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    Delek Logistics Reports First Quarter 2024 Results

    5/7/24 7:30:00 AM ET
    $DKL
    Natural Gas Distribution
    Energy
    Get the next $DKL alert in real time by email
    • Net income attributable to all partners of $32.6 million
    • Quarterly EBITDA of $101.5 million
    • Distributable cash flow of $68.0 million, DCF coverage ratio of 1.35x
    • In 2024, successfully executed $850 million debt offering and $138 million equity offering:
      • Improved liquidity from approximately $300.0 million to $800.0 million
      • Added 3.6 million units for a total 47.2 million outstanding units and increased volume activity
      • Improved leverage ratio to 4.01x from 4.34x at year-end 2023
    • Delivered 45 consecutive quarters of distribution growth with recent increase to $1.070/unit

    Delek Logistics Partners, LP (NYSE:DKL) ("Delek Logistics") today announced its financial results for the first quarter 2024, with reported net income attributable to all partners of $32.6 million, or $0.73 per diluted common limited partner unit. This compares to net income attributable to all partners of $37.4 million, or $0.86 per diluted common limited partner unit, in the first quarter 2023. The decrease in net income attributable to all partners was driven by higher interest expense. Net cash provided in operating activities was $43.9 million in the first quarter 2024 compared to $29.2 million in the first quarter 2023. Distributable cash flow was $68.0 million in the first quarter 2024, compared to $61.8 million in the first quarter 2023.

    For the first quarter 2024, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $101.5 million compared to $93.2 million in the first quarter 2023.

    "Delek Logistics had a strong quarter, delivering another solid financial and operational performance," said Avigal Soreq, President of Delek Logistics' general partner.

    "I'm proud of the team for successfully executing the debt and equity offerings during the quarter," Soreq continued. "We improved DKL's financial strength and flexibility with these transactions. The leverage ratio was lowered to 4.01x, down from 4.34x at year-end 2023, and liquidity was improved to approximately $800.0 million. Additionally, we saw new investor interest and increased volume activity in the units, enhancing our opportunities with DKL."

    "In April, the Board continued its commitment to return value to unitholders and approved the 45th consecutive increase in the quarterly distribution to $1.070 per unit," Mr. Soreq concluded.

    Distribution and Liquidity

    On April 25, 2024, Delek Logistics declared a quarterly cash distribution of $1.070 per common limited partner unit for the first quarter 2024. This distribution will be paid on May 15, 2024 to unitholders of record on May 8, 2024. This represents a 1.4% increase from the fourth quarter 2023 distribution of $1.055 per common limited partner unit, and a 4.4% increase over Delek Logistics' first quarter 2023 distribution of $1.025 per common limited partner unit. For the first quarter 2024, the total cash distribution declared to all partners was approximately $50.5 million, resulting in a distributable cash flow ("DCF") coverage ratio of 1.35x.

    As of March 31, 2024, Delek Logistics had total debt of approximately $1.60 billion and cash of $9.7 million. Additional borrowing capacity, subject to certain covenants, under the $1.15 billion third party revolving credit facility was $584.8 million. The total leverage ratio as of March 31, 2024 of approximately 4.01x was within the requirements of the maximum allowable leverage ratio under the credit facility.

    Consolidated Operating Results

    First quarter 2024, EBITDA was $101.5 million compared with $93.2 million in the first quarter 2023. The $8.3 million increase reflects higher contributions from the Delaware Gathering systems, terminalling and marketing rate increases, as well as continued strong throughput on joint venture pipelines. The increase was partially offset by higher operating expenses driven by the growth in operations.

    Gathering and Processing Segment

    EBITDA in the first quarter 2024 was $57.8 million compared with $55.4 million in the first quarter 2023. The increase was primarily due to higher throughput from Permian Basin assets.

    Wholesale Marketing and Terminalling Segment

    EBITDA in the first quarter 2024 was $25.3 million, compared with first quarter 2023 EBITDA of $22.0 million. The increase was primarily due to higher terminalling utilization.

    Storage and Transportation Segment

    EBITDA in the first quarter 2024 was $18.1 million, compared with $13.4 million in the first quarter 2023. The increase was primarily due to increased storage and transportation rates.

