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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 6, 2024
Date of Report (Date of earliest event reported)
DELEK LOGISTICS PARTNERS, LP
(Exact name of registrant as specified in its charter)
Delaware
001-35721
45-5379027
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
globea19.jpg
310 Seven Springs Way, Suite 500
Brentwood Tennessee
37027
(Address of Principal Executive)
(Zip Code)
(615) 771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partner InterestsDKLNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
☐


Item 2.02 Results of Operations and Financial Condition

On November 6, 2024, Delek Logistics Partners, LP (the “Partnership”) announced its financial results for the quarter ended September 30, 2024. The full text of the press release is furnished as Exhibit 99.1 hereto.
 
The information in the attached Exhibit is being furnished pursuant to Item 2.02 “Results of Operations and Financial Condition” on Form 8-K. The information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01     Financial Statements and Exhibits.    

(d)Exhibits.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: November 6, 2024
DELEK LOGISTICS PARTNERS, LP
By: Delek Logistics GP, LLC
its General Partner
/s/ Reuven Spiegel
Name: Reuven Spiegel
Title: Executive Vice President and Chief Financial Officer
         (Principal Financial Officer) 


Exhibit 99.1
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Delek Logistics Reports Record Third Quarter 2024 Results

•Net income attributable to all partners of $33.7 million
•Reported record Adjusted EBITDA of $106.8 million up 9% year over year
•During the 3rd quarter Delek Logistics:
•Closed the acquisition of H2O Midstream
•Completed the acquisition of Delek US' interest in the Wink to Webster ("W2W") pipeline
•Amended and extended agreements with Delek US for a period of up to seven years
•Announced the final investment decision (FID) on a new gas processing plant adjacent to the existing Delaware plant
•DKL raised $165.3 million from a primary offering in October to fund its accretive growth projects in the Delaware Basin
•Continued with its consistent distribution growth policy with recent increase to $1.100/unit

