed for in any amount.


In connection with the Concurrent Offering, the Offerors intend to issue, following the pricing of the Concurrent Offering, a conditional notice of partial redemption to redeem a portion of the Offerors' outstanding 8.625% Senior Notes due 2029 (the “2029 Notes”) pursuant to the indenture governing such notes. This press release does not constitute a notice of redemption with respect to the 2029 Notes.


Available Documents and Other Details


In connection with the Offer, the Offerors have retained Wells Fargo Securities, LLC as the Dealer Manager. Questions regarding the Offer should be directed to Wells Fargo Securities, LLC at liabilitymanagement@wellsfargo.com, Attn: Liability Management Group or by calling collect at (704) 410-4820 or toll-free at (866) 309-6316. Requests for copies of the Offer Documents should be directed to D.F. King & Co., Inc., the Tender Agent and Information Agent for the Offer, at

Delek Logistics Misses Earnings Expectations Despite Revenue GrowthApril 29, 2026 8:52 AM
IH Market News
Delek Logistics Partners LP (NYSE:DKL) reported first-quarter results on Wednesday that fell short of profit forecasts, although revenue came in ahead of expectations.Shares were little changed, edging up 0.02% in after-hours trading following the release.The company posted adjusted earnings per unit of $0.60, below the analyst consensus of $0.78.Revenue totaled $297.46 million, beating estimates of $242.45 million and rising 19% year over year from $249.93 million in the first quarter of 2025. The earnings miss was largely attributed to the impact of Winter Storm Fern.Adjusted EBITDA reached $132.3 million, up from $123.2 million a year earlier. The company maintained its full-year 2026 adjusted EBITDA guidance range of $520 million to $560 million, with a midpoint of $540 million.“Delek Logistics continued its strong performance into 2026, supported by solid execution across our crude, gas, and water segments,” said Avigal Soreq. “During the first quarter, we saw continued benefits from the ramp-up of our Delaware crude and water gathering businesses and made further progress on our sour gas gathering and acid gas injection system by completing the drilling of our first AGI well.”The Gathering and Processing segment delivered adjusted EBITDA of $82.9 million, compared with $81.1 million in the same period last year.The Wholesale Marketing and Terminalling segment reported adjusted EBITDA of $14.3 million, down from $17.8 million, mainly due to the end of the East Texas marketing agreement with Delek US Holdings.Delek Logistics declared a quarterly distribution of $1.130 per unit for the first quarter, representing a 1.8% increase year over year and marking its 53rd consecutive quarterly distribution increase. The payout is scheduled for May 11, 2026.Delek US Holdings stock price

Original: Delek Logistics Misses Earnings Expectations Despite Revenue Growth

Delek Logistics Reports First Quarter 2026 ResultsApril 29, 2026 6:30 AM
Business Wire

Delek Logistics reported net income of $32.4 million or $0.60 per unit, and adjusted EBITDA of $132.3 million



Successfully completed drilling of our first acid gas injection (AGI) well, progressing our sour gas processing, treating and handling solution at the Libby Gas Complex



Signed new revolving credit facility, increasing borrowing capacity by $150 million and extending maturities to 2031



Strong first quarter execution allows us to reiterate 2026 EBITDA Guidance of $520 million to $560 million



Increased economic separation from DK as we continue to increase EBITDA from third party sources



Continued our consistent distribution growth with our 53rd consecutive quarterly increase to $1.130/unit



Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the first quarter 2026.


“Delek Logistics continued its strong performance into 2026, supported by solid execution across our crude, gas, and water segments,” said Avigal Soreq, President of Delek Logistics’ general partner. “During the first quarter, we saw continued benefits from the ramp-up of our Delaware crude and water gathering businesses and made further progress on our sour gas gathering and acid gas injection system by completing the drilling of our first AGI well. Despite the impact of Winter Storm Fern, the business is showing strong results with rising gas G&P volumes as well as crude gathering volumes reflecting the underlying strength of our system.”


“Building on this momentum, we are reaffirming our 2026 EBITDA guidance of $520 to $560 million. Our business continues to benefit from increased third-party cash flows and the strategic steps taken over the past year, which have largely completed DKL’s economic separation from its sponsor while maintaining strong commercial alignment,” Soreq continued. “We are also proud to extend our track record of consistent returns to unitholders, supported by stable and growing cash flows.”


“Looking ahead, we are increasingly encouraged by the opportunities across our footprint, particularly at the Libby Complex, where our comprehensive acid gas injection and sour gas treating capabilities continue to gain traction. This industry-leading solution positions DKL for multi-year growth in the Delaware Basin and supports further expansion of our full-suite strategy. We remain committed to strengthening and growing Delek Logistics through prudent management of liquidity and leverage," Mr. Soreq continued.