    Investments in Pipeline Joint Ventures Segment

    During the first quarter 2024, income from equity method investments was $8.5 million compared to $6.3 million in the first quarter 2023.

    Corporate

    EBITDA in the first quarter 2024 was a loss of $8.1 million compared to a loss of $4.0 million in the first quarter 2023.

    First Quarter 2024 Results | Conference Call Information

    Delek Logistics will hold a conference call to discuss its first quarter 2024 results on Tuesday, May 7, 2024 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, 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 related to the integration of the 3 Bear business following the recent acquisition; 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.

    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 GAAP financial information presented in accordance with U.S. 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 in our accompanying consolidated statements of income.
    • Distributable cash flow - calculated as net cash flow from operating activities plus or minus changes in assets and liabilities, less maintenance capital expenditures net of reimbursements and other adjustments not expected to settle in cash. Delek Logistics believes this is an appropriate reflection of a liquidity measure by which users of its financial statements can assess its ability to generate cash.

    Our EBITDA and distributable cash flow 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, 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 EBITDA and distributable cash flow measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance for current and comparative periods. EBITDA and distributable cash flow 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. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. Additionally, because EBITDA and distributable cash flow may be defined differently by other partnerships in our industry, our definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. For a reconciliation of EBITDA and distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP, please refer to "Results of Operations" below. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.

     

    Delek Logistics Partners, LP

    Consolidated Balance Sheets (Unaudited)

    (In thousands, except unit data)

     

    March 31, 2024

     

    December 31, 2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    9,672

     

     

    $

    3,755

     

    Accounts receivable

     

    56,993

     

     

     

    41,131

     

    Accounts receivable from related parties

     

    36,588

     

     

     

    28,443

     

    Inventory

     

    1,655

     

     

     

    2,264

     

    Other current assets

     

    615

     

     

     

    676

     

    Total current assets

     

    105,523

     

     

     

    76,269

     

    Property, plant and equipment:

     

     

     

    Property, plant and equipment

     

    1,336,053

     

     

     

    1,320,510

     

    Less: accumulated depreciation

     

    (406,009

    )

     

     

    (384,359

    )

    Property, plant and equipment, net

     

    930,044

     

     

     

    936,151

     

    Equity method investments

     

    238,185

     

     

     

    241,337

     

    Customer relationship intangible, net

     

    176,811

     

     

     

    181,336

     

    Marketing contract intangible, net

     

    100,352

     

     

     

    102,155

     

    Rights-of-way, net

     

    60,141

     

     

     

    59,536

     

    Goodwill

     

    12,203

     

     

     

    12,203

     

    Operating lease right-of-use assets

     

    17,641

     

     

     

    19,043

     

    Other non-current assets

     

    13,471

     

     

     

    14,216

     

    Total assets

    $

    1,654,371

     

     

    $

    1,642,246

     

     

     

     

     

    LIABILITIES AND DEFICIT

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    26,313

     

     

    $

    26,290

     

    Current portion of long-term debt

     

    —

     

     

     

    30,000

     

    Interest payable

     

    12,710

     

     

     

    5,805

     

    Excise and other taxes payable

     

    7,638

     

     

     

    10,321

     

    Current portion of operating lease liabilities

     

    6,442

     

     

     

    6,697

     

    Accrued expenses and other current liabilities

     

    4,098

     

     

     

    11,477

     

    Total current liabilities

     

    57,201

     

     

     

    90,590

     

    Non-current liabilities:

     

     

     

    Long-term debt, net of current portion

     

    1,601,226

     

     

     

    1,673,789

     

    Operating lease liabilities, net of current portion

     

    7,367

     

     

     

    8,335

     

    Asset retirement obligations

     

    10,225

     

     

     

    10,038

     

    Other non-current liabilities

     

    20,819

     

     

     

    21,363

     

    Total non-current liabilities

     

    1,639,637

     

     

     

    1,713,525

     

    Total liabilities

     

    1,696,838

     

     

     

    1,804,115

     

    Equity (Deficit):

     

     

     

    Common unitholders - public; 12,898,253 units issued and outstanding at March 31, 2024 (9,299,763 at December 31, 2023)

     

    290,051

     

     

     

    160,402

     

    Common unitholders - Delek Holdings; 34,311,278 units issued and outstanding at March 31, 2024 (34,311,278 at December 31, 2023)