BRENTWOOD, Tenn., November 6, 2024 -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today announced its financial results for the third quarter 2024.
“Delek Logistics continues to provide the best combination of yield and growth in the midstream sector. We are proud of the 47th consecutive increase in our distribution and we expect to continue to increase our distribution in the future. The completion of our previously announced strategic actions position Delek Logistics as a premier, full-service, midstream provider in the prolific Permian Basin,” said Avigal Soreq, President of Delek Logistics' general partner.
"Our recent equity offering allows us to bring forward additional growth opportunities and strengthen our position in the Delaware basin. We will continue to strengthen and grow DKL through a prudent management of liquidity and leverage," Mr. Soreq continued.
DKL reported third quarter 2024 net income attributable to limited partners of $33.7 million, or $0.71 per diluted common limited partner unit. The third quarter 2024 net income attributable to limited partners included $8.7 million of transaction costs and impacts of sales-type lease accounting. This compares to net income attributable to limited partners of $34.8 million, or $0.80 per diluted common limited partner unit, in the third quarter 2023. Net cash provided in operating activities was $24.9 million in the third quarter 2024 compared to $46.8 million in the third quarter 2023. Distributable cash flow, as adjusted was $62.0 million in the third quarter 2024, compared to $61.4 million in the third quarter 2023.
For the third quarter 2024, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $69.2 million compared to $98.2 million in the third quarter 2023. The third quarter 2024 EBITDA included $8.7 million of transaction costs and impacts of sales-type lease accounting. For the third quarter 2024, Adjusted EBITDA was $106.8 million compared to $98.2 million in the third quarter 2023.
Distribution and Liquidity
On October 29, 2024, Delek Logistics declared a quarterly cash distribution of $1.100 per common limited partner unit for the third quarter 2024. This distribution will be paid on November 14, 2024 to unitholders of record on November 8, 2024. This represents a 0.9% increase from the second quarter 2024 distribution of $1.090 per common limited partner unit, and a 5.3% increase over Delek Logistics’ third quarter 2023 distribution of $1.045 per common limited partner unit. Distribution cash flow coverage ratio, as adjusted for the quarter was 1.1x, lower than our target of 1.3x, primarily because of transitory timing effects. H2O Midstream closed late in the third quarter and W2W distributions came in post the quarter close in October.
As of September 30, 2024, Delek Logistics had total debt of approximately $1.89 billion and cash of $7.3 million and a leverage ratio of approximately 4.15x. Additional borrowing capacity, under the $1.15 billion third party revolving credit facility was $695.1 million.
Consolidated Operating Results
Adjusted EBITDA in the third quarter 2024 was $106.8 million compared to $98.2 million in the third quarter 2023. The $8.6 million increase in Adjusted EBITDA reflects higher contributions from the Midland Gathering systems, terminalling and marketing rate increases, as well as impacts from the W2W dropdown.
Gathering and Processing Segment
Adjusted EBITDA in the third quarter 2024 was $55.0 million compared with $52.9 million in the third quarter 2023. The increase was primarily due to higher throughput from Permian Basin assets and incremental EBITDA from the H2O Midstream acquisition.
Wholesale Marketing and Terminalling Segment
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Adjusted EBITDA in the third quarter 2024 was $24.7 million, compared with third quarter 2023 Adjusted EBITDA of $28.1 million. The decrease was primarily due to a decline in wholesale margins.
Storage and Transportation Segment
Adjusted EBITDA in the third quarter 2024 was $19.4 million, compared with $17.9 million in the third quarter 2023. The increase was primarily due to increased storage and transportation rates.
Investments in Pipeline Joint Ventures Segment
During the third quarter 2024, income from equity method investments was $15.6 million compared to $9.3 million in the third quarter 2023. The increase was primarily due to the impacts of the W2W dropdown.
Corporate
Adjusted EBITDA in the third quarter 2024 was a loss of $7.9 million compared to a loss of $10.0 million in the third quarter 2023.
Third Quarter 2024 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its third quarter 2024 results on Wednesday, November 6, 2024 at 10:30 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, and can be impacted by numerous factors, including the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; risks relating to the securities markets generally; 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; 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 H2O Midstream transaction, as well as from integration post-closing; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; 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; adverse changes in laws including with respect to tax and regulatory matters; 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 include, but are not limited to, statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering acquisition; 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. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved.  Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.  Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.
Sales-Type Leases
During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues.
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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 net interest expense, income tax expense, depreciation and amortization expense, including amortization of customer contract intangible assets, which is included as a component of net revenues.
•Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting.
•Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.
•Distributable cash flow, as adjusted -calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.
Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted measures are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:    
•Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA and Adjusted EBITDA, financing methods;
•the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
•Delek Logistics' ability to incur and service debt and fund capital expenditures; and
•the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.
We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.