Delek Logistics reported first quarter 2026 net income of $32.4 million or $0.60 per diluted common limited partner unit. This compares to net income of $39.0 million, or $0.73 per diluted common limited partner unit, in the first quarter 2025. Net cash provided by operating activities was $170.4 million in the first quarter 2026 compared to $31.6 million in the first quarter 2025, driven by favorable working capital movements. Distributable cash flow, as adjusted was $72.4 million in the first quarter 2026, compared to $75.1 million in the first quarter 2025. The decrease in net income and distributable cash flow from the first quarter 2025 to the first quarter 2026 was primarily attributable to the impacts of winter storm Fern.


For the first quarter 2026, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $94.9 million compared to $92.2 million in the first quarter 2025. The first quarter 2026 EBITDA included $1.2 million of transaction costs and $35.4 million of sales-type lease accounting impacts. For the first quarter 2026, Adjusted EBITDA was $132.3 million compared to $123.2 million in the first quarter 2025.


Distribution and Liquidity


On April 23, 2026, Delek Logistics declared a quarterly cash distribution of $1.130 per common limited partner unit for the first quarter 2026. This distribution will be paid on May 11, 2026 to unitholders of record on May 4, 2026. This represents a 1.8% increase over Delek Logistics’ first quarter 2025 distribution of $1.110 per common limited partner unit.


As of March 31, 2026, Delek Logistics had total debt of approximately $2.3 billion and cash of $9.9 million and a leverage ratio of approximately 4.05x. Additional borrowing capacity under the $1.3 billion third party revolving credit facility increased to $1.1 billion.


Consolidated Operating Results


Adjusted EBITDA in the first quarter 2026 was $132.3 million compared to $123.2 million in the first quarter 2025. The $9.1 million increase in Adjusted EBITDA reflects higher margins in the wholesale business and increased interest income related to sales-type leases.


Gathering and Processing Segment


Adjusted EBITDA in the first quarter 2026 was $82.9 million compared with $81.1 million in the first quarter 2025. The increase was primarily due to increased margins.


Wholesale Marketing and Terminalling Segment


Adjusted EBITDA in the first quarter 2026 was $14.3 million, compared with first quarter 2025 Adjusted EBITDA of $17.8 million. The decrease was primarily due to the termination of the East Texas marketing agreement with Delek Holdings, which was partially offset by an increase in wholesale margins.


Storage and Transportation Segment


Adjusted EBITDA in the first quarter 2026 was $25.2 million, compared with $14.5 million in the first quarter 2025.The increase was primarily due to increased income from sales-type leases.


Investments in Pipeline Joint Ventures Segment


During the first quarter 2026, Adjusted EBITDA from equity method investments was $18.3 million compared to $16.8 million in the first quarter 2025. The increase was primarily due to increase in income from W2W, partially offset by a decrease in income from our investments in our other joint ventures.


Corporate


Adjusted EBITDA in the first quarter 2026 was a loss of $8.4 million compared to a loss of $6.9 million in the first quarter 2025.


First Quarter 2026 Results | Conference Call Information


Delek Logistics will hold a conference call to discuss its first quarter 2026 results on Wednesday, April 29, 2026 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.


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 and proportional interest, taxes, depreciation and amortization of equity method investments.



Adjusted EBITDA - EBITDA adjusted for throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting and certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.



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, 2026






 






December 31, 2025








ASSETS






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






9,907






 






 






$






10,892






 








Accounts receivable






 






146,588






 






 






 






114,544






 








Accounts receivable from related parties






 






306,286






 






 






 






216,641






 








Lease receivable - affiliate






 






47,681






 






 






 






36,362






 








Inventory






 






20,967






 






 






 






17,913






 








Other current assets






 






4,900






 






 






 






4,416






 








Total current assets






 






536,329






 






 






 






400,768






 








Property, plant and equipment:






 






 






 








Property, plant and equipment






 






1,876,022






 






 






 






1,827,530






 








Less: accumulated depreciation






 






(431,556






)






 






 






(403,523






)








Property, plant and equipment, net






 






1,444,466






 






 






 






1,424,007






 








Equity method investments






 






333,795






 






 






 






340,070






 








Customer relationship intangibles, net






 






227,377






 






 






 






233,022






 








Other intangibles, net






 






142,833






 






 






 






137,439






 








Goodwill






 






12,203






 






 






 






12,203






 








Operating lease right-of-use assets






 






10,704






 






 






 






11,683






 