     

    (332,518

    )

     

     

    (322,271

    )

    Total deficit

     

    (42,467

    )

     

     

    (161,869

    )

    Total liabilities and deficit

    $

    1,654,371

     

     

    $

    1,642,246

     

     

     

    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,

     

     

    2024

     

     

     

    2023

     

    Net revenues:

     

     

     

    Affiliate

    $

    139,625

     

     

    $

    124,999

     

    Third-party

     

    112,450

     

     

     

    118,526

     

    Net revenues

     

    252,075

     

     

     

    243,525

     

    Cost of sales:

     

     

     

    Cost of materials and other - affiliate

     

    92,882

     

     

     

    91,071

     

    Cost of materials and other - third party

     

    30,810

     

     

     

    35,025

     

    Operating expenses (excluding depreciation and amortization presented below)

     

    31,695

     

     

     

    24,215

     

    Depreciation and amortization

     

    25,167

     

     

     

    19,764

     

    Total cost of sales

     

    180,554

     

     

     

    170,075

     

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

     

    221

     

     

     

    525

     

    General and administrative expenses

     

    4,863

     

     

     

    7,510

     

    Depreciation and amortization

     

    1,328

     

     

     

    1,341

     

    Loss on disposal of assets

     

    567

     

     

     

    142

     

    Total operating costs and expenses

     

    187,533

     

     

     

    179,593

     

    Operating income

     

    64,542

     

     

     

    63,932

     

    Interest expense, net

     

    40,229

     

     

     

    32,581

     

    Income from equity method investments

     

    (8,490

    )

     

     

    (6,316

    )

    Other income, net

     

    (171

    )

     

     

    (2

    )

    Total non-operating expenses, net

     

    31,568

     

     

     

    26,263

     

    Income before income tax expense

     

    32,974

     

     

     

    37,669

     

    Income tax expense

     

    326

     

     

     

    302

     

    Net income attributable to partners

    $

    32,648

     

     

    $

    37,367

     

    Comprehensive income attributable to partners

    $

    32,648

     

     

    $

    37,367

     

     

     

     

     

    Net income per limited partner unit:

     

     

     

    Basic

    $

    0.74

     

     

    $

    0.86

     

    Diluted

    $

    0.73

     

     

    $

    0.86

     

    Weighted average limited partner units outstanding:

     

     

     

    Basic

     

    44,406,356

     

     

     

    43,569,963

     

    Diluted

     

    44,422,817

     

     

     

    43,585,297

     

    Cash distribution per common limited partner unit

    $

    1.070

     

     

    $

    1.025

     

     

     

    Delek Logistics Partners, LP

    Condensed Consolidated Statements of Cash Flows (In thousands)

     

    (Unaudited)

     

     

    Three Months Ended March 31,

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities

     

     

     

    Net cash provided by operating activities

    $

    43,858

     

     

    $

    29,190

     

    Cash flows from investing activities

     

     

     

    Net cash used in investing activities

     

    (9,861

    )

     

     

    (26,979

    )

    Cash flows from financing activities

     

     

     

    Net cash (used in) provided by financing activities

     

    (28,080

    )

     

     

    783

     

    Net increase in cash and cash equivalents

     

    5,917

     

     

     

    2,994

     

    Cash and cash equivalents at the beginning of the period

     

    3,755

     

     

     

    7,970

     

    Cash and cash equivalents at the end of the period

    $

    9,672

     

     

    $

    10,964

     

     

     

    Delek Logistics Partners, LP

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

    (In thousands)

     

    Three Months Ended March 31,

     

     

    2024

     

     

     

    2023

     

    Reconciliation of Net Income to EBITDA:

     

     

     

    Net income

    $

    32,648

     

     

    $

    37,367

     

    Add:

     

     

     

    Income tax expense

     

    326

     

     

     

    302

     

    Depreciation and amortization

     

    26,495

     

     

     

    21,105

     

    Amortization of marketing contract intangible

     

    1,803

     

     

     

    1,803

     

    Interest expense, net

     

    40,229

     

     

     

    32,581

     

    EBITDA

    $

    101,501

     

     

    $

    93,158

     

     

     

     

     

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

     

     

     

    Net cash provided by operating activities

    $

    43,858

     