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Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
September 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$7,317 $3,755 
   Accounts receivable48,173 41,131 
Accounts receivable from related parties— 28,443 
Lease receivable - affiliate23,852 — 
Inventory4,632 2,264 
Other current assets1,967 676 
Total current assets85,941 76,269 
Property, plant and equipment:  
Property, plant and equipment1,480,553 1,320,510 
Less: accumulated depreciation(440,557)(384,359)
Property, plant and equipment, net1,039,996 936,151 
Equity method investments 322,745 241,337 
Customer relationship intangible, net191,655 181,336 
Marketing contract intangible, net— 102,155 
Other intangibles, net95,538 59,536 
Goodwill12,203 12,203 
Operating lease right-of-use assets15,222 19,043 
Net lease investment - affiliate186,361 — 
Other non-current assets11,062 14,216 
Total assets$1,960,723 $1,642,246 
LIABILITIES AND DEFICIT  
Current liabilities:  
Accounts payable$35,683 $26,290 
Accounts payable to related parties442 — 
Current portion of long-term debt— 30,000 
Interest payable15,559 5,805 
Excise and other taxes payable7,641 10,321 
Current portion of operating lease liabilities5,371 6,697 
Accrued expenses and other current liabilities4,886 11,477 
Total current liabilities69,582 90,590 
Non-current liabilities:
Long-term debt, net of current portion1,894,257 1,673,789 
Operating lease liabilities, net of current portion5,820 8,335 
Asset retirement obligations15,453 10,038 
Other non-current liabilities20,719 21,363 
Total non-current liabilities1,936,249 1,713,525 
Total liabilities2,005,831 1,804,115 
Preferred units - 70,000 units issued and outstanding at September 30, 202470,000 — 
Equity (Deficit):
Common unitholders - public; 12,932,311 units issued and outstanding at September 30, 2024 (9,299,763 at December 31, 2023)282,458 160,402 
Common unitholders - Delek Holdings; 34,111,278 units issued and outstanding at September 30, 2024 (34,311,278 at December 31, 2023)(397,566)(322,271)
Total deficit(115,108)(161,869)
Total liabilities, preferred units and deficit $1,960,723 $1,642,246 
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Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net revenues:
Affiliate$114,899 $156,411 $411,352 $414,403 
Third party99,171 119,413 319,421 351,857 
Net revenues214,070 275,824 730,773 766,260 
Cost of sales:
Cost of materials and other - affiliate84,015 115,149 279,962 298,262 
Cost of materials and other - third party33,495 35,479 99,300 106,587 
Operating expenses (excluding depreciation and amortization presented below)27,746 32,611 88,895 85,302 
Depreciation and amortization19,969 23,261 67,882 65,494 
Total cost of sales165,225 206,500 536,039 555,645 
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)174 392 569 1,397 
General and administrative expenses15,745 5,545 26,624 19,666 
Depreciation and amortization1,235 1,324 4,024 3,923 
Other operating income, net(117)(491)(1,294)(804)
Total operating costs and expenses182,262 213,270 565,962 579,827 
Operating income31,808 62,554 164,811 186,433 
Interest income(23,470)— (23,498)— 
Interest expense37,022 36,901 112,547 104,581 
Income from equity method investments (15,602)(9,296)(31,974)(22,897)
Other expense (income), net34 (3)(177)(24)
Total non-operating expenses, net(2,016)27,602 56,898 81,660 
Income before income tax expense33,824 34,952 107,913 104,773 
Income tax expense150 127 533 685 
Net income attributable to partners$33,674 $34,825 $107,380 $104,088 
Comprehensive income attributable to partners$33,674 $34,825 $107,380 $104,088 
Net income per limited partner unit:
Basic$0.71 $0.80 $2.32 $2.39 
Diluted$0.71 $0.80 $2.32 $2.39 
Weighted average limited partner units outstanding:
Basic47,109,008 43,588,316 46,248,003 43,578,636 
Diluted47,135,101 43,604,792 46,269,423 43,598,547 
Cash distribution per common limited partner unit$1.095 $1.045 $3.255 $3.105 
Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)Three Months Ended September 30,Nine Months Ended September 30,
(Unaudited) 2024202320242023
Cash flows from operating activities
Net cash provided by operating activities$24,944 $46,828 $156,441 $110,630 
Cash flows from investing activities
Net cash used in investing activities(299,107)(741)(314,528)(55,634)
Cash flows from financing activities
Net cash provided by (used in) financing activities276,369 (49,620)161,649 (58,784)
Net increase (decrease) in cash and cash equivalents2,206 (3,533)3,562 (3,788)
Cash and cash equivalents at the beginning of the period5,111 7,715 3,755 7,970 
Cash and cash equivalents at the end of the period$7,317 $4,182 $7,317 $4,182 
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Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Reconciliation of Net Income to EBITDA:
Net income$33,674 $34,825 $107,380 $104,088 
Add:
Income tax expense150 127 533 685 
Depreciation and amortization21,204 24,585 71,906 69,417 
Amortization of marketing contract intangible601 1,803 4,206 5,408 
Interest expense, net13,552 36,901 89,049 104,581 
EBITDA69,181 98,241 273,074 284,179 
Throughput and storage fees for sales-type leases28,972 — 28,972 — 
Transaction costs 8,676 — 8,676 — 
Adjusted EBITDA$106,829 $98,241 $310,722 $284,179 
Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities$24,944 $46,828 $156,441 $110,630 
Changes in assets and liabilities29,049 16,439 30,531 81,368 
Non-cash lease expense(3,788)(2,960)(5,689)(7,407)
Distributions from equity method investments in investing activities 704 3,037 3,377 4,477 
Regulatory and sustaining capital expenditures not distributable(3,396)(2,069)(7,682)(5,924)
Reimbursement from (refund to) Delek Holdings for capital expenditures— (69)282 942 
Sales-type lease receipts, net of income recognized5,474 — 5,474 — 
Accretion446 (177)73 (529)
Deferred income taxes(247)(124)(451)(753)
Gain on disposal of assets97 491 6,727 804 
Distributable Cash Flow 53,283 61,396 189,083 183,608 
Transaction costs8,676 — 8,676 — 
Distributable Cash Flow, as adjusted (1)
$61,959 $61,396 $197,759 $183,608 
(1) Distributable cash flow adjusted to exclude transaction costs associated with the H2O Midstream Acquisition.
Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation (Unaudited)
(In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Distributions to partners of Delek Logistics, LP$56,613 $45,558 $158,397 $135,334 
Distributable cash flow$53,283 $61,396 $189,083 $183,608 
Distributable cash flow coverage ratio (1)
0.94x1.35x1.19x1.36x
Distributable cash flow, as adjusted61,959 61,396 197,759 183,608 
Distributable cash flow coverage ratio, as adjusted (2)
1.09x1.35x1.25x1.36x
(1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
(2) Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.