Finance lease right-of-use assets






 






28,179






 






 






 






27,802






 








Net investment in leases - affiliate






 






158,666






 






 






 






185,656






 








Other non-current assets






 






14,148






 






 






 






6,618






 








Total assets






$






2,908,700






 






 






$






2,779,268






 








 






 






 






 








LIABILITIES AND (DEFICIT) EQUITY






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






508,501






 






 






$






292,908






 








Interest payable






 






26,930






 






 






 






30,557






 








Excise and other taxes payable






 






7,771






 






 






 






16,569






 








Current portion of operating lease liabilities






 






2,478






 






 






 






3,027






 








Current portion of finance lease liabilities






 






9,031






 






 






 






8,310






 








Accrued expenses and other current liabilities






 






6,256






 






 






 






5,122






 








Total current liabilities






 






560,967






 






 






 






356,493






 








Non-current liabilities:






 






 






 








Long-term debt, net of current portion






 






2,294,624






 






 






 






2,344,420






 








Operating lease liabilities, net of current portion






 






3,054






 






 






 






3,551






 








Finance lease liabilities, net of current portion






 






20,010






 






 






 






20,289






 








Asset retirement obligations






 






25,169






 






 






 






24,278






 








Other non-current liabilities






 






25,029






 






 






 






24,123






 








Total non-current liabilities






 






2,367,886






 






 






 






2,416,661






 








Total liabilities






 






2,928,853






 






 






 






2,773,154






 








(Deficit) Equity:






 






 






 








Common unitholders - public; 19,653,345 units issued and outstanding at March 31, 2026 (19,643,923 at December 31, 2025)






 






500,506






 






 






 






510,376






 








Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at March 31, 2026 (33,868,203 at December 31, 2025)






 






(520,659






)






 






 






(504,262






)








Total (deficit) equity






 






(20,153






)






 






 






6,114






 








Total liabilities and (deficit) equity






$






2,908,700






 






 






$






2,779,268






 








 






 






 






 






 






 






 






 












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,








 






 






2026






 






 






 






2025






 








Net revenues:






 






 






 








Affiliate






$






166,690






 






 






$






126,321






 








Third party






 






130,776






 






 






 






123,609






 








Net revenues






 






297,466






 






 






 






249,930






 








Cost of sales:






 






 






 








Cost of materials and other - affiliate






 






108,185






 






 






 






89,966






 








Cost of materials and other - third party






 






60,426






 






 






 






39,086






 








Operating expenses (excluding depreciation and amortization presented below)






 






46,596






 






 






 






40,630






 








Depreciation and amortization






 






35,353






 






 






 






26,498






 








Total cost of sales






 






250,560






 






 






 






196,180






 








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






 






449






 






 






 






355






 








General and administrative expenses






 






4,274






 






 






 






8,864






 








Depreciation and amortization






 






1,148






 






 






 






1,218






 








Other operating expense (income), net






 






1,026






 






 






 






(4,286






)








Total operating costs and expenses






 






257,457






 






 






 






202,331






 








Operating income






 






40,009






 






 






 






47,599






 








Interest income






 






(32,285






)






 






 






(22,547






)








Interest expense






 






51,592






 






 






 






41,101






 








Income from equity method investments






 






(11,623






)






 






 






(10,150






)








Other income, net






 






(27






)






 






 






(21






)








Total non-operating expenses, net






 






7,657






 






 






 






8,383






 








Income before income taxes






 






32,352






 






 






 






39,216






 








Income tax expense






 






—






 






 






 






182






 








Net income






 






32,352






 






 






 






39,034






 








Comprehensive income






$






32,352






 






 






$






39,034






 








Net income per unit:






 






 






 








Basic






$






0.60






 






 






$






0.73






 








Diluted






$






0.60






 






 






$






0.73






 








Weighted average common units outstanding:






 






 






 








Basic






 






53,514,387






 






 






 






53,604,659






 








Diluted






 






53,602,510






 






 






 






53,633,836






 








 








 



Delek Logistics Partners, LP








Condensed Consolidated Statements of Cash Flows (In thousands)






Three Months Ended March 31,








(Unaudited)






 






2026






 






 






 






2025






 








Cash flows from operating activities






 






 






 








Net cash provided by operating activities






$






170,376






 






 






$






31,550






 








Cash flows from investing activities






 






 






 








Net cash used in investing activities






 






(49,298






)






 






 






(234,767






)








Cash flows from financing activities






 






 






 








Net cash (used in) provided by financing activities






 






(122,063






)






 






 






199,940






 








Net decrease in cash and cash equivalents






 






(985






)






 