     

    $

    29,190

     

    Changes in assets and liabilities

     

    25,787

     

     

     

    37,670

     

    Non-cash lease expense

     

    (1,939

    )

     

     

    (2,200

    )

    Distributions from equity method investments in investing activities

     

    2,133

     

     

     

    1,440

     

    Regulatory and sustaining capital expenditures not distributable

     

    (1,279

    )

     

     

    (4,246

    )

    Reimbursement from Delek Holdings for capital expenditures

     

    286

     

     

     

    337

     

    Accretion of asset retirement obligations

     

    (187

    )

     

     

    (176

    )

    Deferred income taxes

     

    (101

    )

     

     

    (111

    )

    Loss on disposal of assets

     

    (567

    )

     

     

    (142

    )

    Distributable Cash Flow

    $

    67,991

     

     

    $

    61,762

     

     

     

    Delek Logistics Partners, LP

    Distributable Coverage Ratio Calculation (Unaudited)

    (In thousands)

     

    Three Months Ended March 31,

     

     

    2024

     

     

     

    2023

     

    Distributions to partners of Delek Logistics, LP

    $

    50,514

     

    $

    44,664

     

     

     

     

    Distributable cash flow

    $

    67,991

     

     

    $

    61,762

     

    Distributable cash flow coverage ratio (1)

    1.35x

     

    1.38x

    (1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.

     

    Delek Logistics Partners, LP

    Segment Data (Unaudited)

    (In thousands)

     

     

    Three Months Ended March 31, 2024

     

     

    Gathering and Processing

     

    Wholesale Marketing and Terminalling

     

    Storage and Transportation

     

    Investments in Pipeline Joint Ventures

     

    Corporate and Other

     

    Consolidated

    Net revenues:

     

     

     

     

     

     

     

     

     

     

     

     

    Affiliate

     

    $

    52,553

     

    $

    52,882

     

     

    $

    34,190

     

    $

    —

     

    $

    —

     

    $

    139,625

    Third party

     

     

    43,330

     

     

     

    66,388

     

     

     

    2,732

     

     

     

    —

     

     

     

    —

     

     

     

    112,450

     

    Total revenue

     

    $

    95,883

     

     

    $

    119,270

     

     

    $

    36,922

     

     

    $

    —

     

     

    $

    —

     

     

    $

    252,075

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segment EBITDA

     

    $

    57,772

     

     

    $

    25,274

     

     

    $

    18,127

     

     

    $

    8,477

     

     

    $

    (8,149

    )

     

    $

    101,501

     

    Depreciation and amortization

     

     

    21,154

     

     

     

    1,712

     

     

     

    2,775

     

     

     

    —

     

     

     

    854

     

     

     

    26,495

     

    Amortization of customer contract intangible

     

     

    —

     

     

     

    1,803

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,803

     

    Interest expense, net

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    40,229

     

     

     

    40,229

     

    Income tax expense

     

     

     

     

     

     

     

     

     

     

     

     

    326

     

    Net income

     

     

     

     

     

     

     

     

     

     

     

    $

    32,648

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital spending

     

    $

    14,723

     

     

    $

    (84

    )

     

    $

    526

     

     

    $

    —

     

     

    $

    —

     

     

    $

    15,165

     

     

     

    Three Months Ended March 31, 2023

     

     

    Gathering and Processing

     

    Wholesale Marketing and Terminalling

     

    Storage and Transportation

     

    Investments in Pipeline Joint Ventures

     

    Corporate and Other

     

    Consolidated

    Net revenues:

     

     

     

     

     

     

     

     

     

     

     

     

    Affiliate

     

    $

    52,761

     

    $

    33,751

     

    $

    38,487

     

    $

    —

     

    $

    —

     

    $

    124,999

    Third party

     

     

    39,671

     

     

     

    78,558

     

     

     

    297

     

     

     

    —

     

     

     

    —

     

     

     

    118,526

     

    Total revenue

     

    $

    92,432

     

     

    $

    112,309

     

     

    $

    38,784

     

     

    $

    —

     

     

    $

    —

     

     

    $

    243,525

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Segment EBITDA

     

    $

    55,445

     

     

    $

    21,954

     

     

    $

    13,422

     

     

    $

    6,316

     