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

Three Months Ended September 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$39,910 $51,682 $23,307 $— $— $114,899 
Third party41,617 55,256 2,298 — — 99,171 
Total revenue$81,527 $106,938 $25,605 $— $— $214,070 
Adjusted EBITDA$55,024 $24,695 $19,404 $15,602 $(7,896)$106,829 
Transaction costs— — — — 8,676 8,676 
Throughput and storage fees for sales-type leases12,644 4,450 11,878 — — 28,972 
Segment EBITDA$42,380 $20,245 $7,526 $15,602 $(16,572)$69,181 
Depreciation and amortization16,424 2,796 1,218 — 766 21,204 
Amortization of customer contract intangible— 601 — — — 601 
Interest income(11,531)(3,707)(8,232)— — (23,470)
Interest expense— — — — 37,022 37,022 
Income tax expense150 
Net income$33,674 
Capital spending$62,086 $1,202 $1,910 $— $— $65,198 

Three Months Ended September 30, 2023
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$55,419 $70,610 $30,382 $— $— $156,411 
Third party39,406 76,500 3,507 — — 119,413 
Total revenue$94,825 $147,110 $33,889 $— $— $275,824 
Adjusted EBITDA$52,906 $28,135 $17,914 $9,288 $(10,002)$98,241 
Segment EBITDA$52,906 $28,135 $17,914 $9,288 $(10,002)98,241 
Depreciation and amortization19,263 1,769 2,704 — 849 24,585 
Amortization of customer contract intangible— 1,803 — — — 1,803 
Interest expense— — — — 36,901 36,901 
Income tax expense127 
Net income$34,825 
Capital spending$12,002 $2,123 $522 $— $— $14,647 
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Nine Months Ended September 30, 2024
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$143,992 $175,463 $91,897 $— $— $411,352 
Third party126,061 186,345 7,015 — — 319,421 
Total revenue$270,053 $361,808 $98,912 $— $— $730,773 
Adjusted EBITDA$167,463 $80,174 $54,283 $31,974 $(23,172)$310,722 
Transaction costs— — — — 8,676 8,676 
Throughput and storage fees for sales-type leases12,644 4,450 11,878 — — 28,972 
Segment EBITDA$154,819 $75,724 $42,405 $31,974 $(31,848)273,074 
Depreciation and amortization56,640 6,143 6,515 — 2,608 71,906 
Amortization of customer contract intangible— 4,206 — — — 4,206 
Interest income(11,559)(3,707)(8,232)— — (23,498)
Interest expense— — — — 112,547 112,547 
Income tax expense533 
Net income$107,380 
Capital spending$84,160 $1,223 $5,167 $— $— $90,550 