 






(3,277






)








Cash and cash equivalents at the beginning of the period






 






10,892






 






 






 






5,384






 








Cash and cash equivalents at the end of the period






$






9,907






 






 






$






2,107






 








 






 






 






 






 






 






 






 








Delek Logistics Partners, LP



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








(In thousands)








 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Reconciliation of Net Income to EBITDA:






 






 






 








Net income






$






32,352






 






 






$






39,034






 








Add:






 






 






 








Income tax expense






 






—






 






 






 






182






 








Depreciation and amortization






 






36,501






 






 






 






27,716






 








Proportional interest, taxes, depreciation and amortization from equity-method investments






 






6,696






 






 






 






6,665






 








Interest expense, net






 






19,307






 






 






 






18,554






 








EBITDA






 






94,856






 






 






 






92,151






 








Throughput and storage fees for sales-type leases






 






35,381






 






 






 






27,706






 








DPG Inventory Impact






 






299






 






 






 






—






 








Transaction costs






 






1,161






 






 






 






3,349






 








Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements






 






587






 






 






 






—






 








Adjusted EBITDA






$






132,284






 






 






$






123,206






 








 






 






 






 








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






 






 






 








Net cash provided by operating activities






$






170,376






 






 






$






31,550






 








Changes in assets and liabilities






 






(94,232






)






 






 






32,080






 








Non-cash lease expense






 






(1,101






)






 






 






(2,267






)








Net distributions from equity method investments in investing activities






 






5,025






 






 






 






2,127






 








Regulatory and sustaining capital expenditures not distributable






 






(8,347






)






 






 






(645






)








Reimbursement from Delek Holdings for capital expenditures






 






12






 






 






 






9






 








Sales-type lease receipts, net of income recognized






 






3,096






 






 






 






5,159






 








Other non-cash adjustments






 






(3,636






)






 






 






3,692






 








Distributable Cash Flow






 






71,193






 






 






 






71,705






 








Transaction costs






 






1,161






 






 






 






3,349






 








Distributable Cash Flow, as adjusted (1)






$






72,354






 






 






$






75,054






 








 








(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,








 






 






2026






 






 






2025








Distributions to partners of Delek Logistics, LP






$






60,080






 






$






59,319








 






 






 






 








Distributable cash flow






$






71,193






 






$






71,705








Distributable cash flow coverage ratio (1)






1.18x






 






1.21x








Distributable cash flow, as adjusted






$






72,354






 






$






75,054








Distributable cash flow coverage ratio, as adjusted (2)






1.20x






 






1.27x








 








(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, 2026








 






 






Gathering and Processing






 






Wholesale Marketing and Terminalling






 






Storage and Transportation






 






Investments in Pipeline Joint Ventures






 






Corporate and Other






 






Consolidated








Net revenues:






 






 






 






 






 






 






 






 






 






 






 






 








Affiliate






 






$






49,246






 






 






$






93,926






 






 






$






23,518






 






 






$






—






 






$






—






 






 






$






166,690






 








Third party






 






 






105,430






 






 






 






23,870






 






 






 






1,476






 






 






 






—






 






 






—






 






 






 






130,776






 








Total revenue






 






$






154,676






 






 






$






117,796






 






 






$






24,994






 






 






$






—






 






$






—






 






 






$






297,466






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA






 






$






82,928






 






 






$






14,314






 






 






$






25,162






 






 






$






18,319






 






$






(8,439






)






 






$






132,284






 








Transaction costs






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






1,161






 






 






 






1,161






 








DPG Inventory Impact






 






 






299






 






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






 






299






 








Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements






 






 






587






 






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






 






587






 








Throughput and storage fees for sales-type leases






 






 






11,422






 






 






 






4,552






 






 






 






19,407






 






 






 






—






 






 






—






 






 






 






35,381






 








Segment EBITDA






 






$






70,620






 






 






$






9,762






 






 






$






5,755






 






 






$






18,319






 






$






(9,600






)






 






 






94,856






 








Depreciation and amortization






 






$






33,241






 






 






$






768






 






 






$






1,725






 






 






$






—






 






$






767






 






 






 






36,501






 








Proportional interest, taxes, depreciation and amortization from equity-method investments






 






$






—






 






 






$






—






 






 






$






—






 






 






$






6,696






 






$






—






 






 






 






6,696






 








Interest income






 






$






(10,158






)






 






$






(4,017






)






 






$






(18,110






)






 






$






—






 






$






—






 






 






 






(32,285






)








Interest expense






 






$






—






 






 






$






—






 






 






$






—






 






 






$






—






 






$






51,592






 






 






 