     

    $

    (3,979

    )

     

    $

    93,158

     

    Depreciation and amortization

     

     

    16,447

     

     

     

    1,689

     

     

     

    2,102

     

     

     

    —

     

     

     

    867

     

     

     

    21,105

     

    Amortization of customer contract intangible

     

     

    —

     

     

     

    1,803

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,803

     

    Interest expense, net

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,581

     

     

     

    32,581

     

    Income tax expense

     

     

     

     

     

     

     

     

     

     

     

     

    302

     

    Net income

     

     

     

     

     

     

     

     

     

     

     

    $

    37,367

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Capital spending

     

    $

    32,789

     

     

    $

    3,116

     

     

    $

    196

     

     

    $

    —

     

     

    $

    —

     

     

    $

    36,101

     

     

     

    Delek Logistics Partners, LP

    Segment Capital Spending

    (In thousands)

     

    Three Months Ended March 31,

    Gathering and Processing

     

    2024

     

     

     

    2023

     

    Regulatory capital spending

    $

    —

     

     

    $

    —

    Sustaining capital spending

     

    837

     

     

     

    —

     

    Growth capital spending

     

    13,886

     

     

     

    32,789

     

    Segment capital spending

    $

    14,723

     

     

    $

    32,789

     

    Wholesale Marketing and Terminalling

     

     

     

    Regulatory capital spending

     

    (72

    )

     

     

    61

     

    Sustaining capital spending

     

    (12

    )

     

     

    2,931

     

    Growth capital spending

     

    —

     

     

     

    124

     

    Segment capital spending

    $

    (84

    )

     

    $

    3,116

     

    Storage and Transportation

     

     

     

    Regulatory capital spending

    $

    —

     

     

    $

    24

     

    Sustaining capital spending

     

    526

     

     

     

    172

     

    Growth capital spending

    $

    —

     

     

    $

    —

     

    Segment capital spending

    $

    526

     

     

    $

    196

     

    Consolidated

     

     

     

    Regulatory capital spending

    $

    (72

    )

     

    $

    85

     

    Sustaining capital spending

     

    1,351

     

     

     

    3,103

     

    Growth capital spending

     

    13,886

     

     

     

    32,913

     

    Total capital spending

    $

    15,165

     

     

    $

    36,101

     

     

     

    Delek Logistics Partners, LP

     

     

     

    Segment Operating Data (Unaudited)

     

     

     

     

    Three Months Ended March 31,

     

     

    2024

     

     

     

    2023

     

    Gathering and Processing Segment:

     

     

     

    Throughputs (average bpd)

     

     

     

    El Dorado Assets:

     

     

     

    Crude pipelines (non-gathered)

     

    73,011

     

     

    63,528

    Refined products pipelines to Enterprise Systems

     

    63,234

     

     

     

    55,003

     

    El Dorado Gathering System

     

    12,987

     

     

     

    13,872

     

    East Texas Crude Logistics System

     

    19,702

     

     

     

    22,670

     

    Midland Gathering System

     

    213,458

     

     

     

    222,112

     

    Plains Connection System

     

    256,844

     

     

     

    240,597

     

    Delaware Gathering Assets:

     

     

     

    Natural Gas Gathering and Processing (Mcfd(1))

     

    76,322

     

     

     

    74,716

     

    Crude Oil Gathering (average bpd)

     

    123,509

     

     

     

    103,725

     

    Water Disposal and Recycling (average bpd)

     

    120,269

     

     

     

    88,182

     

     

     

     

     

    Wholesale Marketing and Terminalling Segment:

     

     

     

    East Texas - Tyler Refinery sales volumes (average bpd) (2)

     

    66,475

     

     

     

    34,816

     

    Big Spring marketing throughputs (average bpd)

     

    76,615

     

     

     

    78,380

     

    West Texas marketing throughputs (average bpd)

     

    9,976

     

     

     

    8,696

     

    West Texas gross margin per barrel

    $

    2.15

     

     

    $

    5.47

     

    Terminalling throughputs (average bpd) (3)

     

    136,614

     

     

     

    93,305

     

    (1) Mcfd - average thousand cubic feet per day.

    (2) Excludes jet fuel and petroleum coke.

    (3) 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.

     

    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).

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240507761042/en/

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