Nine Months Ended September 30, 2023
Gathering and ProcessingWholesale Marketing and TerminallingStorage and TransportationInvestments in Pipeline Joint VenturesCorporate and OtherConsolidated
Net revenues:
Affiliate$157,362 $156,437 $100,604 $— $— $414,403 
Third party123,132 221,809 6,916 — — 351,857 
Total revenue$280,494 $378,246 $107,520 $— $— $766,260 
Adjusted EBITDA$161,014 $78,071 $46,316 $22,889 $(24,111)$284,179 
Segment EBITDA$161,014 $78,071 $46,316 $22,889 $(24,111)284,179 
Depreciation and amortization54,511 5,338 7,109 — 2,459 69,417 
Amortization of customer contract intangible— 5,408 — — — 5,408 
Interest income— — — — — — 
Interest expense— — — — 104,581 104,581 
Income tax expense685 
Net income$104,088 
Capital spending$62,168 $2,527 $3,933 $— $— $68,628 






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Delek Logistics Partners, LP
Segment Capital Spending
 (In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
Gathering and Processing2024202320242023
Regulatory capital spending$— $31 $— $31 
Sustaining capital spending284 980 1,292 980 
Growth capital spending (1)
61,802 10,991 82,868 61,157 
Segment capital spending$62,086 $12,002 $84,160 $62,168 
Wholesale Marketing and Terminalling
Regulatory capital spending$379 $292 406 371 
Sustaining capital spending823 1,679 817 754 
Growth capital spending— 152 — 1,402 
Segment capital spending$1,202 $2,123 $1,223 $2,527 
Storage and Transportation
Regulatory capital spending$366 $522 $688 $1,670 
Sustaining capital spending1,544 — 4,479 2,263 
Growth capital spending— — $— $— 
Segment capital spending$1,910 $522 $5,167 $3,933 
Consolidated
Regulatory capital spending$745 $845 $1,094 $2,072 
Sustaining capital spending2,651 2,659 6,588 3,997 
Growth capital spending (1)
61,802 11,143 82,868 62,559 
Total capital spending$65,198 $14,647 $90,550 $68,628 
(1) 2024 includes $53.4 million of capital spending related to the new gas processing plant.
Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
    Crude pipelines (non-gathered)68,430 70,153 71,576 64,835 
    Refined products pipelines to Enterprise Systems55,283 63,991 59,681 54,686 
El Dorado Gathering System 13,886 14,774 12,113 13,935 
East Texas Crude Logistics System35,891 36,298 26,319 29,928 
Midland Gathering System185,179 248,443 201,796 230,907 
Plains Connection System188,421 250,550 218,323 248,763 
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd(1))
75,719 69,737 76,092 72,569 
Crude Oil Gathering (average bpd)125,123 111,973 124,190 110,935 
Water Disposal and Recycling (average bpd)123,856 99,158 120,360 104,920 
Midland Water Gathering System:
Water Disposal and Recycling (average bpd) (2)
100,335 — 100,335 — 
Wholesale Marketing and Terminalling Segment:
East Texas - Tyler Refinery sales volumes (average bpd) (3)
70,172 69,178 69,246 57,894 
Big Spring marketing throughputs (average bpd)22,700 81,617 60,109 78,399 
West Texas marketing throughputs (average bpd) 6,552 10,692 5,276 9,871 
West Texas gross margin per barrel$3.38 $9.64 $2.85 $8.76 
Terminalling throughputs (average bpd) (4)
160,849 121,430 152,272 116,455 
(1) Mcfd - average thousand cubic feet per day.
(2) 2024 volumes include volumes from September 11, 2024 through September 30, 2024.
(3) Excludes jet fuel and petroleum coke.
(4) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas, El Dorado and North Little Rock, Arkansas and 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).
10 |
v3.24.3
Cover Page Document
Nov. 06, 2024
Cover [Abstract]  
Entity Central Index Key 0001552797
Title of 12(b) Security Common Units Representing Limited Partner Interests
Local Phone Number 771-6701
Entity Incorporation, State or Country Code DE
Document Period End Date Nov. 06, 2024
Document Type 8-K
Entity Registrant Name DELEK LOGISTICS PARTNERS, LP
City Area Code 615
Entity File Number 001-35721
Entity Tax Identification Number 45-5379027
Entity Address, Address Line One 310 Seven Springs Way, Suite 500
Entity Address, City or Town Brentwood
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37027
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Trading Symbol DKL
Security Exchange Name NYSE
Amendment Flag false
Entity Address, Address Line Two 310 Seven Springs Way, Suite 500
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