51,592






 








Income tax expense






 






 






 






 






 






 






 






 






 






 






 






 






—






 








Net income






 






 






 






 






 






 






 






 






 






 






 






$






32,352






 









 






 






 






 






 






 






 






 






 






 






 






 









 






 






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






 






 






$






16,815






 






$






(6,905






)






 






$






123,206






 








Transaction costs






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






3,349






 






 






 






3,349






 








Throughput and storage fees not included in revenue






 






 






13,136






 






 






 






4,513






 






 






 






10,057






 






 






 






—






 






 






—






 






 






 






27,706






 








Segment EBITDA






 






$






67,939






 






 






$






13,237






 






 






$






4,414






 






 






$






16,815






$






—






$






(10,254






)






 






 






92,151






 








Depreciation and amortization






 






$






24,723






 






 






$






952






 






 






$






1,281






 






 






$






—






 






$






760






 






 






 






27,716






 








Proportional interest, taxes, depreciation and amortization from equity-method investments






 






$






—






 






 






$






—






 






 






$






—






 






 






$






6,665






 






$






—






 






 






 






6,665






 








Amortization of marketing contract intangible






 






$






—






 






 






$






—






 






 






$






—






 






 






$






—






 






$






—






 






 






 






—






 








Interest income






 






 






(11,365






)






 






 






(4,161






)






 






 






(7,021






)






 






 






—






 






 






—






 






 






 






(22,547






)








Interest expense






 






$






—






 






 






$






—






 






 






$






—






 






 






$






—






 






$






41,101






 






 






 






41,101






 








Income tax expense






 






 






 






 






 






 






 






 






 






 






 






 






182






 








Net income






 






 






 






 






 






 






 






 






 






 






 






$






39,034






 









 






 






 






 






 






 






 






 






 






 






 






 









Delek Logistics Partners, LP








Segment Capital Spending








(In thousands)








 






Three Months Ended March 31,








Gathering and Processing






 






2026






 






 






2025








Regulatory capital spending






$






888






 






$






—








Sustaining capital spending






 






7,187






 






 






13








Growth capital spending






 






41,444






 






 






71,298








Segment capital spending






 






49,519






 






 






71,311








Wholesale Marketing and Terminalling






 






 






 








Regulatory capital spending






 






63






 






 






11








Sustaining capital spending






 






14






 






 






79








Growth capital spending






 






34






 






 






—








Segment capital spending






 






111






 






 






90








Storage and Transportation






 






 






 








Regulatory capital spending






 






—






 






 






221








Sustaining capital spending






 






195






 






 






321








Segment capital spending






 






195






 






 






542








Consolidated






 






 






 








Regulatory capital spending






 






951






 






 






232








Sustaining capital spending






 






7,396






 






 






413








Growth capital spending






 






41,478






 






 






71,298








Total capital spending






$






49,825






 






$






71,943








 






 






 






 






 






 









Delek Logistics Partners, LP






 






 






 








Segment Operating Data (Unaudited)






 






 






 









Three Months Ended March 31,








 






 






2026






 






 






2025








Gathering and Processing Segment:






 






 






 








Throughputs (average bpd)






 






 






 








El Dorado Assets:






 






 






 








Crude pipelines (non-gathered)






 






62,758






 






 






61,888








Refined products pipelines to Enterprise Systems






 






44,658






 






 






56,010








El Dorado Gathering System






 






9,220






 






 






10,321








East Texas Crude Logistics System






 






27,284






 






 






26,918








Midland Gathering System






 






218,203






 






 






246,090








Plains Connection System






 






212,359






 






 






179,240








Delaware Gathering Assets:






 






 






 








Natural Gas Gathering and Processing (Mcfd(1))






 






63,903






 






 






59,809








Crude Oil Gathering (average bpd)






 






129,451






 






 






122,226








Water Disposal and Recycling (average bpd)






 






111,173






 






 






128,499








Midland Water Gathering System:






 






 






 








Water Disposal and Recycling (average bpd) (2)






 






565,411






 






 






632,972








Wholesale Marketing and Terminalling Segment:






 






 






 








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






 






—






 






 






67,876








West Texas marketing throughputs (average bpd)






 






11,771






 






 






10,826








West Texas gross margin per barrel






$






4.42






 






$






1.64








Terminalling throughputs (average bpd) (4)






 






135,744






 






 






135,404









(1)







Mcfd - average thousand cubic feet per day.








(2)







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








(3)







East Texas Marketing agreement was terminated on January 1, 2026.








(4)







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.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429458484/en/
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).


Original: Delek Logistics Reports First Quarter 2026 Results